Press

C-Quest opens in Perth

By Giles Parkinson
The Australian

THE Washington-based carbon investment firm C-Quest Capital has opened an office in Perth as it looks to broaden its activities in Asia and keeps a weather eye on developments in the Australian market. C-Quest was co-founded last year by Ken Newcombe, who is credited with establishing the world's first carbon fund while at the World Bank in the 1990s. He established a carbon fund business at Goldman Sachs before leaving to help establish the new venture.

C-Quest has hired Caroline van Tilborg, a former colleague of Newcombe's at the World Bank and UK-based Climate Change Capital, and Liz Day, who had worked with the Baker McKenzie climate change team. While the slumping carbon price has made life difficult for many carbon investors and carbon funds, C-Quest's solid backing from wealthy US investors has enabled it to remain active.

It has two projects in India to install energy efficiency lighting, and Day says it is looking to develop and originate carbon projects—including energy efficiency and forestry—throughout the region, as well as investing equity in carbon-focused businesses.

Its 20-strong team in the US includes a trading desk that is involved in the over-the-counter market and it is looking at Australian opportunities, depending on the future of the CPRS and the strength of voluntary trading schemes. C-Quest is also looking to raise up to $US300 million in a specialist carbon fund.