• The COP27 climate summit gets underway in Egypt starting on November 6. The annual gathering of the U.N. Climate Change Conference will see more than 30,000 delegates convene in the Red Sea resort town of Sharm el-Sheikh to discuss collective action on the climate emergency.
• One core issue likely to dominate proceedings concerns climate reparations, sometimes referred to as “loss and damage” payments. Diplomats from more than 130 countries expected to push for the creation of a dedicated loss and damage finance facility, arguing agreement on this issue is imperative as climate impacts become more severe.
• The United States, which for the first time will be attending United Nations negotiations with a climate plan that is backed by the force of law, will try to reassert itself as a leader in the fight to keep temperatures from rising to catastrophic levels.
• The new law, which provides a record $370 billion to speed up the country’s transition away from fossil fuels, “absolutely” strengthens the standing of the United States and its ability to urge other countries to follow suit, said John Kerry, President Biden’s special envoy for climate change.

• UK construction projects are slowing as the impact of higher costs, tighter credit and a lack of staff and materials starts to bite, undermining government efforts to grow the economy, according to two new reports.
• Research published on Thursday by professional body the Royal Institution of Chartered Surveyors and construction data provider Glenigan highlighted the stultifying effect of the economic downturn on construction, putting at risk the delivery of new homes, offices and infrastructure projects.
• The RICS survey of more than 1,600 members operating in the UK suggested the appetite of developers to take on new projects was diminishing fast. It captured an increasingly glum mood among construction professionals, who reported that a rebound in their workloads following the pandemic was slowing sharply.
• “The deteriorating macro environment is clearly taking a toll on the construction industry, with access to credit now being cited as a key challenge for businesses alongside the more familiar issues around building materials and labour,” said Simon Rubinsohn, chief economist at RICS.

EFCG is pleased to announce that our client, Carbonfund.org Foundation, Inc. (Carbonfund.org), a New York-based nonprofit organization providing carbon offset and climate reduction solutions to individuals and businesses, has been acquired by ClimeCo LLC (ClimeCo), a global full-service environmental commodity firm that focuses on developing, trading, and advising on emerging environmental markets and sustainability solutions. The acquisition of Carbonfund.org will support ClimeCo’s mission of advancing the low-carbon future by providing complementary products and solutions that help clients maximize their environmental assets, minimize regulatory costs, and enhance their sustainability impact.

EFCG initiated and advised Carbonfund.org in the transaction.

Urban-gro, Inc. (urban-gro), a Colorado-based integrated professional services and design-build firm offering solutions to the Controlled Environment Agriculture (CEA) and Commercial sectors, through its subsidiary urban-gro Engineering, Inc., has acquired assets of Dawson Van Orden, Inc. (DVO), a Texas-based engineering firm with significant experience in indoor CEA. Bradley Nattrass, Chairman and CEO of urban-gro, commented, “DVO provides several levers for growth, including cross-selling benefits, enhanced margin capture, and an expansion of our professional services offering. The added engineering depth is particularly valuable at a time when we are seeing strong demand for both our professional services, and our turnkey design-build offering. We look forward to DVO’s contributions as we work together to expand our CEA footprint.”