News in the spotlight: Google and NextEra to Restart Iowa Nuclear Plant for AI-Powered Clean Energy
Google and NextEra Energy have announced a long-term power purchase agreement to bring the inactive Duane Arnold nuclear power plant in Iowa back online by the end of the decade. The project, led by NextEra Energy Resources, will modernize the facility to generate zero-emission electricity and support the power needs of Google’s growing artificial intelligence-driven infrastructure.
Products and Services
Google and NextEra to Restart Iowa Nuclear Plant for AI-Powered Clean Energy
Google and NextEra Energy have announced a long-term power purchase agreement to bring the inactive Duane Arnold nuclear power plant in Iowa back online by the end of the decade. The project, led by NextEra Energy Resources, will modernize the facility to generate zero-emission electricity and support the power needs of Google’s growing artificial intelligence-driven infrastructure. This marks the first known attempt by a hyperscaler to directly partner with a nuclear facility to meet clean energy goals. The collaboration is part of Google’s initiative to operate on 24-7 carbon-free energy by 2030. The partnership includes efforts to scale clean energy technologies and advocate for supportive public policy frameworks. The move could set a precedent for similar collaborations between tech companies and clean energy providers, particularly in the nuclear sector, to manage growing electricity demands in a sustainable manner.
Net Purpose acquires SDI AOP to enhance sustainable investment data platform
Net Purpose has acquired the Sustainable Development Investments Asset Owner Platform (SDI AOP) to enhance its sustainable investment data capabilities. This merger aims to provide a comprehensive platform that integrates impact data with objective sustainability classifications, giving investors enhanced tools to assess alignment with the UN Sustainable Development Goals (SDGs). SDI AOP, originally formed by major asset owners APG, AustralianSuper, and PGGM, will now operate under Net Purpose, combining existing client bases and data assets. The platform will support a wide range of investors through standardized, science-based classifications and sustainability analytics, aiding in portfolio construction, engagement, and reporting. The acquisition reflects growing demand for robust sustainable investing tools and signals a step toward improved data harmonization and transparency in the sustainable finance sector. Net Purpose plans to collaborate with asset owners and managers globally, aiming to increase the accessibility and usability of sustainability data at scale.
Amundi Selected to Manage £500 Million Fossil-Free Cash Fund for UK Universities
Amundi has been selected to manage a new GBP 500 million (approximately USD 660 million) fossil-free cash fund on behalf of a coalition of over 20 UK universities, including members of the University of Cambridge and University of Oxford. The mandate was awarded by the university procurement consortium NEUPC, and the strategy aims to align with the universities’ climate goals by excluding fossil fuel companies and supporting the transition to net zero. The fund will be managed under Amundi’s Socially Responsible Investment (SRI) framework, integrating Environmental, Social, and Governance (ESG) criteria. This initiative marks a significant push by UK higher education institutions to decarbonise their treasury management, while balancing safety, liquidity, and returns. Amundi will partner with King & Shaxson for implementation and cash management. The decision also follows broader institutional pressure to divest from fossil fuels and invest in more environmentally sustainable financial products. The fund aims to set a standard for ESG-aligned cash investment in the public sector.
Enko Capital announces USD100m first close for Africa-focused private credit fund
Enko Capital has completed a USD 100m first close of its Enko Africa Debt Fund (EADF), targeting credit investment opportunities across Africa. This fund focuses on private credit and structured debt instruments for mid-sized companies, aiming to address the financing gap these businesses face. EADF, domiciled in Mauritius, will deploy capital to support African corporates that are underserved by traditional sources of financing. Notably, the fund’s investor base includes both public and private sector players, including DFIs and commercial investors. Enko Capital plans a final close towards its USD 150m target over the next 12 months. The fund strategy emphasizes risk-adjusted returns, currency protection mechanisms, and alignment with international ESG standards. Enko’s initiative reflects growing interest in Africa’s private credit space and is designed to strengthen the continent’s financial infrastructure by enabling greater access to long-term financing.
Regulations, Law and Frameworks
UK Introduces Regulation for ESG Ratings Providers to Enhance Transparency
The UK’s Financial Conduct Authority (FCA) has welcomed new legislation that will bring ESG (Environmental, Social, and Governance) ratings providers under formal regulation. This move aims to improve transparency, trust, and integrity in ESG-related financial products. The regulation, introduced through the Financial Services and Markets Act 2023, will require ESG ratings providers to become FCA-authorised and adhere to conduct standards. Until the new regime comes into effect, the FCA encourages voluntary compliance with its existing ESG Code of Conduct, which emphasizes transparency, good governance, and robust systems. The FCA estimates the formal regime will take shape over the next 18 months, during which it will consult on detailed rules. This step aligns the UK with other global jurisdictions, such as the EU, which have already begun regulating ESG data and ratings firms. The initiative is intended to support investor confidence and the integrity of sustainable finance markets.
ESG- and Green Bond Issuances
Iberdrola Raises EUR1 Billion with First EU GBS-Compliant Hybrid Green Bond
Iberdrola has successfully issued its first hybrid green bond aligned with the European Union Green Bond Standard (EU GBS), raising EUR 1 billion amid high investor demand. The issuance attracted orders exceeding EUR 8 billion, significantly oversubscribing the offer by over eight times. This marks Iberdrola’s debut in combining hybrid debt with the new EU GBS framework, reinforcing its commitment to sustainable financing and clean energy investments. The bond, which is perpetual with a reset mechanism after 5.5 years, received strong interest from a broad base of institutional investors, with over 90% of allocations going to ESG-focused funds. Proceeds from the bond will finance green projects in renewables and energy networks across Europe. The issuance supports Iberdrola’s financial strategy by strengthening its balance sheet and reinforcing its role in the global transition to clean energy. It also helps Iberdrola maintain its leadership position in sustainable finance, with nearly EUR 55 billion in green and sustainable financing already raised since 2014.
ESG Data and Analytics
Upright Launches Free Double Materiality Assessment Solution
Upright has launched a free Double Materiality Assessment solution to support companies in complying with the European Union’s Corporate Sustainability Reporting Directive (CSRD). This tool enables businesses to assess the financial and impact materiality of their operations across various environmental, social, and governance (ESG) dimensions. It is designed to simplify complex EU reporting requirements by offering an accessible starting point for organizations, regardless of size or sector. Upright’s solution draws on structured datasets, academic research, and real-time data modeling to generate assessments in less than five minutes. It also incorporates stakeholder inputs, providing a comprehensive and user-friendly approach to materiality analysis. The company aims to empower businesses to make more informed sustainability decisions and improve transparency. With the growing pressure on companies to report ESG impacts, Upright’s tool addresses a critical market need while remaining freely accessible to promote widespread adoption and compliance.
Net Zero Commitments
NZAM Drops 2050 Net Zero Pledge in Major Policy Shift
The Net Zero Asset Managers (NZAM) initiative has revised its framework, removing its binding commitment to achieving net zero emissions by 2050. This marks a significant shift from its original objectives. Under the updated policy, members can still claim association with NZAM without aligning all assets with a 2050 target. The change aims to allow members more flexibility in setting and disclosing their own climate goals, which NZAM says will enhance transparency. Critics, however, argue that this weakens accountability and allows financial institutions to join without meaningful emissions reductions plans. The policy update follows several member departures and criticism over inconsistent decarbonization progress. NZAM leadership has said this new structure will foster greater participation while accommodating sectoral and regional investment realities. Some climate advocates have expressed concern that this could undermine global net zero efforts by giving the appearance of action without requiring firm targets or outcomes.