🌎 CO2 transport and storage

Hello and welcome to our 178 new readers getting plugged in to the clean energy transition.

🗓 Every Monday morning, we debrief what matters from the week in climate business, tech, and policy — all in a 5-minute read.

In today’s brief:

• Microsoft partners with fusion startup Helion Energy

• Biden-Harris admin invests $251M in expanding CO2 transport and storage infrastructure

• Charm Industrial receives $53M from Stripe-owned Frontier

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📈 Business & Markets

• Morgan Stanley secures $500M for 1GT Climate Investments, halfway to its $1B target. The bank's growth strategy aims to reduce one gigaton of CO2 emissions by 2050. European institutions, including Danish and British pension funds, and a German insurer have contributed the capital. Read more.

• The global carbon offset market, valued at $2 billion currently, is projected to reach $1 trillion in 15 years. However, concerns about credibility and effectiveness persist. Zimbabwe's recent decision to claim 50% of revenues from offsets projects within its borders adds to the uncertainty. Read more.

• Many electric car chargers in the US are unreliable, with one in five EV drivers unable to charge at public stations. The challenges include broken parts, frozen screens, malfunctioning payment systems, theft, and vandalism. Read more.

• Microsoft partners with Helion Energy, a fusion start-up, aiming to achieve fusion power within five years. Skepticism remains among scientists, but the power purchase agreement represents a significant step towards harnessing game-changing, clean energy. Read more.

• Shell urges its renewables business to prioritize profitability, not just carbon emissions reduction. The company plans to scale back or discontinue less successful ventures in its clean-energy strategy. Read more.

🏛 Policy & Politics

• Biden-Harris admin invests $251M in expanding CO2 transport and storage infrastructure, supporting 12 projects across 7 states. Funding aims to reduce CO2 emissions from power generation and industry, creating jobs and cleaner air. Read more.

• Biden administration offers $12B subsidies for carbon capture, causing concerns in Louisiana's oil country. A project by Air Products aims to store 5 million tons of CO2 underground in Lake Maurepas, but locals fear the risks of untested technology and potential dangers of the odorless gas. Read more.

• Boundary Dam Power Station Unit 3 in Canada serves as a cautionary example for carbon capture technology. While the Biden administration looks to implement carbon capture for a carbon-free grid, only one North American plant currently operates with it. Read more.

• Colorado taps into billions in climate funding through new state legislation, leveraging the Inflation Reduction Act to benefit its economy and climate agenda. Read more.

• Montana enacts an aggressive anti-climate law. The new law prevents state agencies from considering climate change in environmental reviews for major projects. This development comes amid a legal battle initiated by 16 young plaintiffs challenging Montana's pro-fossil fuel energy policies. Read more.

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🚀 Startups & Tech

• Charm Industrial receives $53M from Frontier, owned by Stripe, to convert corn leftovers into bio-oil and inject it into abandoned oil and gas wells. The funding aims to remove 112,000 tons of CO2 from 2024 to 2030, helping in carbon sequestration efforts. Read more.

• Odyssey Energy Solutions, a platform facilitating distributed renewable energy projects in emerging markets, has rapidly progressed from seed funding to a $15M Series A round in just seven months. Odyssey's platform collects project data, assists in equipment procurement, and provides energy control software for mini- and microgrids. Read more.

• Quilt secures $9M in seed funding, led by Lowercarbon Capital and Gradient Ventures, to develop compact and stylish heat pump systems. The startup aims to overcome consumer hesitation by designing smaller, smarter, and aesthetically pleasing heat pumps. Read more.

• Kelvin, formerly known as Radiator Labs, secures $30M in funding. In addition to smart radiator covers, Kelvin will offer heat pumps as part of its mission to upgrade temperature control in occupied spaces efficiently. Read more.

• Clean energy startup Modern Hydrogen, formerly known as Modern Electron, secures $32.8M in funding. Modern Hydrogen develops methane pyrolysis reactors that extract hydrogen from natural gas or biogas, generating clean energy and carbon black as byproducts with potential applications in various industries. Read more.

🌎 Society & Impact

In partnership with Goodnewsletter

• Scientists warn that the world is likely to surpass the critical 1.5C climate threshold by 2027, leading to unprecedented consequences. The World Meteorological Organisation (WMO) predicts temporary breaches of this limit within the next five years, indicating accelerated human impact on the climate system. Read more.

• NERC warns that the majority of the US faces a heightened risk of blackouts in the event of extreme summer heat. While resources are expected to meet normal peak demand, resource shortfalls may occur in regions including the US West, Midwest, Texas, Southeast, New England, and Ontario if temperatures spike. Read more.

• Weather patterns are becoming increasingly abnormal, and not just extreme events. Recent examples include a fatal dust storm in Illinois, heavy rainfall in Fort Lauderdale, Florida, wildfires in Wisconsin, floods in Denver, Colorado, and a record-breaking heat wave in the Pacific Northwest. Read more.

• Rising temperatures are causing people to lose an average of 44 hours of sleep per year. The lack of a comfortable temperature disrupts sleep patterns, impacting overall well-being. Read more.

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📊 Chart of the Week

In partnership with Chartr

US clean energy projects face grid connection bottleneck despite high demand. Over 1,200 GW of clean energy and 650 GW of storage projects are awaiting connection due to grid limitations and the need for upgrades. The growing interconnection queue poses a significant challenge, hindering the expansion of renewable energy despite increasing demand. Read more.

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🐦 Tweet of the Week

That's all for now!

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As always, thanks for reading, and see you next time.