The Impact Innovator | Issue 320
In this week's The Impact Innovator edition:
What is it: Canada's passing of bill C-59 aims to regulate environmental claims and combat greenwashing. The law has faced criticism from the energy industry, particularly in Alberta, for being perceived as draconian and potentially harmful to the oil and gas sector's ability to voice their perspectives in climate change debates.?
Why it's important: The bill has significant pushback from the energy industry, particularly from Alberta Premier Danielle Smith. This legislation is crucial as it reflects the ongoing debates and challenges surrounding climate change policies and the balance between environmental protection and economic interests in the energy sector.
Key takeaways: Despite the pushback, the bill offers tax breaks for companies investing in carbon capture technology, surpassing incentives in the United States.
What is it: Cities across Europe are joining an EU initiative to achieve net-zero greenhouse gas emissions by 2030, requiring a significant investment of 650 billion euros. The ambitious goal surpasses those set by most governments, with 33 cities already having their plans approved, including Lyon, Seville, and Lisbon. The initiative aims to attract private capital through partnerships with the private sector and financial institutions to fund projects such as retrofitting buildings and adapting infrastructure to combat climate change.
Why it's important: This initiative, part of the EU's "100 Climate Neutral and Smart Cities' Mission," showcases the leadership of cities in combating climate change and the importance of private sector involvement in achieving sustainability goals. The collaboration between cities, the European Commission, and organizations like Bankers without Boundaries demonstrates a new approach to financing climate-friendly projects and addressing the urgent need for urban sustainability.
Key takeaways: 33 cities have plans approved, including Lyon, Seville, Malmo, Lisbon, and Florence, with more expected in October. EU launched "Climate City Capital Hub" to attract private finance for projects like energy-efficient buildings and weather-resilient infrastructure. EIB to collaborate with hub to provide financial and technical advice for cities' climate-neutrality investments. Article Source:? www.reuters.com
What is it: Aikido Technologies, a floating wind startup, has successfully closed a $4 million Series Seed investment round led by Azolla Ventures. The article discusses how Aikido plans to use this funding to advance its technology for offshore deployment, build its team, and develop a commercial pipeline, with a focus on reducing costs and increasing efficiency in the floating offshore wind industry.
Why it's important: The company's unique platform design, aimed at reducing costs and increasing efficiency in offshore wind projects, has the potential to drive significant advancements in the industry and help meet decarbonization targets set by key offshore wind markets.?
Key takeaways: The company aims to commercialize its floating wind platform by Fall 2024 to meet decarbonization targets. Aikido's innovative design features aim to reduce costs, simplify logistics, and increase efficiency in floating offshore wind projects. Investors see Aikido as a promising solution to the high costs and logistical challenges currently limiting offshore wind deployments.
What is it: Aether Fuels, an e-fuels startup, has raised $30.4 million in funding for its efforts to produce fuel for aviation and maritime shipping using carbon dioxide and other waste carbon streams. The company, spun out of Xora Innovation, is working on refining its technology to convert carbon dioxide into fuels, with a recent partnership announced with GTI Energy to further its gas-to-liquid program.?
Why it's important:?Aether Fuels' innovative approach to producing sustainable aviation and maritime fuels using carbon dioxide and waste carbon streams is crucial in the ongoing efforts to decarbonize the transportation industry. The company's recent fundraising success and partnerships with organizations like GTI Energy highlight the growing interest and investment in alternative fuel technologies to combat climate change.
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Key takeaways: The company's approach involves gasifying solid waste, blending it with natural gas, and converting it into liquid fuel, capturing waste carbon dioxide in the process. Airlines and shipping companies are exploring bio-derived sustainable aviation fuel and e-fuels to reduce carbon emissions in their industries.
What is it: ?CATL, the world's largest EV battery maker, successfully tested a 4-ton electric plane powered by its ultra-high energy density battery. The article discusses CATL's advancements in developing an 8-ton civil electric aircraft with a range of 1,200 to 1,800 miles by 2028, showcasing how the company is pushing the boundaries of electrification in the aviation industry.
Why it's important: ?With plans to unveil an 8-ton civil electric aircraft with a range of 1,200 to 1,800 miles by 2028, CATL is leading the way in developing sustainable aviation solutions. This development showcases CATL's commitment to innovation and its potential to revolutionize the future of air travel with more efficient and environmentally friendly aircraft.
Key takeaways: ?The company is making significant progress in developing electric planes in collaboration with partners like COMAC, aiming to introduce a commercial electric aircraft with a range of 1,200 to 1,800 miles by 2027 or 2028. Additionally, CATL is advancing next-gen sodium-ion batteries and dominating the EV battery market with clients like Tesla, BMW, and Volkswagen, while expanding its global presence with new overseas plants.
What is it: Synhelion's inauguration of the DAWN solar fuel facility in Jülich marks a pivotal moment in the transition towards sustainable energy solutions in the transportation sector. The article highlights the innovative technology behind DAWN, its potential to decarbonize the industry, and the future prospects for large-scale production of solar fuels by Synhelion.
Why it's important: The inauguration of DAWN signifies a major milestone in the transition towards renewable energy and highlights the potential of solar energy to revolutionize fuel production on a large scale.
Key takeaways: The production of solar fuels like solar kerosene, gasoline, and diesel serves as a direct replacement for fossil fuels and is set to play a crucial role in decarbonizing the transportation sector. Additionally, the inauguration of DAWN was attended by industry and political leaders who highlighted the importance of renewable fuels in meeting climate targets and reducing CO2 emissions.
What is it: Banks are increasingly incorporating sustainability features into Synthetic Risk Transfers (SRTs). These financial instruments allow banks to offload credit risk to investors while potentially achieving environmental, social, and governance (ESG) goals.
Why it's important: This trend merges financial and sustainability goals, enabling banks to reduce capital requirements and meet sustainable finance targets. Investors benefit from market-beating returns and can claim to make sustainable investments.
Key takeaways: Growing Market for SRTs: The market for SRTs is expanding, projected to grow by about 15% this year. These products allow banks to reduce risk weights on their assets and lower capital requirements. Increased Demand for ESG: About 40% of invested capital in Newmarket Capital's flagship SRT fund now has an ESG or impact overlay, reflecting growing investor interest in sustainability. ESG Integration Methods: ESG features in SRTs can involve excluding certain types of assets, ensuring the underlying loans are sustainable, or requiring banks to use freed-up capital for new ESG loans. Challenges: A lack of standardization around ESG integration and labeling in the SRT market could impede growth. Collecting necessary data for climate disclosure is also challenging.
What is it: Futuristic space balloon by EOS-X Space, a Spanish space exploration company plans to offer space flights to the outer edge of the stratosphere by 2025, with a focus on luxury amenities and a unique travel experience.
Why it's important: The company's innovative approach, led by CEO Kemel Kharbachi, is set to revolutionize commercial space travel by offering luxurious and eco-friendly experiences to passengers. This development not only showcases Spain's entry into the space race but also sets the stage for a competitive market with other companies vying for supremacy in stratospheric travel.
Key takeaways: Spaceship capsules will be propelled by a zero-emission, helium-filled balloon, accommodating seven passengers and one pilot for a five-hour flight. Price per passenger ranging from €150,00 to €200,00, with luxury amenities and competitive race among companies for space travel experience.