Brazil renewables market divided about GHG Protocol update

Proposed revisions to the global Greenhouse Gas Protocol have sparked debate within Brazil's energy sector.

Critics said that stricter rules — such as the hourly matching of energy consumption and renewable generation, as well as tighter geographical requirements for certificates — could discourage companies from adhering to emissions standards and trading guarantees of origin, especially in developing markets such as Brazil, where certification is not mandatory. Additionally, the new rules could favor large energy suppliers and drive participants away from the market for international renewable energy certificates (I-RECs).

Conversely, some major generators see potential benefits, suggesting that the increased integrity and differentiation of I-RECs could address Brazil's persistent certificate oversupply and support higher prices for certificates that meet the new standards.

Billion Dollar Club: 19% asset growth over last 12 months

The assets of hedge funds with portfolio sizes over $1 billion each rose more than 19% year over year to a record $4.05 trillion at the end of 2025, according to With Intelligence, a part of S&P Global Market Intelligence. The 2025 “Billion Dollar Club” included 579 firms, 46 more managers than in 2024, collectively representing about 88% of the $4.6 trillion global hedge fund industry.

Performance was the primary growth driver in 2025, with the industry returning nearly 12% for the year — its strongest annual result since 2020. By strategy, equity funds led gains, with some of the best results since the aftermath of the 2008 financial crisis.