Bloomberg reports Goldman’s Verdalia raises €671 million to fund biomethane plants: 

Verdalia Bioenergy, a biomethane firm backed by Goldman Sachs Group Inc., has raised €671 million ($785 million) of debt from a large banking consortium to fund projects across Spain and Italy.

The corporate financing will help the company increase its aggregate production capacity to more than 3 terawatt hours per year, equivalent to the yearly consumption of almost 1 million households, according to a statement reviewed by Bloomberg News.

The new financing, covering biomethane plants construction as well as acquisitions, was provided by a group of banks: ING Groep NV, Societe Generale SA, UniCredit SpA, BBVA SA, Sumitomo Mitsui Banking Corp., Banco Santander SA and Banco de Sabadell SA. Investors La Caisse and Rivage also participated.

Biomethane, a renewable gas that can be made from food and animal waste or other organic matter, is supported by European government incentives to achieve carbon neutrality by 2050, spurring investment by companies such as Shell Plc and TotalEnergies SE.

Verdalia has seven plants in operation and six under construction in Italy, which are expected to start injecting biomethane into the grid in early 2026. In Spain, Verdalia is currently building its first plant and will start constructing two additional facilities by the end of this year.

Rothschild & Co. acted as financial adviser for the transaction. 

Ashurst also notes it has advised Verdalia Bioenergy Limited in one of the largest biomethane financing operations in Europe:

Ashurst has advised Verdalia Bioenergy Limited, as legal counsel in the closing of a landmark €671m financing, one of the largest financings in the European biomethane sector to date and first corporate infrastructure financing deal for a largely greenfield company.

In this deal, Verdalia Bioenergy Limited, the biomethane company backed by Goldman Sachs Alternatives’ infrastructure fund, has secured a €671 million financing for the acquisition and development of biomethane production portfolios in Spain and Italy with a combined capacity in excess of 3 TWh/year, equivalent to the annual consumption of nearly one million households.

The total capital to be deployed in the portfolio will exceed €1 billion. The financing, structured to provide strategic flexibility, will cover biomethane plants construction as well as acquisitions, giving Verdalia the tools to pursue both greenfield and brownfield growth over the next four years.

The transaction was supported by a consortium of leading international banks – ING, Société Générale, UniCredit, BBVA, SMBC, Santander and Sabadell – alongside global investment group La Caisse and Rivage.

The Ashurst Spanish team was led by partners Irian Saleta Martínez (Banking and Finance), Andrés Alfonso (Energy Transition) and Nicholas Pawson (English Law Finance). The team was supported by associate Ignacio Piñeiro and trainee Mercedes Fernández-Montes from the Banking and Finance department, associate Pedro Díaz from the Energy Transition team and senior associates Sam McLernon and Kalin Ivanov, associates Stephanie Simm and William Lotter, and trainee Hanna Smyk, all the latter from our English Law Finance team in Madrid. Tax matters were overseen by partner Ricardo García-Borregón and associate Enrique Muñoz.

The Ashurst Italian team was led by partner Carloandrea Meacci, assisted by counsel Nicola Toscano, senior associate Mariavittoria Zaccaria, and associate Stefano Tallamona in relation to the transactional aspects of the financing. Legal due diligence was handled by partner Elena Giuffrè, supported by senior associate Gianluca Di Stefano, associates Michela Bardelli, Marta Simoncelli, Francesca Sala, Marco Messina, Alessio Lisanti, Cecilia Bertanzetti, and trainee Matteo Perrone. Tax matters were overseen by partner Michele Milanese, with the support of associate Leonardo Sabatini and trainee Pier Paolo Capponi. 

Earlier today, La Caisse issued a press release stating Verdalia Bioenergy closes €671m landmark corporate financing to accelerate biomethane portfolio across Spain and Italy:

• One of the largest financings in the European biomethane sector to date and first corporate infrastructure financing deal for a largely greenfield company
• €671m fully committed package to support the development of a portfolio with a combined capacity in excess of 3 TWh/year
• Backed by a club of leading domestic and international banks and institutional investors

Verdalia Bioenergy today announced the closing of a landmark €671 million corporate financing, the first and largest of its kind in the European biomethane sector. The transaction will support the company’s investment plan to build and operate a portfolio of projects across Spain and Italy with an aggregate production capacity in excess of 3 TWh per year – equivalent to the annual consumption of nearly one million households. The total capital to be deployed in the portfolio will exceed €1 billion.

The financing, structured to provide strategic flexibility, will cover biomethane plants construction as well as acquisitions, giving Verdalia the tools to pursue both greenfield and brownfield growth over the next four years.

The portfolio already includes seven plants in operation and six under construction in Italy, which are expected to start injecting biomethane into the grid in early 2026. In Spain, Verdalia is currently building its first plant and will commence construction of two additional facilities before the end of this year.

The transaction was supported by a consortium of leading international banks – ING, Société Générale, UniCredit, BBVA, SMBC, Santander and Sabadell – alongside global investment group La Caisse and Rivage. Rothschild & Co acted as exclusive financial adviser.

Fernando Bergasa, Co-founder, Chairman and CEO of Verdalia Bioenergy, said:

“This milestone constitutes a big leap forward for Verdalia and for the biomethane industry in Europe. It demonstrates the trust of top-tier financial institutions in our strategy and underlines the role that renewable natural gas will play in achieving decarbonisation targets and energy independence.”

Matteo Botto Poala, Managing Director in Infrastructure at Goldman Sachs Alternatives and board member of Verdalia, added:

“We are proud to support Verdalia in this landmark transaction. This financing validates the ability to attract infrastructure capital into the biomethane sector and highlights the scalability and resilience of biomethane as a core pillar of Europe’s energy transition.”

Verdalia Bioenergy was advised by Rothschild & Co as exclusive financial adviser and Ashurst LLP as legal counsel. The lenders were advised by Latham & Watkins LLP. Palmer Agency Services acted as Agent.

Technical due diligence was provided by AFRY, commercial due diligence by BCG, ESG due diligence by ERM, insurance due diligence by Aon, and financial & tax due diligence by EY. 

About Verdalia Bioenergy

Verdalia Bioenergy Ltd was founded in early 2023 by Fernando Bergasa and Cristina Ávila, together with the Infrastructure fund of Goldman Sachs Alternatives. Verdalia aims to invest over €1 billion in developing, building or acquiring and operating large assets to become one of the leading pan‑European biomethane operators.

About Goldman Sachs Alternatives

Goldman Sachs (NYSE: GS) is one of the world’s leading alternative investors, with more than $450 billion in assets under management. Established in 2006, Infrastructure at Goldman Sachs Alternatives has consistently navigated the evolution of the infrastructure asset class, having invested over $16 billion since inception. The business partners with experienced operators and management teams across multiple sectors, including energy transition, digital infrastructure, transportation and logistics, and circular economy.

This is a huge financing deal where La Caisse joined top international lenders to help Verdalia Bioenergy grow its operations in Europe.

 According to the press release, the transaction will support the company’s investment plan to build and operate a portfolio of projects across Spain and Italy with an aggregate production capacity in excess of 3 TWh per year – equivalent to the annual consumption of nearly one million households. The total capital to be deployed in the portfolio will exceed €1 billion.

Moreover, the financing, structured to provide strategic flexibility, will cover biomethane plants construction as well as acquisitions, giving Verdalia the tools to pursue both greenfield and brownfield growth over the next four years. 

Verdalia is growing fast. Last year, it acquired 7 biomethane plants in Italy from Green Arrow Capital and Lazzari & Lucchini

This deal accelerates Verdalia’s development in Europe and further contributes to the country’s decarbonisation and energy independence agenda. The transaction will allow Verdalia to become one of the largest operators of agricultural biomethane plants in Italy.

London, 21st May 2024 – Verdalia Bioenergy, a European biomethane company founded by the infrastructure funds of Goldman Sachs Asset Management, Fernando Bergasa and Cristina Ávila, has agreed to acquire a portfolio of operating biomethane plants in Italy (the “portfolio”) from funds controlled by Green Arrow Capital, a leading Italian alternative investment manager, and Lazzari & Lucchini, a leading energy developer, subject to the completion of certain standard conditions for this type of transaction.

The portfolio consists of 7 plants located in the province of Brescia, with an approximate combined production capacity of 190 GWh of biomethane derived from a processing capacity of 350,000 tonnes of raw materials per year, with scope to expand by more than 50%. The plants have started operations at different dates in the 4 last years and produce biomethane solely through the processing of animal residues and agricultural by-products not intended for human consumption. The portfolio will help to avoid approximately 65,000 tonnes of greenhouse gas emissions per year.

Verdalia Bioenergy was launched in February 2023 by Fernando Bergasa and Cristina Ávila, executives with a strong track record of value creation and operational excellence in the natural gas sector, in partnership with Goldman Sachs Asset Management with the aim of investing by 2026 in excess of €1 billion to develop, acquire, own and operate biomethane plants across Europe. In March 2023, Verdalia completed its first acquisition of a portfolio of biomethane projects under development in Spain, with a total capacity of around 150 GWh/year. Since inception, Verdalia has made significant progress, with a team of 50 people today and a pipeline of mid- to late-stage development projects in Spain and Italy in excess of 2.5 TWh.

The acquisition of the portfolio solidifies Verdalia’s presence in Europe and positions the company as one of the leading biomethane players in the continent with a high-quality infrastructure business model. Verdalia will look into expanding the portfolio’s production capacity and monetising the by-products including bio-fertiliser and biogenic CO2 under offtake agreements. Verdalia continues to seek new opportunities to expand by acquiring projects in operation and under development, establishing partnerships with EPCs and long-term agreements with offtakers and feedstock providers, while growing its team.

Fernando Bergasa, Co-Founder, Chairman and CEO of Verdalia Bioenergy, added: “We are very pleased with the progress made in the past twelve months: we have initiated the development of an extensive portfolio of projects in Spain, built a very strong team and entered a new market, Italy. We believe Italy is at the forefront of the European decarbonisation agenda through biomethane with a supportive regulatory framework and are proud to demonstrate our commitment to the country’s energy transition plan through this important investment”.

Cristina Ávila, Co-Founder, President and COO of Verdalia Bioenergy, said: “The portfolio we are acquiring comprises 7 biomethane plants, and will be the stepping stone towards building strong operations in Italy. We continue to develop our expansion in Europe as we embark on this exciting chapter for Verdalia”.

Matteo Botto Poala, Managing Director in the Infrastructure business within Goldman Sachs Asset Management, commented: “We are excited about the progress made by Verdalia, demonstrating once again Goldman Sachs Asset Management’s track record in being an early mover in investing in energy transition and scaling up successful platforms. We look forward to continuing to invest in European biomethane and attract talent to work with Verdalia’s top class management team”.

Biomethane (also referred to as renewable natural gas or RNG) is a negative or low carbon natural gas produced through the anaerobic digestion of organic waste. As a result, it is an effective tool to accelerate decarbonization; it provides the benefits of fossil natural gas without its carbon emissions while leveraging the large gas infrastructure already in place. The environmental benefits of biomethane are amplified as it prevents methane emissions that could otherwise be released into the atmosphere from the decomposition of organic waste.

Advisors

For this acquisition Verdalia Bioenergy was advised by Intesa Sanpaolo (M&A), Ashurst (legal), EY (financial and tax), Ramboll (technical and commercial) and ERM (environmental). Green Arrow and Lazzari & Lucchini were advised by MFZ Partners (M&A) and Parola Associati (legal).

Clearly Fernando Bergasa and Cristina Ávila (featured at the top of this post) know what they're doing which is why Goldman Sachs Asset Management help fund their biomethane company. 

As noted in the first article above, biomethane is a renewable gas that can be made from food and animal waste or other organic matter, and is supported by European government incentives to achieve carbon neutrality by 2050, spurring investment by companies such as Shell Plc and TotalEnergies SE.

It's an important component in achieving carbon neutrality and La Caisse is now financing these leading European firm to help grow its operations.

This deal shows you how La Caisse is investing in sustainable energy through many channels including financing deals, partnering up with leading global banks and investors.

Below, biomethane can be made of organic waste, like manure, food scraps or damaged crops, and is therefore a modern way of waste management. To REPowerEU and decarbonise our economy, the EU has set an ambitious, but realistic, target to produce 35 billion m2 of biomethane per year by 2030. Learn more about the benefits of biomethane – one of the main renewable gases of the future.

Also, biomethane, also known as renewable natural gas (RNG), is a clean and sustainable form of energy produced from biogas through a purification process. Biogas is generated from the anaerobic digestion of organic materials such as agricultural residues, animal manure, food waste, wastewater sludge, and dedicated energy crops. The production of biomethane involves several key steps like anaerobic digestion and biogas purification (watch the second clip below).

In a government shutdown, hundreds of thousands of federal workers are on leave without pay for the duration of the shutdown (and possibly worse, if the threatened layoffs occur). If history is a guide (though no guarantee), federal workers will receive back pay after the shutdown ends, but often federal contractors do not. But federal workers aren’t the only ones who go through periods of not being paid while they’re employed. Thousands of workers go without pay every year when they need to take sick time to care for themselves and their families. While the number of workers with access to paid sick time has markedly improved over the last decade because of state and local action, access remains highly unequal, depending on where workers live and how much they are paid.

Access to paid sick leave is increasing in some areas

On a national level, we’ve seen positive trends in access to paid sick days from 63% of private-sector workers in 2012 to a record high of 80% in 2025, according to the latest data from the Bureau of Labor Statistics. These advances are driven by the fact that state and local governments enacted laws to enable workers to earn paid sick leave. In 2024, ballot measures were passed in Alaska and Nebraska. Alaska’s leave policy took effect on July 1, while Nebraska’s took effect just last week (albeit weaker than originally passed). Unfortunately, a paid sick leave measure that Missouri voters overwhelmingly approved by ballot was rolled back by the legislature and is no longer in effect.

Currently 18 states (including Washington, D.C.), 17 cities, and 4 counties have some form of paid sick leave requirements. Given that the existence of state laws varies, it’s no surprise that there are significant differences in access to paid sick time across the country, as shown in Figure A. The share of workers with access to paid sick days ranges from only 63% in the East South Central states (Alabama, Mississippi, Kentucky, and Tennessee) and 71% in the West South Central (Arkansas, Louisiana, Oklahoma, and Texas) up to 98% in the Pacific states (California, Oregon, Washington, Hawaii, and Alaska). The fact that the nearly 30 million workers in the Pacific states have essentially universal access to at least some form of paid sick days highlights that this key labor standard is purely a policy choice—and one that state and local governments can enforce on their own.

Figure A

Notably, many state governments in the East South Central and West South Central Census divisions have passed preemption laws prohibiting local municipalities from passing paid sick leave policies. So not only have legislative majorities failed to enact paid sick leave at the state level, but these states have also blocked cities and counties from passing legislation to provide paid sick leave for their workers.

Access to paid sick leave is greatest for the most highly paid workers

As with geographic variation, access to paid sick leave remains vastly unequal by wage level. As shown in Figure B, the higher the wage, the greater the access to paid sick leave. Among the 10% of private-sector workers with the highest wages, 96% have access to paid sick days. By contrast, among the 10% of workers with the lowest wages, only 41% have access to paid sick days.

Figure B

The unequal access to paid sick days is particularly troubling since low-wage workers are least able to absorb lost wages when they or their family members are sick. Workers may have trouble paying for housing, food, health care, and other necessities (see Table 1 of this report). This unequal access is why state laws are so important: Most of the gains from state and local paid sick provision benefited the lowest-wage workers. Access for the bottom 10% of wage earners increased from 19% in 2012 to 41% in 2025.

There is also huge variation in access to paid sick days within the private sector for workers by work hours and union status. Full-time workers are much more likely to have paid sick days than part-time workers (88% versus 56%). Unionized workers have greater access to paid sick days than nonunion workers (86% versus 80%).

Fortunately, there is a relatively simple way to address some of these inequities: The federal government can pass legislation to mandate paid sick leave for all workers. In the absence of federal action, state governments can move on their own and mandate that employers provide this key labor standard. Paid sick leave not only helps reduce the transmission of disease, it also provides economic security for workers who might otherwise lose income if they have to take time off from work. 

Chris Hall of Sustainable Investor caught up with UPP's CEO Barbara Zvan to discuss how to build a sustainable pension plan from scratch :

In 2020, Barbara Zvan took on a unique challenge, becoming the first CEO and President of the University Pension Plan Ontario (UPP). While most pension plan CEOs have faced the challenge of integrating ESG factors into their investment plans and business models, Zvan had the opportunity to build them into the foundations. 

But her approach was also informed from the lessons learned of a long career at the interface of investment, business and government. Before joining UPP, Zvan had spent 25 years at the Ontario Teachers’ Pension Plan (OTPP), rising to the post of Chief Risk and Strategy Officer.

She also sat on the Canadian federal government’s Expert Panel on Sustainable Finance, its Sustainable Finance Action Council (SFAC) – an advisory body consisting of Canada’s 25 largest financial institutions – and now plays a leading role at Climate Engagement Canada (CEC). 

Direct value creation

A defining characteristic of larger Canadian pension schemes such as OTPP is their willingness and ability (often enshrined in founding mandates) to make direct investments in partnership with asset managers. Co-investments appeal to pension funds, explains Zvan, by helping to improve the risk and return profile of large-scale, long-term investments. 

“We were able to get exposure to inflation protection, for example, through the infrastructure and real estate portfolio. It gave us the ability to be on boards to influence value creation and risk management. That’s important because these pension plans have to take risk to meet their liabilities and to keep it affordable,” she says. 

Now Zvan is looking to leverage the experience of OTPP and other larger Canadian pension plans at UPP, which has a much smaller pool of assets (C$13 billion; US$9.5 billion). UPP initially provided pension plans to three universities, adding new clients at a rate of one a year since. 

To explore the case, Zvan co-authored a paper that analysed how Canada’s C$200 billion-plus AUM pension schemes used their resources and expertise to capture value through co-investments while addressing four groups of risk: concentration and reputation risk; operation and development risk; government interference; and weak governance structure. 

One example cited is Caisse des Dépots et Placements du Quebec’s investment in Montreal’s new metro system, during which the pension fund leveraged relationships with government, contractors and the public to help ensure stakeholder buy-in at the land expropriation stage, minimising costs and delays that could have compromised long-term returns. 

Along with schemes of a similar size to UPP, Zvan is exploring how co-investing can still offer advantages – but with a twist to the existing model. Sector expertise is important, partly to be able to make the right choices, she says, but also to demonstrate the credibility in the market to ensure plans are offered the deals that offer the best fit. 

“One of the key risk management attributes of doing private markets deals that you are tied into for a long time is having that deep sector expertise upfront in your risk management and your assessment,” she says.

UPP has focused on mid-market transactions, partly to avoid competition with large rivals, in sectors such as infrastructure – focused on climate-aligned solutions, including both green and transition assets – residential and industrial real estate in developed markets, as well as buy-out opportunities. 

The key, says Zvan, is investing in “institutional knowledge” over the long term.

“To keep that partnership with the general partner (GP) going, you need a really strong pit crew. These deals don’t happen just by the investor teams alone. You need a strong legal group, tax group, operational due diligence group, and responsible investment group,” she adds. 

Access to derivatives and synthetic securities was also a key prerequisite, the report observed, to enable smaller funds to supply liquidity at short notice.

ESG as talent attractor

Operational from July 2021, ESG factors were built into UPP’s approach “from the get-go”, rather than integrated into existing processes. Although UPP did inherit managers and portfolios from their founding three clients, there were no common technologies or policies, giving Zvan and team carte blanche to build from the ground up.   

Internally, this meant hiring the people with the right skills and capabilities, as well as implementing thorough due diligence upfront. 

“Everyone we hired is very aligned to what we’re trying to do around the integration of material ESG factors into the investments. We would say it’s a talent attractor,” says Zvan. 

Externally, it meant working with managers that bought into UPP’s climate investment transition framework, and were willing to go on a journey of ongoing improvement. 

Not only should managers regard climate as a systemic and financially material risk, and make some kind of measurable net zero commitment; UPP also asks them to identify areas of improvement on an annual basis, by leveraging an industry benchmark, for example, or addressing an aspect of their governance structure. 

“It’s continual and it’s to ensure progress,” says Zvan. 

Inevitably, UPP’s priorities have evolved as its assets have grown – focusing initially on balancing asset mix and securing inflation protection – with its panel of managers shifting accordingly. In parallel, the plan has moved away from pooled to segregated vehicles, in order to exercise greater control and influence, particularly from a sustainability perspective. 

“This is something we’ve been doing quietly in the background, so we can vote the way that we want, exclude the way we want and engage directly with companies,” Zvan says. 

UPP’s approach has been commended in the latest Canadian Pension Climate Report Card, published annually by Shift, a charity. The plan was awarded a B+ ranking, based partly on meeting its 2025 emissions intensity reduction target a year early, but also the robustness of its climate stewardship and climate transition investment frameworks. 

Shift nevertheless encouraged UPP to include time-bound criteria and reinforce escalation as part of its Paris-aligned, outcomes-based climate engagement activities, as well as setting tougher expectations, backed up by climate-related resolutions or votes against directors. It also called on the plan to strengthen its fossil fuel exclusions, including a commitment to a “time-bound and managed phase-out of existing fossil fuel assets”. 

Climate collaboration

To meet its target of reaching net zero financed emissions by 2040, UPP has been engaging with portfolio companies on climate and other sustainability issues directly and via a number of collaborative fora, both domestic and internally focused. 

For a relatively small scheme to manage the impact of its investments on the climate, partnership with other investors is essential, asserts Zvan. As well as CEC, UPP has worked with the Institutional Investors Group on Climate Change and Climate Action 100+. The common thread of the initiatives in which they participate is a clear and well-understood area of focus, she says. 

Another critical success factor for collaborative initiatives is flexibility, says Zvan. “One size does not fit all; maintaining flexibility in how they participate and how they contribute is key,” she observes. 

The three initiatives cited all include asset managers in their membership, who are both competitors and subject to obligations to shareholders and a network of regulators. Asset owners may not be competitors, but are subject to similar considerations, also differing according to factors such as culture and investment horizon. In the case of CEC, the initiative has expanded to include international investors alongside domestic ones, the better to present a range of perspectives to high-emitting corporates. 

Zvan says collaborative investor initiatives must regularly review the effectiveness of their support for the engagement teams of participating institutions, including by monitoring impact. This involves close coordination but also “deep dive research” into targeted areas such as capex alignment. 

“You have to measure progress. The benchmark assessment element of these initiatives is so important,” she says. 

UPP has also stepped up its bilateral engagement and stewardship capabilities, as part of its efforts to encourage portfolio firms to maintain momentum across climate-related governance, strategy, targets and disclosures. 

A significant step this year was the filing of a shareholder resolution at Alimentation Couche-Tard, asking the Quebec-based retailer to disclose an emissions reduction strategy. The resolution, which follows an extensive engagement process, asked the firm to set medium-term targets for material Scope 1 and 2 emissions reductions, in line with its peers, as well as setting out its approach to tackling Scope 3 emissions. 

In early September, more than a fifth of independent shareholders in Couche-Tard supported UPP’s resolution, making it the most supported climate-related proposal at the firm in seven years. 

“Couche-Tard has already acknowledged that its fuel and energy business faces material risks from the ongoing transition — including regulatory changes, shifting market demand, evolving technologies and changing consumption patterns — but management isn’t telling shareholders how it intends to manage these risks,” said Sarah Couturier-Tanoh, Director of Shareholder Advocacy at the Shareholder Association for Research and Education, which co-filed the resolution. 

UPP is also increasing its scrutiny of directors, monitoring their effectiveness at overseeing climate risk, and reserving the right to vote against them at future AGMs if they fall short. “That’s a very powerful tool,” says Zvan. 

Systemic engagement 

The importance UPP places on stewardship stems from its investment beliefs, which include the principle that UPP’s ability to deliver returns to beneficiaries depends on healthy and functioning financial, social and environmental systems. 

This implies a system-based approach to stewardship which emphasises the role of government in creating an enabling policy environment that encourages the private sector to address systemic risks, such as climate change.  

Zvan believes governments are moving too slowly, to the detriment of carbon-intensive sectors and firms that struggle to profitably transition to net zero. But her work on Canada’s SFAC has deepened her understanding of the “different worlds” inhabited by the public and private sectors, as well as the size, complexity, and fragmented nature of government.

Effective engagement with government requires “an appreciation of what they’re up against,” says Zvan. “Continuous sharing back and forth is important,” she adds, allowing that this need is more evident in Canada, where the federal system requires as many as 30 separate rule changes in order to implement, for example, a country-wide approach to sustainability disclosures. 

“Local investors can provide insight, but it’s really important for the government to hear from the foreign investors too,” Zvan adds.

It’s not just dealing with regulators in 13 provinces that makes it hard to align Canada’s economy with net zero and planetary boundaries. The country has long relied on its extractive and often carbon-intensive industries for growth and jobs, contributing more than 8% to GDP in 2024. 

This means policy action and clear guidance to major industries are particularly important. Canada’s scorecard is mixed in terms of providing the signposts to a more sustainable economy, such as a taxonomy that helps investors to support firms in transition. 

Last December, the Canadian Sustainability Standards Board (CSSB) adopted the International Sustainability Standards Board’s climate and general sustainability disclosure  standards late last year. The Office of the Superintendent of Financial Services’ B-15 regulation, updated in February to conform with CSSB standards, lays out clear expectations for federally-regulated financial institutions. SFAC’s recommendations, including on a transition-focused taxonomy, have been adopted. Prime Minister Mark Carney expects the taxonomy to be effective for Canada’s most carbon-intensive sectors next year. 

Governance and oversight of transition guidance remains an issue, suggests Zvan, seeing a need for a permanent body, independent from government, to engage with the private sector on transition planning. 

Less positively, the Canadian Securities Administrators, which is the coordinating body for the country’s securities regulators, has put on hold disclosure requirements for public companies, favouring voluntary adoption instead. Geopolitical headwinds have not helped, acknowledges Zvan. 

“The trade issues are real. Canada exports a significant amount, much more than the UK and Europe, to the US. And so that is taking up a lot of time and attention for corporations, for financial institutions, as well as our federal government. The reality is, we have to keep this progress going,” she says. 

This discussion was released last week but I only had a chance to listen to it today and it's excellent.

Now, I would separate the discussion in two parts, how was UPP created, what is unique to this plan, where is their focus and how did they ramp up in the middle of Covid? 

The second part is on sustainability and its importance at UPP and how they are tackling this issue inside their organization and influencing peers to vote on certain proposals like asking Couche-Tard to set medium-term targets for material Scope 1 and 2 emissions reductions, in line with its peers, as well as setting out its approach to tackling Scope 3 emissions. 

Admittedly, Couche-Tard is the last company I think of when it comes to climate change is climate disclosure but if UPP proposed this proposal, they did their homework and feel strongly about it.

Also, I am a big believer in science-based climate proposals and more importantly, on striking the right balance between climate initiatives and future economic prosperity.

So, when Shift goes after UPP or other pension plans for investing in oil and gas or pipeline firms, it doesn't just rub me the wrong way, it makes my blood boil because in my humble opinion, we have dithered far too long listening to climate activists and need to reintroduce logic and sensible policies that will create jobs and create economic prosperity. 

"Keep it in the ground is just idiotic," it's a slogan which needs to be laid to rest once and for all.

Again, these are my opinions, I don't agree with every pension fund manager on all climate issues but I definitely listen to their views and Barb is an expert worth listening to. 

So, without rambling on here, please take the time to listen to her discussion with Chris Hall. 

Below, in this video, CEO Barbara Zvan explains how the University Pension Plan Ontario was designed to be green “from the get-go”, while maintaining a laser focus on value creation. Most pension plan CEOs have faced the challenge of integrating ESG factors into their investment plans and business models, but Zvan highlights how UPP leveraged its opportunity to build them into the foundations.

Steve Goldstein of MarketWatch reports the AI bubble is 17 times the size of the dot-com frenzy — and four times the subprime bubble, analyst says:

For good reason, it feels that the only major discussion in markets is whether AI is in a bubble or whether it’s actually the early innings of a revolutionary phrase.

So here’s another one, decidedly from the pessimistic camp. It’s a take from independent research firm the MacroStrategy Partnership, which advises 220 institutional clients, in a note written by analysts including Julien Garran, who previously led UBS’s commodities strategy team.

Let’s start with the boldest claim first — it’s that AI is not just in a bubble, but one 17 times the size of the dot-com bubble, and even four times bigger than the 2008 global real-estate bubble.

And to get that number, you have to go back to 19th-century Swedish economist Knut Wicksell. Wicksell’s insight was that capital was efficiently allocated when the cost of debt to the average corporate borrower was 2 percentage points above nominal GDP. Only now is that positive, after a decade of Fed quantitative easing pushed corporate bond spreads low.

Garran then calculates the Wicksellian deficit, which to be clear includes not only artificial-intelligence spending but also housing and office real estate, NFTs and venture capital. That’s how you get this chart on misallocation — a lot of variables, but think of it as the misallocated portion of gross domestic product fueled by artificially low interest rates.

But Garran also took aim at large language models themselves. For instance, he highlights one study showing that the task-completion rate at a software company ranged from 1.5% to 34%, and even for the tasks that were completed 34%, that level of completion could not be consistently reached. Another chart, previously circulated by Apollo economist Torsten Slok based on Commerce Department data, showed the AI adoption rate at big companies now on the decline. He also showed some of his real-world tests, like asking an image maker to create a chessboard one move before white wins, which it didn’t come close to achieving.

LLMs, he argues, already are at the scaling limits. “We don’t know exactly when LLMs might hit diminishing returns hard, because we don’t have a measure of the statistical complexity of language. To find out whether we have hit a wall we have to watch the LLM developers. If they release a model that cost 10x more, likely using 20x more compute than the previous one, and it’s not much better than what’s out there, then we’ve hit a wall,” he says.

And that’s what has happened: ChatGPT-3 cost $50 million, ChatGPT-4 cost $500 million and ChatGPT-5, costing $5 billion, was delayed and when released wasn’t noticeably better than the last version. It’s also easy for competitors to catch up.

“So, in summary; you can’t create an app with commercial value as it is either generic (games etc), which won’t sell, or it is regurgitated public domain (homework), or it is subject to copyright. It’s hard to advertise effectively, LLMs cost an exponentially larger amount to train each generation, with a rapidly diminishing gain in accuracy. There’s no moat on a model, so there’s little pricing power. And the people who use LLMs the most are using them to access compute that costs the developer more to provide than their monthly subscriptions,” he says.

His conclusion is very stark: not just that an economy already at stall speed will fall into recession as both the data-center and wealth effects plateau, but that they’ll reverse, just as they did in the dot-com bubble in 2001.

“The danger is not only that this pushes us into a zone 4 deflationary bust on our investment clock, but that it also makes it hard for the Fed and the Trump administration to stimulate the economy out of it. This means a much longer effort at reflation, a bit like what we saw in the early 1990s, after the S&L crisis, and likely special measures as well, as the Trump administration seeks to devalue the US$ in an effort to onshore jobs,” he says.

The firm’s investment recommendations are to be overweight resources and emerging markets — India and Vietnam in particular — and underweight the AI and platform companies. They also recommend being long gold equities (GDX), long short-dated U.S. Treasurys, long volatility (VIX) and long the yen vs. most currencies outside of the U.S. dollar. 

Robert Smith and Harriet Agnew of the Financial Times also reportJim Chanos slams ‘magical machine’ of private credit after First Brands collapse:

Jim Chanos, one of Wall Street’s best-known short sellers, has sounded the alarm on the private debt boom, telling the Financial Times that First Brands Group’s chaotic bankruptcy could augur a wave of corporate collapses.

Some of the biggest names on Wall Street are facing the prospect of multibillion-dollar losses from the bankruptcy of First Brands, a heavily indebted maker of spark plugs and windscreen wipers based in Ohio.

First Brands has now disclosed almost $12bn in debt and off-balance sheet financing built up in the years before its Sunday bankruptcy filing, which also ensnared less well-known private lenders such as a Utah-based leasing specialist.

“I suspect we’re going to see more of these things, like First Brands and others, when the cycle ultimately reverses,” Chanos told the Financial Times, “particularly as private credit has put another layer between the actual lenders and the borrowers.”

Chanos, 67, cemented his reputation shorting energy trader Enron, which like First Brands made substantial use of off-balance sheet financing and whose $70bn collapse heralded the onset of the 2001 stock market crash.

He announced in 2023 that he was closing his main hedge funds after more than three decades, while continuing to offer bespoke advice on fundamental short ideas as well as some macro insights.

In a 2020 Lunch with the FT interview, Chanos said financial markets were in “the golden age of fraud”. On Thursday he said this phenomenon had “done nothing but gallop even higher” since he made the remark.

First Brands has not been accused of fraud. However, a bankruptcy probe into its byzantine off-balance sheet financing is examining whether the company pledged the same invoices multiple times. This investigation has also uncovered that debt collateral may have been “commingled”.

The FT has previously reported that the group’s founder and owner, low-profile businessman Patrick James, was previously sued by two lenders that alleged that fraudulent conduct had exacerbated their losses.

James strongly denied the allegations of fraud in the two cases, which were both dismissed after settlements were reached.

First Brands and James did not respond to a request for comment.

Chanos likened the near $2tn private credit apparatus fuelling Wall Street’s lending boom to the packaging up of subprime mortgages that preceded the 2008 financial crisis, due to the “layers of people in between the source of the money and the use of the money”.

Privately owned First Brands’ eschewed the more public bond market in favour of borrowing money through so-called leveraged loans. It also raised billions of dollars through even more opaque financing backed by its invoices and inventory, which was often provided through private credit funds.

“With the advent of private credit . . . institutions [are] putting money into this magical machine that gives you equity rates of return for senior debt exposure,” he said, adding that these high yields for seemingly safe investments “should be the first red flag”.

The FT has previously reported that some private credit fund managers had estimated returns in excess of 50 per cent on First Brands’ supposedly secured inventory debt.

Even many of the most sophisticated credit specialists on Wall Street were until recently unaware of the existence of the US auto parts maker’s special purpose entities (SPEs) backing its inventory financing.

Traders at Goldman Sachs told clients hours before these financing vehicles separately filed for bankruptcy last week that they just had discovered indications of high-cost borrowing from these entities that were “hard to reconcile”.

Chanos said: “We rarely get to see how the sausage is made.”

First Brands’ bankruptcy has revealed that James controlled both the auto parts conglomerate and some of its off-balance sheet SPEs through the same chain of limited liability corporations. Chanos described this common ownership as a “huge red flag”.

His short thesis against Enron was fuelled in part by the realisation that executives at the group were managing SPEs that engaged in complex transactions outside the purview of its corporate balance sheet. In contrast to Enron, First Brands’ financial statements were not publicly available. While hundreds of managers of so-called collateralised loan obligations had access to its financial disclosure, they had to consent to non-disclosure agreements to receive the documents.

“The opaqueness is part of the process,” Chanos said. “That’s a feature not a bug.”

Sean Conlon and Pia Singh of CNBC also report it was another another solid week for the S&P 500 even if Friday's rally fizzled:

The S&P 500 retreated from a record on Friday but held on to solid weekly gains despite a U.S. government shutdown dragging on for a third day.

The broad market index closed little changed, ticking up just 0.01% at 6,715.79, while the Nasdaq Composite declined 0.28% to settle at 22,780.51. The Dow Jones Industrial Average outperformed, trading higher by 238.56 points, or 0.51%, to finish at 46,758.28. The Russell 2000 also popped 0.72% to close at 2,476.18. All four benchmarks had hit all-time highs earlier in the session.

Stocks were knocked down a bit in afternoon trading by declines in key technology names like Palantir Technologies, Tesla and Nvidia. Palantir led the S&P 500′s pullback, falling 7.5%, while Tesla and Nvidia dropped more than 1% and almost 1%, respectively. The CBOE Volatility Index spiked, signaling some investors were scrambling to buy some protection against a future S&P 500 decline in the form of put contracts.

Still, the three leading indexes saw a positive weekly finish. The broad market S&P 500 rose around 1.1% on the week, along with the 30-stock Dow, while the tech-heavy Nasdaq increased 1.3%. The small-cap Russell has jumped nearly 2% in the period.

Investors have been overlooking anxieties surrounding the government shutdown, which entered its third day Friday. While the stoppage has exacerbated underlying concerns this year about macroeconomic and policy headwinds, inflation risks and a slowing labor market, investors expect it to be short-lived, thereby limiting potential hits to the U.S. economy. Those on Wall Street also believe that the shutdown won’t stop the momentum in the artificial intelligence trade. Shutdowns have not been market-moving events in the past.

The shutdown has led to an economic data blackout, and the Labor Department’s pause on virtually all activity has blocked the Friday release of the September nonfarm payrolls report. Although that removes a factor that could lend pressure to stocks, it lessens the amount of economic data the Federal Reserve can take into account for its interest rate decision at its October meeting. Markets largely expect the central bank will lower its key interest rate by a quarter percentage point then, per the CME FedWatch tool.

Adding to ongoing concerns regarding the jobs market, President Donald Trump has threatened massive layoffs and said Thursday that the Democrats have given him an “unprecedented opportunity” to cut federal agencies. Treasury Secretary Scott Bessent also told CNBC Thursday that the current lapse in federal funding could lead to “a hit to the GDP, a hit to growth and a hit to working America.” The Congressional Budget Office estimates 750,000 federal workers will be furloughed each day.

Their remarks come a day after private payrolls posted their biggest decline since March 2023 in September, according to ADP. Wednesday’s report serves as yet another sign that the labor market is weakening, and some believe that the state of the labor market combined with the shutdown bolster the case for the Fed to cut.

“We view September’s mixed, private-sourced substitutes for the Labor Department’s delayed jobs report as soft enough to justify another interest-rate cut by the Federal Reserve at the October 29 FOMC meeting,” said Jennifer Timmerman, senior investment strategy analyst at Wells Fargo Investment Institute. “Prospects for further rate cutting by the Fed, reinforced by the yellow flag for the economy raised by the latest jobs data, has cemented a rally in stocks and left the yield on the benchmark 10-year Treasury note low enough, at 4.11%, to lift the S&P 500 to a fresh all-time high.” 

Alright, it was a big week on Wall Street but you have to dig below the surface to appreciate the speculative frenzy.

For example, shares of Rigetti Computing, D-Wave Quantum and Quantum Computing have surged more than 20%. Rigetti and D-Wave Quantum have more than doubled and tripled, respectively, since the start of the year. Arqit Quantum skyrocketed more than 32% this week.

The jump in shares followed a wave of positive news in the quantum space.

Keep in mind, most of these stocks are up over 3,000% during the last year and they keep being bid up. 

And it's not just quantum computing, everything speculative is rallying hard in these markets, look at the most active stocks on Friday, all these stocks had a monster week: 

In my opinion, this market only wants to go up, the shutdown is positive for Trump and markets and his administration will use it to its advantage.

But that's just the tip of the iceberg.

Importantly, FOMO is kicking into high gear as we head into year-end and most portfolio managers are drastically trailing their benchmark and looking to chase winners to make up for lost performance.

Having lived through many bubbles, I can tell you they typically go on for a lot longer than anyone can imagine.

And there's always more money chasing new bubbles so this one will likely last longer than the previous one, especially since the US dominates tech trading and that's where bubbles find a home.

But it's also fair to say this rally is broader and not just AI led.

US banks are on fire this year, healthcare stocks led by Humana (HUM) and Pfizer (PFE) had a terrific week, as did gene editing stocks like Taysha Gene Editing (TSHA) and Crisper (CRSP). Hell, First Solar (FSLR) is on fire after dipping hard earlier this year:

 

I can show you a lot of great stocks that look the same and it's not just AI related, which makes you wonder why are so many portfolio managers underperforming the S&P 500??

In closing, we all know the AI bubble is alive and kicking, that OpenAI isn't really worth half a trillion dollars but Wall Street wants us all to believe this is it, this is the next Big Thing. 

Enjoy the ride while it lasts, nobody ever rings the bell at the top or bottom, usually something breaks sending markets tumbling down hard.  

All I can tell you is to watch stocks closely here, speculative manias feed on themselves, it can last a lot longer than you think, never mind what smart strategists think or write, it's irrelevant.

Below, CNBC’s “The Exchange” team discusses whether there is a brewing market bubble in artificial intelligence stocks and how they’re thinking about the AI trade.

Also, Lo Toney, Plexo Capital founder and managing partner, joins 'Closing Bell' to discuss Jeff Bezos' recent comments on AI, how to distinguish between the good and bad ideas and much more.

Lastly, Marc Lasry, Avenue Capital Group chairman, CEO and co-founder, joins 'Closing Bell' to discuss if auto company bankruptcies are the tip of the spear, potential effects of the explosive growth around private credit and much more.

Chris Young of the Canadian Press reports CPP Investments invests US$1 billion in US power producer AlphaGen:

TORONTO - The Canada Pension Plan Investment Board has signed a deal to invest US$1 billion for a minority position in AlphaGen, which owns power plants in the U.S.

Bill Rogers, head of sustainable energies at CPP Investments, says AlphaGen provides efficient, reliable power in some of the most high-demand U.S. markets. 

AlphaGen owns and or operates 23 generation facilities across the U.S.

It is a partnership formed and owned by an affiliate of ArcLight Capital Partners.

Rogers says partnering with ArcLight, a highly experienced investor in power markets, positions CPP Investments well to support AlphaGen’s strong operational performance.

The deal is subject to regulatory approvals and is expected to close in the first half of 2026.

Earlier today Arclight announced a US$1.0 billion investment by CPP Investments in AlphaGen: 

BOSTON and TORONTO – October 2, 2025 – ArcLight Capital Partners (ArcLight) today announced that Canada Pension Plan Investment Board (CPP Investments) has entered into a definitive agreement to invest US$1.0 billion for a strategic minority position in AlphaGen.  AlphaGen is one of the largest independent power portfolios in the U.S., with over 11 GWs of critical power assets located in strategic markets across the country.

As power has become the bottleneck to the rapidly evolving growth of AI, the need for critical infrastructure that can provide capacity, reliability, and “time to power” in a sustainable way is increasingly important.  ArcLight and the AlphaGen portfolio are well positioned to help meet this need in fast growing markets like Pennsylvania, Ohio and other parts of the PJM Interconnection market, investing in existing and building new infrastructure to provide accelerated power solutions to the market.

“AlphaGen provides efficient, reliable power in some of the most high-demand U.S. markets. As demand for electricity accelerates, these assets will play a vital role in balancing renewable growth with the need for reliable supply,” said Bill Rogers, Head of Sustainable Energies, CPP Investments. “Partnering with ArcLight, a highly experienced investor in  power markets, positions us well to support AlphaGen’s strong operational performance to deliver sustainable, long-term value for the CPP Fund.”

“ArcLight is excited to partner with another leading global investor – CPP Investments – in AlphaGen. We look forward to working with the CPP Investments team to drive additional growth in the platform, and deliver on the reliability and capacity needs of AI and electrification power demand growth in North America,” said Angelo Acconcia, President of ArcLight.  “AlphaGen, led by Curt Morgan, has a track record of strong operating performance that distinguishes the platform in the market,” said Andrew Brannan, Managing Director at ArcLight.

CPP Investments continues to invest to support the global economy’s energy transition, providing long-term capital to a global portfolio of assets across the energy spectrum including power generation, midstream, renewables, and conventional energy.

ArcLight has been investing and building power infrastructure since 2001, and has owned, controlled or operated over ~70 GW of assets and 47,000 miles of electric and gas transmission infrastructure representing approximately $80 billion of enterprise value. With its deep expertise and dedicated internal technical, commercial and development teams, ArcLight believes it is uniquely positioned to deliver customized, large-scale power infrastructure solutions to support AI and data center demand.

The investment is subject to regulatory approvals and is expected to close in the first half of 2026.

About ArcLight

ArcLight is a leading infrastructure investor which has been investing in critical electrification infrastructure since its founding in 2001. ArcLight has owned, controlled or operated over ~65 GW of assets and 47,000 miles of electric and gas transmission and storage infrastructure representing $80 billion of enterprise value. ArcLight has a long and proven history of value-added investing across its core investment sectors including power, hydro, solar, wind, battery storage, electric transmission and natural gas transmission and storage infrastructure to support the growing need for power, reliability, security, and sustainability. ArcLight’s team employs an operationally intensive investment approach that benefits from its dedicated in-house strategic, technical, operational, and commercial specialists, as well as the firm’s ~2,000-person asset management partner. For more information, please visit www.arclight.com. References to “ArcLight” herein refers to ArcLight Capital Partners, LLC and/or its managed investment vehicles, as the context requires.

About CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At June 30, 2025, the Fund totalled C$731.7 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

About AlphaGen

AlphaGen is a strategic partnership formed and owned by an affiliate of ArcLight to own and operate critical power infrastructure to help provide reliable, secure, safe, and sustainable sources of power and meet the growing infrastructure needs created by electrification.  AlphaGen is led by a deeply experienced senior management team with a proven track record of strategic, operational, and commercial expertise to help create value and manage risk.  For more information, please visit www.alphagen.com.

This is another huge deal for CPP Investments in the energy space.

Recall, CPP Investments recently acquired a US$3 billion stake in Sempra Infrastructure Partners because LNG infrastructure is central to meeting rising global demand and supporting long-term transition goals.

With this deal, CPP investments is partnering up with ArcLight, a well-known firm in the electric and gas transmission and storage infrastructureto capitalize on the growing need for energy to power data centers.

Also recall n his speech on Monday at the Canadian Club Toronto, CPP Investments' CEO John Graham alluded to two areas they are looking to invest in nation-building projects:

• large scale infrastructure and 
• energy systems

He specifically said they are "financing infrastructure of the future – like Cambridge’s new data centre."

Well, they're financing data centers all over the world, including  in Australia where last year they teamed up with Blackstone to acquire AirTrunk in A$24bn deal.

Notice how John Graham stated they're not chasing US stocks higher in his discussion with Rita Trichur, signalling things are looking bubbly in the US stock market where concentration risk still reigns.

While that's true, CPP Investments is still invested in US equities (probably neutral weight) and it's definitely playing the AI theme in private markets through digital infrastructure and energy/ power-related deals like this one with AlphaGen.

$US3 billion here, a US$1 billion there, pretty soon you're talking about real money.

Why is CPP Investments doing these AI deals in private markets instead of playing AI roulette on the US stock market?

My rhetorical question answers the question, it's all about finding the best risk-adjusted returns to play the AI theme -- and right now, it ain't in US stocks which will likely continue to soar higher before coming to a screeching halt:

⚠️HOLY MOLY:

US technology stocks now account for a record 56% of total US stock market cap.

At the same time, defensive stocks make up just 16%, AN ALL-TIME LOW.

This has NEVER happened.

The level of investor complacency is MIND-BLOWING. pic.twitter.com/HYSmGX1EGv

— Global Markets Investor (@GlobalMktObserv) October 2, 2025

Months where the S&P 500's CAPE Ratio has closed above 40...
January 1999
February 1999
March 1999
April 1999
May 1999
June 1999
July 1999
August 1999
September 1999
October 1999
November 1999
December 1999
January 2000
February 2000
March 2000
April 2000
May 2000
June 2000
July… pic.twitter.com/uWePp49XJn

— Charlie Bilello (@charliebilello) October 2, 2025

So, yes the AI theme is still garnering all the attention but things are definitely frothy in US equities and there are smarter ways to play it in private markets (you will not make a killing but realize a safe rate-of-return unless something blows up the entire AI ecosystem).

Alright, let me wrap it up there.

Below, an older 2021 panel discussion featuring Dan Revers, Managing Partner and Founder at ArcLight. I chose this clip for a reason, take the time to watch it and learn a lot about the enrgy needs of the US and how they will support clean energy going forward.

Dive into the hilarious world of meme-based fun with the “What Do You Meme Cards PDF,” offering a convenient and accessible way to enjoy the game digitally.

What is “What Do You Meme?”

“What Do You Meme?” is a wildly popular party game where players compete to create the funniest meme by combining caption cards with a random image. Designed for 4-20 players, it sparks laughter and creativity as everyone tries to outdo each other with hilarious combinations. The game is simple yet engaging, making it a hit at gatherings, parties, and even casual hangouts. Its appeal lies in its light-hearted and relatable humor, allowing players of all ages to join in on the fun. With its unique blend of strategy and absurdity, “What Do You Meme?” has become a staple in modern gaming culture, offering endless hours of entertainment for meme lovers and comedy enthusiasts alike.

What is a PDF Version?

A PDF version of “What Do You Meme” cards provides a digital alternative to physical cards, offering convenience and flexibility. It allows players to access and print meme cards easily, making it ideal for casual gatherings or spontaneous games. The PDF format ensures compatibility across devices, enabling seamless sharing and storage. This digital adaptation maintains the core humor and gameplay of the original, while also reducing clutter and costs. Players can print only the cards they need or use them digitally, enhancing accessibility. The PDF version is a practical solution for fans of the game who prefer a modern, portable approach to their meme-making adventures.

How to Play the Game

Combine image and caption cards to create hilarious memes. Each round, one player judges while others compete to pair the funniest card combination. Win rounds to earn points and claim victory!

Basic Rules and Setup

The game begins by separating the deck into image and caption cards. Each player draws seven caption cards. One player is designated as the judge for the first round. The judge draws an image card and displays it face-up. All other players must submit their funniest caption card to pair with the image. The judge then selects the winning combination, awarding the round to the creator of the chosen caption. The winner keeps the image card as proof of victory. Players replenish their caption cards, and the role of judge rotates. The goal is to collect five image cards to win the game. Simple yet engaging, the setup ensures quick rounds and non-stop laughter!

How a Typical Round Works

A typical round begins with one player acting as the judge, who draws an Image Card. The judge mixes it with Caption Cards submitted by other players. Each player (except the judge) selects their funniest Caption Card to pair with the Image Card. The judge then reveals the combinations and chooses the most humorous one. The winner earns the Image Card as a point. Players take turns being the judge, ensuring everyone gets a chance to lead. The game continues until a designated endpoint, such as a set number of rounds, with the player holding the most Image Cards declared the winner. This fast-paced, competitive format keeps the game engaging and full of laughs.

Benefits of Using a PDF Version

The PDF version offers unmatched convenience, allowing play from any device, while its cost-effectiveness makes it an affordable option for endless fun without physical storage hassle.

Convenience and Accessibility

The “What Do You Meme Cards PDF” offers unparalleled convenience, allowing players to access the game from any device with a PDF viewer. This eliminates the need for physical cards, making it effortless to carry the entire deck wherever you go. The digital format also saves storage space, reducing clutter and ensuring the game is always ready to play. Additionally, sharing the PDF with friends or across devices is simple, making it a great option for group gatherings or spontaneous games. The accessibility of the PDF version ensures that anyone with a smartphone, tablet, or computer can join in on the fun, breaking down barriers and expanding the game’s reach. Its portability and ease of use make it a modern, hassle-free alternative to traditional card games.

Cost-Effectiveness

The “What Do You Meme Cards PDF” offers a budget-friendly way to enjoy the game, eliminating the need for expensive physical copies. With a one-time purchase, you gain access to a vast collection of meme cards, perfect for endless laughter and creativity. Digital versions often come at a lower price point than physical sets, making it an affordable option for casual players or those looking to expand their meme card library. Additionally, the PDF format allows for easy printing of only the cards you need, reducing waste and saving money. This cost-effective solution is ideal for parties, gatherings, or even solo fun, ensuring you can enjoy the game without breaking the bank. Its accessibility and affordability make it a great choice for meme enthusiasts of all levels.

How to Create Your Own Meme Cards

Design your own meme cards by brainstorming funny ideas, pairing images with captions, and formatting them to match the game’s style. Save and print for play.

Designing Caption Cards

Designing caption cards involves brainstorming witty, relatable, and humorous phrases that pair well with images. Start by listing funny one-liners, puns, or pop culture references. Ensure captions are concise and easy to read. Use bold fonts and contrasting colors for visibility. Consider current trends or memes to make them relevant. Avoid overly complex language to keep the game accessible. Test your captions with friends to gauge their humor. Organize captions into categories for variety. finally, save and print them in a format that matches the game’s style; This step ensures your custom cards blend seamlessly with the original deck, enhancing gameplay.

Creating Image Cards

Creating image cards involves selecting or designing visuals that are funny, unexpected, or thought-provoking. Use high-quality images from stock photos, memes, or original artwork. Ensure the images are clear and visually striking. Edit photos to enhance contrast and brightness for better visibility. Add subtle text or captions to contextually enhance the humor. Organize images into themes or categories for variety. Test the images with friends to gauge their comedic impact. Print the images on sturdy paper or cardstock for durability. finally, trim them to match the game’s card size. This step ensures your custom image cards are both visually appealing and laughter-inducing, making them a great addition to your “What Do You Meme?” deck.

Popular Expansions and Variations

Explore the various expansions and variations available for “What Do You Meme Cards PDF,” including official packs and fan-made creations that enhance gameplay and humor.

Official Expansions

Official expansions for “What Do You Meme Cards PDF” are curated by the game’s developers, offering fresh caption and image cards that align with the game’s signature humor. These expansions are designed to enhance gameplay by introducing new themes, trends, and pop culture references. Players can explore a variety of packs, such as “Internet Famous” or “Savage Edition,” each bringing unique twists to the game. Official expansions are seamlessly integrated into the base game, ensuring a cohesive and engaging experience. They are available in PDF format, making it easy for digital players to download and print. Each expansion adds depth and variety, keeping the game exciting and unpredictable for both new and veteran players. Expanding your collection ensures countless hours of fun and creative challenges.

Fan-Made Expansions

Fan-made expansions for “What Do You Meme?” have exploded in popularity, offering fresh and creative content from passionate players. These expansions often include unique meme ideas, niche references, or inside jokes tailored to specific communities. Created by fans for fans, they add a personal touch to the game, making it more relatable and diverse. The PDF format allows creators to share their expansions easily, enabling others to print and play without hassle. While not officially endorsed, these expansions showcase the creativity of the community and keep the game dynamic; They also encourage collaboration, as fans inspire one another to create even more hilarious content. This grassroots approach has become a testament to the game’s enduring appeal and adaptability, fostering a vibrant culture of shared humor and innovation.

Tips for Winning at “What Do You Meme?”

• Understand the judge’s humor to align your card choices with their preferences.
• Be creative and relatable to make your combinations stand out and resonate.

Understanding the Judge’s Sense of Humor

Winning at “What Do You Meme?” hinges on understanding the judge’s sense of humor. Observe their reactions and preferences to tailor your card choices effectively. Each judge is unique, so adapt your strategy by paying attention to what they find funny. If the judge enjoys dark humor, for instance, opt for edgier combinations. Conversely, if they prefer light-hearted jokes, keep your selections playful and relatable. This insight allows you to align your cards with their comedic tastes, increasing your chances of securing a win. Being attuned to the judge’s humor is a powerful tool that sets top players apart.

Creativity and Relatability

Creativity and relatability are key to crafting winning meme combinations. Players must think outside the box, pairing caption cards with image cards in unexpected yet humorous ways. A meme that resonates with the judge’s experiences or sense of humor is more likely to win. Relatability ensures the joke lands, while creativity makes it stand out. The PDF version allows easy access to a wide range of cards, enabling players to experiment with unique pairings. Customizing your own cards can also add a personal touch, making memes more relatable to specific groups or inside jokes. Balancing creativity with relatability is the ultimate strategy for success in “What Do You Meme.”

Hosting a “What Do You Meme?” Party

Gather friends, print the PDF, and set up a fun, competitive atmosphere where creativity shines and laughter flows through hilarious meme combinations and unexpected wins.

Preparing for the Party

Ensure a seamless gaming experience by printing the “What Do You Meme Cards PDF” in advance. Organize the cards into separate decks for captions and images. Shuffle thoroughly to mix content. Prepare additional supplies like pens, paper, and a randomizer for selecting judges. Test your printer beforehand to avoid last-minute issues. Set up a comfortable playing area with enough seating and a central space for displaying meme combinations. Invite friends with a good sense of humor and familiarity with memes. Create a playlist to set a lively tone. Finally, have snacks and drinks ready to fuel the fun and creativity. Proper preparation ensures a memorable and laughter-filled party.

Setting the Right Atmosphere

Create an engaging environment by dimming the lights and adding vibrant decorations. Play a fun, lively playlist to set the tone for laughter and creativity. Display meme examples around the room to inspire players. Arrange seating in a circle or U-shape to foster interaction and visibility. Keep snacks and drinks readily available to maintain energy and comfort. Encourage a playful and humorous mindset by setting the mood early. Ensure everyone feels relaxed and ready to embrace their inner meme creator. A well-prepared atmosphere enhances the fun and spontaneity of the game, making it an unforgettable experience for all participants.

Digital vs. Physical: Which is Better?

Digital versions offer convenience and accessibility, while physical cards provide a tactile experience. Consider personal preferences, storage needs, and environmental impact when choosing between the two options;

Pros and Cons of Digital Versions

Digital versions of “What Do You Meme Cards PDF” offer unmatched convenience, allowing players to access cards on multiple devices without physical storage concerns. They are easily sharable, updatable, and can be customized, making them ideal for frequent players.

However, digital cards lack the tactile experience of physical versions, which some players prefer for immersion. Additionally, screen glare, battery life, and compatibility issues can disrupt gameplay, making them less ideal for casual gatherings or those without reliable devices.

Pros and Cons of Physical Versions

Physical versions of “What Do You Meme?” cards provide a tactile experience, allowing players to shuffle, hold, and interact with the cards in a traditional board game manner. They are durable and resistant to digital issues like screen glare or battery life concerns, making them ideal for frequent use. Additionally, physical cards often feel more engaging and immersive for players who value the sensory aspect of gameplay.

However, physical versions require storage space, can be cumbersome to transport, and may be more expensive than digital alternatives. They are also prone to wear and tear, and lost or damaged cards can disrupt gameplay. Despite these drawbacks, many players prefer the authenticity and satisfaction of using physical cards in their gaming sessions.

The Best and Worst Meme Cards

Discover the funniest and most controversial meme cards, ranging from hilarious viral sensations to awkwardly confusing or offensive content that sparks debates among players.

The Funniest Cards

The funniest cards in What Do You Meme often combine relatable humor with unexpected twists, creating laugh-out-loud moments. These cards typically feature clever wordplay, pop culture references, or absurdly quirky scenarios that resonate with players. Many of the most popular cards leverage viral memes or everyday situations, making them instantly recognizable and hilarious. For example, cards that poke fun at common frustrations or societal norms often hit the mark. The humor is amplified when paired with the right image, creating a seamless and comedic experience. These cards are frequently shared and praised for their ability to evoke genuine laughter, making them standouts in any game session.

The Most Controversial Cards

Some meme cards in “What Do You Meme” have sparked debate due to their edgy or sensitive content, pushing boundaries of what players find acceptable. These cards often tackle politics, religion, or social issues, leading to mixed reactions. While humor is subjective, certain cards have been criticized for crossing lines, making them polarizing in group settings. Interestingly, these controversial cards can also ignite lively discussions, as players debate their appropriateness and humor. The game’s reliance on player judgment means that even the most divisive cards can win rounds if they resonate with the judge. Ultimately, these cards reflect the game’s bold approach to humor, ensuring no two playthroughs are the same and keeping the experience dynamic and unpredictable.

Delivers non-stop fun and limitless creativity, perfect for any group. Its convenience and humor make it a top pick for game enthusiasts everywhere.

Final Thoughts on “What Do You Meme Cards PDF”

The “What Do You Meme Cards PDF” is a fantastic way to enjoy endless laughter and creativity with friends and family. Its portability and ease of use make it perfect for any setting, whether you’re hosting a party or just hanging out casually. The game’s humor and relatability ensure that everyone can participate and have a blast. With its affordable and convenient digital format, it’s an excellent addition to any gaming collection. Don’t miss out on the fun—give it a try and see why it’s a favorite among meme lovers and party enthusiasts alike!

Encouragement to Try the Game

Ready to unlock endless laughter and creativity? “What Do You Meme Cards PDF” is a must-try for anyone who loves humor, memes, and social fun. Perfect for parties, family gatherings, or casual hangouts, this game sparks conversations and memories. Its simple yet engaging format makes it accessible to players of all ages and backgrounds. Whether you’re a meme enthusiast or just looking for a light-hearted activity, this game delivers. With its digital convenience, you can easily share it with friends or print it out for a physical experience. Don’t miss out on the chance to tap into your creative side and enjoy hilarious moments with others. Gather your friends, download the PDF, and get ready to meme your way to unforgettable fun!

The Community and Culture

The “What Do You Meme Cards PDF” fosters a vibrant community, connecting players through shared humor and meme creation, becoming a cultural phenomenon.

The Role of Community

The community plays a vital role in shaping the “What Do You Meme Cards PDF” experience. Players share meme ideas, participate in tournaments, and collaborate on custom expansions, fostering creativity and camaraderie. Online forums and social media groups dedicated to the game allow fans to exchange strategies, laugh together, and inspire new content. The shared joy of memes creates a sense of belonging, making the game more enjoyable and dynamic. This collective engagement ensures the game stays fresh and evolving, as players continuously contribute new ideas and humor to the ever-growing meme culture.

Cultural Impact

“What Do You Meme Cards PDF” has made a significant mark on pop culture by turning memes into a shared, interactive experience. It brings meme culture offline, allowing players to bond over relatable humor and creativity. The game’s popularity has inspired countless fan creations and viral moments, showcasing its ability to resonate across generations. By blending internet humor with tabletop fun, it has become a staple in gaming and social circles, reflecting and shaping the ever-evolving nature of meme culture. Its widespread appeal highlights the power of humor to connect people and create lasting memories, solidifying its place as a modern cultural phenomenon.

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Benefits Canada reports PSP Investments reach $75.5 billion for green asset holdings in fiscal 2025: 

The Public Sector Pension Investment Board is reporting $75.5 billion worth of green assets in its fiscal year 2025, up from $64.9 billion during the previous year, according to the investment organization’s latest climate disclosure report.

Carbon-intensive assets held by the investment organization declined by 23 per cent compared to fiscal 2024 while its transition assets declined by nine per cent to 10.4 per cent in 2025. It also reported its scope 1 and scope 2 greenhouse gas emissions data for assets in-scope, which reached 66 per cent.

PSP Investments is considering short-, medium- and long-term timelines for climate-risk management in its portfolio and the impact these investments could face from the effects of climate change.

“We believe that several assets will face acute and chronic physical risks, intensifying the economic costs associated with frequent and impactful extreme weather events and that carbon-intensive assets may face increasingly strict regulatory requirements.”

The ability to adapt to regulatory changes and stakeholder expectations, it said, will be critical to capitalize on potential investment opportunities with strategies that can manage risks and make the most of emerging market potential.

Looking ahead to its fiscal 2026 period, the investment organization is targeting the ongoing deployment of its 2022-2026 climate strategy and will also enhance its sustainability disclosures with financial reporting informed by first and second referendums from the Canadian Sustainability Disclosure Standards. 

PSP Investments recently released its 2025 Climate-Related Financial Disclosures Report outlining advances in sustainability and climate practices:

Highlights

• Green assets* reach $75.5 billion up from $64.9 billion in fiscal 2024
• Carbon-intensive assets* decrease by 23% from fiscal 2024
• Reported Scope 1 and Scope 2 GHG emissions data for assets in-scope reached 66%
• Latest green bond issuance brings sustainable bond financing to 8.4% of PSP Capital’s debt outstanding 

Montréal, Canada, September 11, 2025 – The Public Sector Pension Investment Board (PSP Investments) today published its 2025 Climate-Related Financial Disclosures Report and 2025 Green Bond Impact Report.   

The 2025 Climate-Related Financial Disclosures Report highlights PSP Investments’ progress in advancing the integration of sustainability practices across the investment lifecycle and enhancing data-driven decision-making. It also outlines PSP Investments’ priorities for fiscal 2026, which are aimed at further adapting the portfolio to navigate a dynamic environment and to support the delivery of superior long-term risk-adjusted returns in line with our mandate. 

PSP Investments designated fiscal 2025 as a transition period to evolve its reporting practices with the aim of achieving enhanced clarity and stronger connectivity between sustainability and financial disclosures. In this context, we have discontinued the publication of a standalone sustainability report and instead we have worked to strategically integrate material sustainability reporting into our 2025 Annual Report and our 2025 Climate-Related Financial Disclosures Report.  During fiscal year 2026, PSP Investments will continue to integrate its sustainability and climate-related disclosures with financial disclosures, informed by CSDS 1 and CSDS 2. 

PSP Investments’ 2025 Climate-Related Financial Disclosures Report and 2025 Green Bond Impact Report are available for consultation. 

*As defined in PSP Investments’ Green Asset Taxonomy. 

About PSP Investments

The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investors with $299.7 billion of net assets under management as of March 31, 2025. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on LinkedIn. 

You can read PSP's  2025 Climate-Related Financial Disclosures Report and 2025 Green Bond Impact Report for further information.

I think the key highlights are what are important:

• Green assets* reach $75.5 billion up from $64.9 billion in fiscal 2024
• Carbon-intensive assets* decrease by 23% from fiscal 2024
• Reported Scope 1 and Scope 2 GHG emissions data for assets in-scope reached 66%
• Latest green bond issuance brings sustainable bond financing to 8.4% of PSP Capital’s debt outstanding  

Also worth noting PSP has discontinued the publication of a standalone sustainability report and instead they have worked to strategically integrate material sustainability reporting into their 2025 Annual Report and our 2025 Climate-Related Financial Disclosures Report.  

Moreover, during fiscal year 2026, PSP Investments will continue to integrate its sustainability and climate-related disclosures with financial disclosures, informed by CSDS 1 and CSDS 2.  

The lack of a sustainability report will disappoint some people but as the press release states they are integrating everything into their annual report and are obviously publishing their climate-related financial disclosures.

The report also outlines PSP's fiscal 2026 priorities:

 I also note their taxonomy results based on their taxonomy:  

I invite my readers to read the report for more details, I'm just covering the important points.

Lastly, it should be noted that Herman Bril, the former Head of Sustainability and Climate Innovation at PSP, has left the organization and has not been replaced. 

Along with Eduard van Gelderen, the former CIO, Herman did a lot to improve sustainability at PSP but clearly the organization is integrating climate-rated disclosures into financial disclosures and not going back to sustainable investing reports.

Alright, that a wrap, there's not much going on at the Maple 8 these days, hopefully deal activity will pick up.

Below, 360Energy hosts Dave and Lysandra welcome Gregory Carli, the global leader in sustainability, resilience, and ESG at GHD, for an enlightening discussion on the new Canadian sustainability disclosure standards (August 2024).

More recently, Greg Carli joined 360Energy where he dove deep into the impact of CSDS on businesses, the evolution of these standards, challenges in sustainability reporting, and the critical need for adopting these standards to stay competitive.