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Today’s newsletter:
🔝Today’s Top Story: WaterEquity has achieved a significant milestone by raising over $100 million for its Water & Climate Resilience Fund.
📊 Today’s Data Point: Insights on Scotland’s green industrial strategy.
🌳 Climate Insider Intelligence: 15 Sustainability Managers You Should Know in 2024.
WaterEquity Surpasses $100 Million Milestone for Water & Climate Resilience Fund: A Game-Changer for Global Water and Sanitation Infrastructure
Milestone Achievement and Investor Collaboration
WaterEquity has achieved a significant milestone by raising over $100 million for its Water & Climate Resilience Fund. This private investment fund unites a diverse group of investors, including Microsoft, Starbucks, Xylem, Ecolab, Reckitt, and Gap Inc. The fund aims to address global water and sanitation challenges while enhancing climate resilience. Matt Damon, Co-founder of WaterEquity and Water.org, emphasizes the critical role of water infrastructure in advancing global sustainability and resilience.
Fund Objectives and Strategic Investments
The Water & Climate Resilience Fund targets investments in water infrastructure projects and growth companies across Africa, Asia, and Latin America. The fund plans to focus on bulk water supply, distribution, wastewater treatment, and water reuse. One notable initial investment is in an Indian company specializing in rainwater harvesting, addressing water scarcity and flood management in a water-stressed region. The fund aims to impact 15 million people with safe water or sanitation access and is working towards a total target of $200 million.
Long-Term Vision and Organizational Impact
WaterEquity, alongside Water.org, is leveraging private investments to tackle urgent water and sanitation challenges in emerging markets. The fund’s strategy includes both immediate and long-term resilience-building measures, with the goal of providing sustainable water and sanitation access to 100 million people. Marlene Hormes, Chief Investment Officer of WaterEquity, highlights the fund’s potential to transform communities and secure vital water resources through innovative solutions and strategic investments. Read More
Quote of the Day
“By bringing together a diverse group of committed water and climate partners, we are directly addressing the need for water and sanitation solutions in communities vulnerable to the impacts of climate change. Our hope is the Water & Climate Resilience Fund will become a testament to the powerful role that strategic collective investments can play in building resilience, protecting lives, and ensuring a sustainable future.” says Paul O’Connell, President and Chief Executive Officer of WaterEquity.
Significance: The quote emphasizes the importance of uniting various stakeholders—corporations, foundations, and institutions—to address water and sanitation needs, highlighting how collective efforts enhance impact.
Addressing Vulnerabilities: It underscores the fund’s focus on helping communities that are particularly vulnerable to climate change, ensuring that resources are directed to areas most in need.
Building Resilience: The quote reflects the fund’s goal of creating long-term resilience in these communities, demonstrating the strategic role of investments in strengthening infrastructure against climate impacts.
Sustainable Future: It articulates a vision for a sustainable future driven by strategic investments, aiming to safeguard lives and provide essential water and sanitation services in the face of global challenges.
Market Movers
- DEVCON Philippines, in collaboration with the Department of Science and Technology and De La Salle University, is spearheading the development of Climate Resilience Technology (CResT) to deploy and scale innovative tech solutions for climate and disaster response, aiming to enhance access to renewable energy and advance climate resilience in the country. Read More
- Beebop, a company already utilized by major utilities and manufacturers in Europe, the UK, and the Middle East, is set to manage over 100,000 residential assets within a year, addressing the technical challenges of orchestrating “behind-the-meter” devices as energy markets shift towards renewable sources and increased electrification. Read More
- Abu Dhabi’s Hub71 has introduced 21 new startups in its 15th cohort, which have collectively raised $134.9 million in funding, bringing the total number of supported ventures to 243, with notable new entrants focusing on sustainable materials, clean hydrogen, waste management, ocean carbon removal, and other climate tech innovations. Read More
Tech Spotlight
Royal Academy of Engineering Green Future Fellowships
Source: Royal Academy of Engineering
Overview
The Royal Academy of Engineering has introduced the Green Future Fellowships, a new initiative designed to award £150 million over the next five years. This funding aims to support 50 innovative and scalable technologies crucial for reducing greenhouse gas emissions and adapting to climate change. The program is tailored to provide researchers, engineers, and innovators with the resources needed to transform cutting-edge ideas into commercially viable solutions for a greener future.
Commercial Viability
- Funding and Support: Each of the 50 fellows will receive up to £3 million over a decade to develop and scale their climate tech solutions. This funding is intended to help transform both novel ideas and existing initiatives into impactful technologies.
- Focus Areas: The fellowships target scalable solutions in three key areas: sustainable electricity generation without fossil fuels, efficient recycling and reuse of metals and plastics, and recovery of waste energy from industrial processes.
Technical Viability
- Innovation and Impact: The fellowship program is designed to accelerate the development of technologies with high potential for reducing emissions and enhancing climate resilience. The support includes both financial backing and non-financial resources such as training, mentorship, and access to a dedicated community.
- Applicant Eligibility: While the program is UK-funded, applicants from any country are eligible, provided their work is based in the UK and benefits both the UK and globally. This international approach aims to attract a diverse range of innovative solutions.
Environmental Viability
- Alignment with Climate Goals: The fellowships are a strategic investment in developing technologies that align with the UK’s climate ambitions, such as achieving net zero emissions and building resilience against climate impacts. By focusing on scalable and commercially viable solutions, the program supports broader efforts to tackle climate change.
- Public Perception: A survey conducted by Opinium reveals strong public support for scaling existing solutions to the climate crisis and highlights the importance of engineering in addressing these challenges. The Green Future Fellowships address this need by fostering innovative climate solutions.
Scaling Potential
- Commercialization Pathways: The initiative provides long-term support to scale promising technologies, offering a pathway from early-stage development to widespread commercial deployment. This strategic support is crucial for translating innovative ideas into practical, scalable solutions.
- Investment and Growth: By investing in diverse and high-impact climate solutions, the Green Future Fellowships are expected to drive significant advancements in climate tech, attracting further investment and contributing to the UK’s leadership in clean energy and sustainability.
Long-Term Implications
The Green Future Fellowships represent a significant commitment to advancing climate technologies and supporting innovators who are pivotal in the fight against climate change. By providing substantial funding and comprehensive support, the program aims to accelerate the development of scalable solutions that address both immediate and long-term climate challenges. This initiative underscores the importance of nurturing innovative approaches to ensure a sustainable and resilient future.
Read More
Applications for the 2024 cohort are open until November 5, 2024. For more information, visit Green Future Fellowships.
Policy Pulse
This section includes global updates on climate change policy, governance and regulation.
Green Industrial Strategy launched to grow Scotland’s net zero economy.
The Scottish Government’s new Green Industrial Strategy aims to position Scotland as a leader in the net-zero economy by focusing on expanding its wind and hydrogen sectors, advancing carbon capture technologies, supporting green finance, and attracting clean energy industries through targeted investment and strategic actions.
Why it Matters: Scotland’s Green Industrial Strategy is pivotal for positioning the country as a leader in the net zero economy, fostering growth and investment by focusing on renewable energy, hydrogen, carbon capture, green services, and clean energy-intensive industries. Read More
Canada’s construction industry unveils critical report on climate resilience.
The Canadian Construction Association’s report highlights the urgent need for increased investment and robust policies to enhance infrastructure resilience against climate change, emphasizing that recent climate-related incidents and aging infrastructure underscore the critical importance of proactive measures to protect Canadian communities and support sustainability goals.
Why it Matters: This policy development matters because it addresses the urgent need to fortify Canada’s aging infrastructure against climate change threats, ensuring the safety, resilience, and sustainability of communities amid increasing extreme weather events. Read More
Today’s Climate Data Point
Insights on Scotland’s Green Industrial Strategy
Source: September 12, 2024, Scottish Government
The Scottish Government has unveiled its Green Industrial Strategy as part of the Programme for Government, aimed at positioning Scotland at the forefront of the net zero economy. Here’s a breakdown of the key data points:
Priority Areas:
- Maximising Scotland’s Wind Economy: Focus on leveraging Scotland’s wind resources.
- Growing the Hydrogen Sector: Developing hubs for hydrogen production and demand.
- Carbon Capture, Utilisation, and Storage (CCUS): Enhancing the CCUS sector.
- Supporting Green Economy Services: Promoting green professional and financial services.
- Attracting Clean Energy Industries: Targeting sectors like data centers for clean energy investments.
Specific Actions:
- Hosting a Global Offshore Wind Investment Forum next Spring.
- Developing hydrogen hubs through collaboration with public and private sectors.
- Driving investment in key projects related to the above priority areas.
Key Statements:
- Deputy First Minister Kate Forbes: Emphasized the strategic focus on reducing investment barriers and fostering public-private partnerships.
- Acting Cabinet Secretary Gillian Martin: Highlighted Scotland’s commitment of up to £500 million over five years for offshore wind supply chain development, aiming for growth in high-quality jobs and exports.
- Managing Director of Flowcopter Peter McCurry: Noted the potential for Flowcopter to scale up and create high-tech jobs within Scotland’s green energy sector.
Industry Reactions:
- Scottish Renewables CEO Claire Mack: Welcomed the strategy as a significant boost for Scotland’s renewable energy sector, urging the Scottish Government to ensure alignment with the upcoming Energy Strategy and Just Transition Plan.
Key Insights:
- Strategic Focus: Scotland is targeting key areas for growth in the net zero economy with substantial investment and partnership efforts.
- Industry Support: There is strong industry backing for the strategy, highlighting its potential to drive significant economic and environmental benefits.
- Future Alignment: There is a call for clear alignment between the Green Industrial Strategy and other forthcoming strategic plans to fully capitalize on renewable energy opportunities.
Understanding these insights provides a snapshot of Scotland’s strategic approach to achieving net zero, reflecting both planned initiatives and industry perspectives. Read More
Climate Insider Intelligence: 15 Sustainability Managers You Should Know in 2024
Curious about who’s leading the charge in making our businesses more sustainable?
Dive into our list of 15 standout Sustainability Managers who are shaping the future of climate tech and corporate responsibility.
From leading innovative green strategies at global giants like Amazon and Siemens to driving impactful ESG initiatives at emerging players like Softchoice and HelloFresh, these professionals are the unsung heroes behind the corporate sustainability movement.
Discover how they’re turning ambitious climate goals into actionable strategies and driving real change in their organizations. Ready to meet the change-makers of 2024? Read on
