In this week’s Climate Tech roundup, significant developments span across various sectors, reflecting a surge in innovation and policy action aimed at addressing climate challenges. The House Committee on Science, Space, and Technology has advanced the bipartisan Supercritical Geothermal Research and Development Act, focusing on superhot rock energy, a promising source of clean firm energy. Meanwhile, a devastating wildfire has expanded in Jasper, Alberta, highlighting the urgent need for improved climate resilience strategies. In the realm of carbon sequestration, U.K.-based Brilliant Planet is making strides with scalable algae forests that sequester carbon dioxide at an impressive rate. Spain is also advancing its climate agenda with a €2.3 billion investment in renewable hydrogen hubs and other green initiatives. In corporate climate action, Veolia has become the first company to receive net-zero goal validation from both SBTi and Moody’s, while Moody’s itself has introduced a new Net Zero Assessments framework to aid investors in evaluating decarbonization efforts. Here’s a breakdown:
- The House Committee on Science, Space, and Technology advanced the bipartisan Supercritical Geothermal Research and Development Act to support research and development of superhot rock energy, a clean firm energy source with transformative potential for our global energy system. Read More
- A wildfire that swept into Jasper, Alta., late Wednesday has expanded to 36,000 hectares, more than quadrupling in size since Tuesday, and has devastated vast stretches of the townsite. Read More
- Brilliant Planet, a U.K. company, is commercializing a scalable solution using algae forests for carbon sequestration, which can pull carbon dioxide from the atmosphere 50 times faster than trees. Read More
- Spain’s Prime Minister Pedro Sánchez announced yesterday in Congress that his government will allocate €2.3bn ($2.5bn) to four new subsidy programs, including €1.2bn for renewable hydrogen hubs. Read More
- Veolia becomes the first company to have its net-zero goals validated by both SBTi and Moody’s. Read More
- Moody’s Investors Service announced today the launch of a Net Zero Assessments (NZAs) framework, a new scoring system to help investors evaluate and compare companies’ decarbonization plans and actions. Read More
- The Utilities for Net Zero Alliance (UNEZA) adopted the UNEZA Roadmap to 2030, aiming to increase renewable energy capacity in their portfolios to 749GW by 2030. Read More
- The Australian Government announced Carbon Capture Technologies Program grant recipients. Read More
- In a major study released July 30, the Science Based Targets initiative (SBTi) found that carbon offsets are ineffective for climate mitigation and pose a risk to climate finance and the net-zero transition. Read More
