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Tesla Zooms 🏎
Hello there,
Welcome to Thursday’s Climate Brief!
US Midterm Elections are (mostly) over. As with every election cycle, there are good and bad outcomes depending on your beliefs. In this week’s Entrepreneurs for Impact, shared an article on thinkwashing.
TLDR: It’s easy to fall into climate doom and gloom, but don’t chase perfection. Analysis paralysis leads to inaction. Perfection is the enemy of good. Meaningful climate impact is the result of a combination of solutions.
The world runs on high-emission transportation, energy, and food. We can’t change that overnight, but we can change it over time.
Today’s highlights: Tesla + Zoom 🏎, hot takes from COP27 🌍, and $19M for Runwise’s smart buildings platform 🏢.
Big Business 👩🏼‍💼
Global investment in sustainable mutual funds and exchange-traded funds has more than tripled since 2018 to $2.47 trillion.
Critics call it “woke capitalism” foisted on U.S. companies by a “climate cartel” of shareholder activists, asset managers and politicians.
The SEC is poring over 14,000 public comments on the proposed rule, but any revision to its 490-page draft will probably retain the most exacting requirements for measuring and reporting on climate risks.
Zoom will soon be added to Tesla vehicles according to an official announcement from the maker of the popular video conferencing app.
The Zoom app would likely use Tesla’s in-cabin camera located above the rear-view mirror. The cabin camera will monitor driver attentiveness while Autopilot is engaged, though the feature has previously raised concerns over driver privacy.
Other details were also missing from the announcement, including if Zoom will only work on WiFi or if Tesla owners who currently pay for Premium Connectivity add-on ($9.99 monthly plus applicable tax) can make calls using the car's own data plan.
New initiative will be created in partnership with the Rockefeller Foundation and the Bezos Earth Fund. It aims to boost private investment in clean energy projects in developing countries.
It could be operational from next year and will involve the buying and selling of carbon pollution credits.
Carbon markets have proved controversial, with critics pointing out they often lead to minimal emissions reductions while burnishing the green reputations of large companies. Some environmental groups are not convinced, with one calling it a 'bookkeeping scam' that allows polluters to keep polluting instead of reducing emissions.
Startups, Tech, & Funding 🚀
project44 announced that it raised an $80 million funding round, led by Generation Investment Management and A.P. Moller Holding.
The round values project44 at $2.7 billion, up 12% from the valuation of its Series F announced on January 11, 2022.
With the company already on a glide path to profitability, the additional funding will drive several key initiatives including measuring and mitigating supply chain emissions globally, across all modes of transportation.
Runwise has raised $19 million in Series A funding, led by Fifth Wall with participation from several large real estate owners.
Runwise was founded on the realization that antiquated building technology is responsible for over a third of wasted carbon emissions.
Today, Runwise technology is installed in over 4,000 buildings with almost 400 customers – including many of the largest building owners and operators, such as Related, Blackstone, Lefrak, Equity Residential, Fairstead, and Douglas Elliman.
Society & Policy đź“„
New York Governor Kathy Hochul has until the end of the year to sign a two-year moratorium on fossil fuel power plants seeking to mine energy-hungry cryptocurrencies.
Her decision to sign or veto the bill could determine whether crypto miners flee the state or stay and potentially derail its climate goals.
The bill also requires the state to complete an environmental impact study on crypto mining in the state. The state's Climate Act, passed in 2019, sets the state on a path to slash its greenhouse gas emissions by at least 85 percent by 2050.
59% of California voters have rejected Proposition 30 which would have raised $3 billion to $5 billion a year to advance transportation electrification and reduce wildfire dangers.
The money would have come from a 1.75% tax on personal annual income over $2 million starting next year and running until 2043.
Governor Gavin Newsom, D, opposed the measure, stating it was an attempt by Lyft to get its drivers’ EVs subsidized.
Proponents “will continue to organize for accelerated, equitable climate solutions that protect our communities — and we will keep fighting to make sure billionaires pay their fair share”
For years, developing nations have been calling for industrialized countries to provide compensation for the costs of devastating storms and droughts caused by climate change.
Austria's climate minister said their country would pay 50 million euros while Denmark said they would spend at least $13 million . Germany made a related move pledging $170 million to a new program that offer vulnerable nations insurance in case of emergency events relating to climate change..
The commitment represents a major break from precedent because wealthy nations had avoided calls to help poor countries recover fromclimate disasters due legal
Adventure & Life 🏔
According to a report released by UNESCO last week, a third of the glaciers at World Heritage Sites are expected to disappear by 2050 because of climate change.
The report was a stark reminder of the critical role the travel industry plays in preserving sensitive sites and reducing carbon emissions.
Germany's Sono Motors has created a $25,000 electric SUV called the Sion that's covered in solar cells.
The 456 cells are integrated seamlessly into its plastic hood, fenders, sides, roof and rear panels.
They provide enough energy to extend the car's 190-mile battery range by an average of 70 miles a week. Even without solar power, the $25000 Sion is an affordable EV.
It won't qualify for U.S. tax incentives because it's built in Europe.
One Last Thing 👇🏼
Don’t forget to check out Entrepreneurs for Impact. Always a bunch of good stuff in there ⬇️