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. News highlights this week span multiple sectors including renewable energy, power grids, and climate policy and regulation. Here’s Climate Insider’s news breakdown:
- A recent study by SBTi says that carbon offsets are ‘ineffective’ at climate mitigation and could delay the net-zero transition. Read More
- In support of the Biden-Harris administration’s Investing in America agenda, the U.S. Department of Energy (DOE) has announced the 2024 Renew America’s Schools Prize and Grant, a $190 million, three-phase initiative to help K-12 public schools upgrade energy systems, reduce costs, improve air quality, and create healthier learning environments. Read More
- Crocs & Arbor, online carbon footprint accounting tool, have partnered to measure the shoe manufacturers climate impact. Read More
- Max Power Mining has reported it’s found the largest area of natural hydrogen in Canada, with up to 96.4% hydrogen found underground. Read More
- Malaysia-based retirement fund Kumpulan Wang Persaraan (Diperbadankan) (KWAP) is reinforcing its commitment to sustainable investment by pledging to increase its focus on transition assets to MYR 20 billion ($4.45 billion). Read More
- Egypt’s Cabinet approves a national council for green hydrogen and its derivatives. Read More
- Canada and Germany Commit up to $600 Million Towards Hydrogen Deal: Supporting Hydrogen Export in Atlantic Canada. Read More
- The U.S. Department of Energy grants Duke Energy’s project $57 million in cost-share funding to strengthen North Carolina’s energy grid. Read More
- A new bipartisan US bill, introduced by Reps. Valerie Foushee (D-NC) and Max Miller (R-OH), aims to boost low-emissions cement, concrete, and asphalt development. Read More
- Bill Gates-backed Breakthrough Energy Ventures has raised $839 million for its third flagship fund, making it the largest climate fund of the year, according to a regulatory filing. Read More
- Applied Carbon, a tech company creating automated biochar production machines for agricultural waste, announced raising $21.5 million in Series A funding. Read More
- Lucid Group, Inc. announced agreements with its majority stockholder, Ayar Third Investment Company, to purchase $750 million of convertible preferred stock and provide a $750 million unsecured delayed draw term loan facility. Read More
- Helios raised an initial $200 million for Africa-Focused Climate Fund. Read More
- Canada’s first electric vehicle battery plant is under construction for one of the world’s largest automotive and materials manufacturing companies. Read More
- The University of Toronto has received $10-million in federal funding in support of the Grid Modernization Centre, a state-of-the-art facility in Toronto’s Downsview area that aims to accelerate progress towards a decarbonized, decentralised and digitised power system for Canada. Read More
- On August 8, the U.S. Department of Energy awarded $4.6 million in 17 public-private partnership awards through the Innovation Network for Fusion Energy (INFUSE) program, further driving fusion acceleration by collaboration between industry, national labs, and universities. Read More
- China plans to include two new project types into its voluntary carbon market under the China Certified Emission Reductions framework. Read More
