South Pole Group consolidates hold on Australian Climate Friendly

South Pole Group has strengthened its hold on Sydney-based Climate Friendly, which has been split into two parts: a carbon and renewables unit and a 'Carbon Farming Initiative' (CFI) unit.

As part of the reorganisation, Zurich-based South Pole Group has fully integrated the carbon and renewables division which will be rebranded under the South Pole name. Meanwhile, the second unit will continue as an independent company specialising in Australia's CFI programme, which aims to encourage farmers and land managers to store or reduce greenhouse gas emissions. South Pole will retain a majority interest in this unit.

South Pole bought its initial stake in Climate Friendly in April 2012, for an undisclosed sum. No financial details of the latest transaction have been disclosed.