South Pole Group acquires the carbon and renewables business of Climate Friendly

South Pole Group, one of the world's leading sustainability solutions providers, has sealed a deal with its majority-owned subsidiary Climate Friendly, Australia's most successful carbon offset and renewable energy provider. This involves the sale and immediate integration of Climate Friendly's Carbon and Renewables business into South Pole Group. The aim is to reinforce South Pole Group's global presence and market position as the premier provider of sustainability solutions.

The deal combines the 'best of both worlds': Climate Friendly's standing as established and reliable provider of carbon offsets and renewable energy solutions in Australia and beyond, and South Pole Group's global strength and resources.

The integration of Climate Friendly's Carbon and Renewables business into South Pole Group is effective immediately. The Australian Carbon and Renewables business will rebrand to South Pole Group and operate under the trusted, global penguin brand. The details of the transaction include the following:

• Climate Friendly's existing business has now been split in two: a Carbon and Renewables unit and a "Carbon Farming Initiative" (CFI) unit.
• Climate Friendly will continue as an independent company specialising in developing CFI projects. South Pole Group will maintain a majority ownership in Climate Friendly.
• Regarding the Carbon and Renewables business now merging with South Pole Group, this acquisition guarantees continuity.
• The move combines the trusted high level of service and client rapport of Climate Friendly's local Australian and international teams, based in Sydney, Melbourne and The Hague, with a larger and more specialised product offering.
• The global expertise of South Pole Group includes greenhouse gas footprinting, smart cities, corporate supply chain risks, green finance and measuring the carbon intensity of investment portfolios.
• Going forward, Climate Friendly will focus on developing its CFI unit, which will be fully dedicated to Australia's carbon market, currently centred around the development of projects under Australia's Clean Energy Regulator's Emissions Reduction Fund (ERF).
• The CFI unit will continue to operate as an independent business under the Climate Friendly brand and headed by its current CEO Freddy Sharpe, with South Pole Group acting as majority shareholder.
• CFI is a collaboration between Climate Friendly and South Pole Group, where the latter brings over 10 years of experience in developing such projects.

Clients and partners will be approached on an individual basis to guarantee a smooth transition and to demonstrate how they will benefit from this new development.

Read the full press release here.