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Today’s newsletter:
🔝Today’s Top Story: The West of England Mayoral Combined Authority, under Mayor Dan Norris, has approved a £100 million investment fund to enhance the region’s green economy.
📊 Today’s Data Point: 88% of Global Banks Unprepared for Climate Disruption.
🌳 Climate Insider Intelligence: Waste Management – Climate Technology Market Map.
West of England Unveils £100M Green Investment Fund to Supercharge Net Zero Economy
Image Credit: BBRC
£100M Green Investment Fund Launched
The West of England Mayoral Combined Authority, led by Mayor Dan Norris, has approved the creation of a £100 million investment fund aimed at boosting the region’s green economy. The fund will be used to attract private sector investments, providing confidence to potential investors and demonstrating the region’s leadership in renewable energy and green technology. It is estimated that the fund will help supply 36,000 homes with renewable energy, saving households £6 million in energy bills over the next 12 years.
Public-Private Partnership to Drive Growth
The investment opportunities will be developed in partnership with BBRC, a place-based investor with a strong track record in regional investment. BBRC has successfully brokered and invested £71 million into the West of England over the past decade. This collaboration is expected to accelerate the region’s transition to Net Zero by leveraging private capital and introducing new models to attract investment in critical areas like renewable energy and nature recovery.
Leadership and Regional Commitment
Mayor Dan Norris emphasized the importance of this investment in tackling the climate crisis, stating that it will create jobs and growth in key Net Zero industries. The fund, backed by £10 million from the MCA and £90 million in private investments, is positioned as a vote of confidence in the region’s ability to lead the green revolution. BBRC’s CEO, Ed Rowberry, praised the bold action taken by the authority and highlighted the urgency of scaling up investments to meet climate and nature recovery goals. Read More
Quote of the Day
Ed Rowberry, chief executive of BBRC, said: “We’re delighted the West of England Mayoral Combined Authority has taken the decision to initiate this £100m fund. Whilst the West of England has made progress on delivery of Net Zero and nature recovery, the scale of investment required to meet its ambitions and tackle the Climate and Nature emergency needs bold action to accelerate it.”
Significance: Rowberry recognizes the strides the West of England has already made toward Net Zero and nature recovery, highlighting ongoing efforts to address climate challenges.
Emphasis on Scale: He stresses that while progress has been made, the level of investment required to meet the region’s ambitious climate goals is significantly larger, indicating the need for substantial capital inflows.
Call for Bold Action: The quote underscores the urgency for decisive action, positioning the £100 million fund as a critical mechanism to accelerate the pace of climate-related investments.
Partnership Validation: Rowberry’s approval of the MCA’s decision validates the importance of public-private collaboration in scaling the green economy and attracting the private sector into the region’s climate strategy.
Market Movers
- French startup VELA has raised €40 million to revolutionize wind-powered maritime transport, enabling it to build its first vessel with Australian shipyard Austal and expand its sales and operations teams in France and the U.S. Read More
- Shell has canceled its low-carbon hydrogen project in Norway, citing insufficient market demand, following a similar move by Equinor, as the higher costs of blue hydrogen hinder its viability for decarbonizing European industry. Read More
- Hidden Hill Capital has successfully closed its inaugural Hidden Hill RMB VC Fund I at RMB 1.1 billion ($156.1 million), targeting early-stage tech startups in the supply chain sector, including alternative energy, smart hardware, and AI solutions. Read More
- Brookfield Asset Management has raised $2.4 billion for the Catalytic Transition Fund, supported by the UAE, to finance clean energy projects in emerging markets, with ambitions to reach a total of $5 billion in commitments from major institutional investors. Read More
- Protonas, a startup focused on affordable polymer electrolyte membrane hydrogen fuel cell solutions, has secured funding led by Transition VC to establish manufacturing operations in Chennai and develop prototype systems, leveraging its subsidiary in the region. Read More
Tech Spotlight
Aviation Sector’s Five-Year Roadmap to Achieve Net Zero by 2050
Source: Cambridge University Report
A recent report from Cambridge University, produced by the Aviation Impact Accelerator (AIA), outlines a comprehensive five-year strategy for the aviation sector to reach net-zero emissions by 2050. With aviation accounting for roughly 3% of global CO2 emissions and facing significant technological challenges, this roadmap emphasizes the urgent need for actionable goals to steer the industry toward sustainability.
Commercial Viability
Performance Metrics:
The report identifies four critical 2030 Sustainable Aviation Goals that target leverage points within the sector. Immediate implementation is essential to avert escalating climate impacts from a rapidly expanding aviation industry, projected to at least double by 2050.
Cost-Effectiveness:
By reforming sustainable aviation fuel (SAF) policies and unlocking efficiency gains, the roadmap envisions significant reductions in fuel burn, making aviation more economically viable in a sustainable context.
Technical Viability
Innovative Goals:
- Operation Blue Skies: Establishing ‘airspace-scale living labs’ by 2025 to develop a global contrail avoidance system, potentially reducing aviation’s climate impact by up to 40%.
- Systems Efficiency: Introducing policies to enhance overall system efficiency, aiming to halve fuel burn by 2050 through collaboration and shared best practices.
- Sustainable Fuel Development: Reforming SAF policies to consider global biomass limits and boost renewable electricity production, ensuring that SAF can be produced sustainably at scale.
- Moonshot Technologies: Initiating transformative technology demonstration programs to assess and accelerate the viability of breakthrough aviation technologies.
Environmental Viability
Sustainable Energy Development:
The proposed roadmap addresses the pressing climate challenges faced by the aviation sector, aligning with global efforts for reduced carbon emissions and the transition to sustainable practices.
Climate Alignment:
If the outlined goals are met by 2030, the aviation industry can significantly decrease its environmental footprint, contributing to broader climate targets and ensuring sustainable growth.
Scaling Potential
Commercialization Pathways:
The AIA’s ambitious goals aim to galvanize governmental and industry efforts, fostering collaboration to accelerate the adoption of sustainable practices across aviation.
Investment and Growth:
Increased focus and commitment from both governments and businesses can stimulate investment in innovative technologies, ultimately supporting the establishment of new industries related to sustainable aviation.
Long-Term Implications
Transformative Impact on Aviation:
The successful implementation of this roadmap could lead to a paradigm shift in the aviation sector, similar to the automotive industry’s transition toward electric vehicles, enhancing both sustainability and operational efficiency.
Future Prospects:
With the AIA’s strategic plan, the aviation sector stands at a critical juncture. Prompt action can pave the way for achieving net-zero emissions by 2050, fundamentally transforming how we approach air travel in an environmentally responsible manner. Read More
Policy Pulse
This section includes global updates on climate change policy, governance and regulation.
World-class Green-Tech Hub to transform Pakistan’s energy into landscape: Romina.
Romina Khurshid Alam, Coordinator to the Prime Minister on Climate Change, announced the imminent launch of Pakistan’s first Green-Tech Hub (G-TH), a state-of-the-art facility designed to transform the country’s energy landscape by promoting green technologies and renewable energy solutions, with the backing of government, private sector stakeholders, and international partners to establish Pakistan as a regional leader in sustainable innovation.
Why it Matters: This policy development is significant as it represents a strategic investment in sustainable innovation that could enhance Pakistan’s energy independence, reduce carbon emissions, and position the country as a regional leader in green technology amidst global climate challenges. Read More
Canadian energy companies explore carbon capture investment in Kazakhstan.
Canada and Kazakhstan are collaborating to enhance oil and gas production efficiency and carbon capture technologies, aiming to significantly reduce Kazakhstan’s carbon footprint, as highlighted during the Alberta energy session at the Astana International Financial Centre, reflecting a growing international commitment to sustainable energy practices.
Why it Matters: This development is significant as it highlights international cooperation in advancing sustainable energy solutions, crucial for addressing climate change while fostering economic growth in resource-rich nations like Kazakhstan. Read More
Today’s Climate Data Point
Urgent Need for Action: 88% of Global Banks Unprepared for Climate Disruption
Source: The Top 50 Banks in the World Tackling Adaptation (2024)
A recent report by Climate X highlights the significant shortcomings of large commercial banks in addressing climate risks. The findings reveal that almost all major banks are failing to implement effective measures to climate-proof their operations and financing activities. Notably, only seven of the world’s largest banks met more than half of the climate adaptation criteria, with none achieving full compliance.
Key Findings:
- Adaptation Lag: 88% of global banks are inadequately prepared for climate disruption, highlighting a widespread failure to adapt to emerging environmental risks.
- Sector Performance: European banks are at the forefront of adaptation efforts, contrasting sharply with their U.S. counterparts.
- Bottom Performers: The four lowest-rated banks include Morgan Stanley, Goldman Sachs Group Inc., Capital One Financial Corp., and U.S. Bancorp, all based in the U.S. Japan Post Bank was also among the bottom five.
Implications:
- Investment Risks: The lack of preparedness poses significant financial risks to banks and their stakeholders as climate-related disruptions increase.
- Competitive Landscape: European banks may gain a competitive edge in sustainable finance and risk management, potentially influencing global banking practices.
Conclusion: The report underscores an urgent call for banks to enhance their climate adaptation strategies. Without significant improvements, financial institutions risk being left behind in the transition to a climate-resilient economy. Read More
Climate Insider Intelligence: Waste Management – Climate Technology Market Map
🌍 Unlocking the Future of Waste Management: A Deep Dive into Climate Tech 🌿
As we wrap up our taxonomy of climate technology, we turn our focus to one of the most critical and often overlooked segments: waste management. Waste isn’t just what we discard; it’s a complex issue spanning all sectors—agriculture, manufacturing, and beyond. With global waste management costs projected to hit $640 billion by 2050, innovation is essential. From cutting-edge recycling technologies to transformative waste-to-resource solutions, startups are pioneering approaches that redefine waste as a valuable resource. Explore our comprehensive market map and discover how these ventures are fostering a circular economy, minimizing emissions, and opening new economic opportunities. Join us on the journey to a sustainable future where waste is no longer a burden but a resource!Check out the full market map and learn how waste technologies are shaping climate innovation across multiple sectors! Read More
