Citigroup and its partners abandoned the creation of a fund that aimed to shorten the life of coal mines after the group struggled to convince investors of the plan’s green-energy merits
Citigroup Inc. and its partners abandoned the creation of a fund that aimed to shorten the life of coal mines after the group struggled to convince investors of the plan’s green-energy merits, according to people familiar with the matter.
The bank teamed up with commodities trader Trafigura Group Pte. Ltd. and Resource Capital Funds, a private-equity firm, to pitch an investment vehicle earlier this year known as Coal to Zero. The fund planned to buy mines in the U.S., Australia and South Africa and run them with the promise of shutting them down by 2040, according to people familiar with the matter and a marketing document seen by The Wall Street Journal.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WSJ News Exclusive | Bayer Welcomes Supreme Court’s Roundup MoveThe Supreme Court’s request for the Biden administration to offer its views on a case about the alleged health risks of the Roundup weedkiller was an encouraging step, the head of Bayer said.
Read more »
WSJ News Exclusive | Mexico Says Planned U.S. Tax Breaks for Electric Vehicles Risk Fueling MigrationA U.S. proposal to give tax credits to Americans who buy U.S.-built electric vehicles threatens to hurt Mexico’s industry and spur illegal migration to the U.S., Mexican Economy Minister Tatiana Clouthier said.
Read more »
WSJ News Exclusive | White House Considers Sending Ukraine Military Equipment Once Bound for AfghanistanThe Biden administration is considering a plan to redirect helicopters and other military equipment to help quickly reinforce its defenses amid a buildup of Russian troops near its border, U.S. and Ukrainian officials said.
Read more »
WSJ News Exclusive | Yemen’s Houthis Seek Departure of Top Iranian DiplomatA member of Iran’s Revolutionary Guards was smuggled into Yemen last year and named ambassador to Houthi-rebel-controlled areas. Now, the Houthis want to send him back, officials said.
Read more »