- Blackstone Inc (NYSE:BX) commits to invest $400 million in Xpansiv Limited, the market-infrastructure platform for global carbon and environmental commodities.
- Xpansiv helps investors to trade in sustainable assets, including carbon offsets and renewable-energy credits, WSJ reported.
- It also lets investors swap offsets linked to green projects such as preserving trees, credits companies receive for buying clean power, and oil and gas contracts accounting for the carbon footprint.
- Blackstone’s capital will enable Xpansiv’s growth across organic initiatives and future acquisitions.
- The investment will be facilitated through funds managed by Blackstone’s energy-focused private-equity business, Blackstone Energy Partners.
- “We believe environmental commodities are a critical new asset class that must scale exponentially to meet climate change mitigation targets pledged by governments, companies, and entire industries,” Bilal Khan, Senior Managing Director at Blackstone.
- Price Action: BX shares are trading higher by 0.92% at $94.83 in premarket on the last check Thursday.
YouTube Music Takes On Spotify In The Battle For Podcast Supremacy
Alphabet Inc.’s (NASDAQ:SPOT) may not be entirely happy about. What Happened: YouTube Music users in the U.S. can now listen…