Climate solutions powerhouse emerges to “demystify” clean energy and carbon markets

A new corporate climate solutions powerhouse has emerged from major deal bringing together two carbon market leaders to meet soaring demand from businesses seeking to set and meet net zero and sustainability goals.

The launch of Core Markets on Tuesday comes off the back of a $50 million-plus equity deal that has seen Renewable Energy Hub acquire environmental and energy commodity markets brokerage businesses, TFS Green APAC, part of Tradition Asia.

Renewable Energy Hub says it has bought up TFS to create an end-to-end offering to business as pressure mounts for all companies to align their operations with the Paris climate targets.

A key part of this offering will be the Australia-based firm’s software platform that provides businesses with valuable data and insights on carbon and energy markets.

The ARENA-backed, “first-of-its-kind” platform connects corporate and wholesale demand with high impact, high quality carbon credits and clean energy.

The new entity’s name, Core Markets, is in fact taken from the name of that software platform, which Core co-founder Chris Halliwell says is set to be upscaled as one of the new entity’s first orders of business.

“We’re looking to have a capital raise to scale the software product… to add a really exciting module that will allow corporations to track their own emissions and evaluate modelling scenarios,” Halliwell told RenewEconomy on Wednesday.

“The completion of this acquisition allows CORE Markets to provide businesses the support they need to reach their sustainability goals,” Halliwell added in a statement.

“The offering starts with market leading energy and carbon market expertise, whilst delivering powerful software to expedite net zero engagement.”

Carbon curious

Halliwell says the launch of CORE Markets – the CO stands for carbon and the RE for renewables – coincides with what has been “tremendous growth” in the carbon market, and tremendous demand from businesses trying to navigate that market.

Core Markets’ launch also comes as the federal government tackles key reforms in the local market, last week launching consultations on a draft Safeguard Mechanism Credits Bill; and as former chief scientist Ian Chubb leads a review into the integrity of carbon offsets.

Halliwell says it’s “fantastic” to see reviews and reforms underway, as the neck-breaking rate of change in the global market puts everyone under pressure.

“We need to have these reviews and integrity assessments to make sure [the market] is keeping at pace,” he told RenewEconomy.

“It’s really a function of the tremendous growth out-speeding the human capital,” he said. “It’s only going to move from strength to strength from here onwards.”

Core says its soon to be released Emissions Manager software product will allow corporate sustainability teams and partners run climate programs, model scenarios and access live markets; including emissions reduction
initiatives and purchase of carbon removal solutions.

“Through our software platform and supporting services, we’re giving all businesses with net zero ambitions the tools to demystify clean energy and carbon markets,” Halliwell says.

“Because the decisive action our planet so desperately needs is only possible with access and scale.”