COMMENT: Matt Kean and his new gig at Wollemi Capital might give the latest “green investment bank” favourite, Pollination, a run for its money.
It certainly seems that way from the competitive vibe jumping out of the story in The AFR on Monday to announce the move.
His statement only added fuel to the fire.
“I am sometimes known for my energy and enthusiasm, but I have to say that I can’t remember being this excited.
“I get to work alongside some of the best investment brains in the country who have had proven and sustained success, who share my values, and have this amazing vision of deploying capital in a way that drives excellent environmental outcomes while creating enormous value,” he told The AFR.
Kean and Wollemi have the right credentials to take on Martijn Wilder’s aggressively growing green investment/advisory company, which has recently been the darling of the financial press.
Kean is a former New South Wales treasurer, a champion of the energy transition in that state and most recently appointed chair of the Climate Change Authority. As NSW’s clean energy champion, he famously annoyed his federal political colleagues who were working avidly in the opposite direction to the point that then PM Scott Morrison meanly quipped that no one had heard of Kean in Canberra (a comment that’s come back to bite him).
Moreover, he’s a chartered accountant, so he knows how to balance the books. In the announcement, he emphasised that he was as much about the money as the green. (The secret to success in the transition to sustainable and net zero).
Besides, he’s surrounded by an A team that is also well versed in straddling both sides of the success fence (even though some might appear green arrivistes).
There’s Nicholas Moore, ex Macquarie Bank/Millionaire’s factory, ex-Macquarie Capital chief Tim Bishop, who led the $4 billion acquisition of the UK’s Green Investment Bank, co-founder Paul Hunyor ex-Boston Consulting Group and green-keen wealthy investors such as the Fairfax and Schwartz families.
Kean is a favourite with net zero warriors thanks to the feisty work he did when he was with the NSW government to fast track the energy transition. His new gig as director of strategic partnerships and regulatory affairs at Wollemi, together with the Climate Change Authority role, will only further consolidate his reputation.
He told The AFR: “Australian and global businesses have already realised the financial benefits of protecting the environment, though many politicians have been slow to realise the global reality. Businesses are filling the gap and leading Australia into a low carbon future.
“What I love about this role is the benefit of doing the right thing for the planet and the economy. I think this shows my faith in the economic benefits and opportunities of the energy transition and in a low-carbon economy.”