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Climate extremes causing unexpected consequences on the East Coast,Mining companies can’t find enough employees , Supply chain & logistics startups secure $100M+ in funding

Hello to our 253 new readers getting plugged in to the clean energy transition!

We’ve officially eclipsed the 2,000 subscriber mark. I’m thankful and super pumped you continue to read each newsletter I put together.

I’m starting to think more about what this little project could be in the long run. More to come, but until then…

In today’s brief:

  • Canada wildfires have unexpected impact on major East Coast cities

  • Mining companies can’t find enough employees

  • Supply chain & logistics startups secure $100M+ in funding

Let’s dive in!

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THE BIG IDEA

Climate extremes on display across the US and beyond

The recent "smokepocalypse" on the East Coast has brought the hidden costs of climate change to the forefront.

Why it matters: Many economic estimates fail to account for the economic impacts of wildfires, which are exacerbated by climate change.

  • Consequences of wildfires extend beyond their places of origin. The smoke travels far and poses health risks to a growing number of Americans.

  • Economic costs of wildfires are significant, encompassing health impacts, property damage, ecosystem degradation, disruption of economic activity, and the financial burden of prevention and recovery.

  • A 2017 report estimated the annual economic burden from wildfires in the United States to be between $71.1 billion and $347.8 billion, and the severity of the issue has only increased since then.

Why it's happening: Climate change has led to hotter and drier summers globally, reducing moisture in the soil and vegetation. This makes forests and grasslands more susceptible to wildfires and prolongs fire seasons.

  • California, in particular, has witnessed a surge in large-scale fires over the past two decades.

  • The impact of wildfires extends beyond their immediate location, with smoke traveling long distances and affecting the health of individuals living far from the fire zones.

  • Climate models project a future increase in precipitation for eastern Canada and northern Alberta; however, this year saw an unusual dry spell, making the region susceptible to wildfires.

Bottom line: The growing severity and frequency of wildfires demand increased focus on prevention, preparedness, and effective response strategies.

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QUICK DEBRIEF

Tesla will need to double its Supercharger network within three years to accommodate the increased demand from GM and Ford, avoiding potential backlash from existing and future Tesla owners. Read more.

Climate change-induced disasters are making parts of America uninsurable, as major insurers like State Farm and Allstate stop offering new homeowner policies in California due to rising costs and catastrophic exposure. Read more.

New York City residents will soon be required to separate their food waste from regular trash as the City Council passed a bill for mandatory composting. The rollout will occur borough by borough, aiming to reduce organic waste and methane emissions. Read more.

Mining companies are struggling to hire for the energy transition as a skills shortage hinders the shift to a green economy. Young workers are avoiding mining jobs due to negative perceptions and environmental concerns. Read more.

Rio Tinto and China Baowu Steel Group plan to collaborate on green steel projects, aiming to reduce carbon emissions in the steelmaking sector. They plan to establish green steel facilities in China and Western Australia. Read more.

Arizona considers a $5 billion plan to desalinate seawater in Mexico and transport it to Phoenix as a solution to water shortages caused by drought, climate change, and overuse. Read more.

AeroFarms vertical farming startup files for Chapter 11 bankruptcy to restructure finances and operations. $10M debtor-in-possession financing secured, aims for quick emergence from Chapter 11 and explores additional financing options for creditor recovery. Read more.

MONEY MOVES

San Francisco-based carbon removal technology company, Charm Industrial, secures $100M in Series B financing. The funds will be used to expand engineering and bio-oil R&D, scale operations, and improve transportation capacity. Read more.

Curri secures $42 million in Series B funding for its construction-focused last-mile logistics platform, enabling efficient delivery of construction and industrial supplies. Read more.

Supply chain mapping provider, Sourcemap, secures $20m in Series B funding to enhance its global presence and develop critical features for its supply chain mapping and monitoring software suite. Read more.

Amogy raises an additional $11M in its Series B-2 funding, bringing the total to $150M. The funding supports the development of ammonia power solutions and the decarbonization of heavy industries. Read more.

TeraWatt Technology secures undisclosed Pre-C funding round to accelerate large-scale pilot-production of next-gen lithium-ion batteries, aiming for commercial viability. Read more.

Spearmint Energy secures a $200 million credit facility from Aiga Capital Partners to develop its 1.2 GW / 2.4 GWh battery energy storage portfolio in Texas and expand its U.S. operations. Read more.

SOCIAL VIBES

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