In today’s edition: | ⚡️ Push for a 30% reduction in methane emissions from the oil and gas sector | 🚜 A beanless coffee which emits 93% less emissions than regular coffee | 🌳 First issuance of a global biodiversity credit to protect ecosystems | | ⚡️ Energy (1-minute read) | France sparks EU action on fossil fuel methane emissions | What happened: France has proposed that the EU gradually impose methane emissions limits on gas imported into the 27-country bloc. Expanding the EU rules to cover imported fossil fuels is estimated to potentially reduce global methane emissions from the oil and gas sector by 30%. | Details: Methane is the second-largest contributor to climate change after carbon dioxide, so reductions in methane emissions are crucial to combating climate change. The EU is creating laws that would compel oil and gas producers from Europe to eliminate intentional methane releases and address leaks in their infrastructure, with discussions also moving to extend the laws to include imported fossil fuels from 2026. | Waning resistance? Historically, including imported fossil fuels in the methane-elimination laws has faced resistance. However, this resistance seems to be decreasing. French ministers have outlined plans for EU nations to demonstrate that 70% of their fossil fuel imports comply with EU methane rules from 2026, gradually increasing to 100% coverage by 2029. This move comes ahead of the COP28 climate summit, where methane will be a prominent topic, with the host nation, the United Arab Emirates, announcing plans to launch a voluntary methane-cutting pledge from oil and gas companies. (Full story here). | ⚡️ Energy Deals: Got deals we should know about? Drop us a note! - Continuum Industries, an Edinburgh, United Kingdom-based energy infrastructure planning platform, raised $10M. - Morrow Batteries, a battery energy storage system developer, raised $75M in Growth funding. - Atlas Materials, a Claymont, DE-based technology platform processing low-grade nickel ores that can be used for EV batteries, raised $27M before building a pilot plant. - Neara, a London-based energy infrastructure modelling platform that uses artificial intelligence (AI) to create 3D, network-wide models, raised $10M. |
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| | 🚜 AgriTech (1-minute read) | Beanless coffee takes on climate change, one sip at a time | What happened: A startup from the US, Atomo Coffee, is launching the world’s first beanless coffee to reduce coffee’s environmental impact. The company uses food waste, like date pits, and other ingredients to replicate the molecular structure of coffee in a lab. The “proof-of-concept” beanless coffee emits 93% less carbon emissions and uses 94% less water than regular coffee. | Details: As climates in coffee-producing nations, such as Brazil and Colombia, heat up, and land becomes dryer and unsuitable for production, coffee farms are moving uphill to cooler climes. This movement is causing deforestation, with forest areas equivalent to nearly ten NY Central Parks being cleared daily, causing climate change and damaging biodiversity. Atomo’s aim of tackling the unsustainable nature of coffee has caught the eye of investors, as $51.6mn is being poured into the company. | Costs are key: Atomo’s roasted coffee will sell for $20.99 per lb, against the US average of $10-14 per lb. These higher costs could be a challenge, with manufacturers of alternative meat products struggling to attract customers due to inflationary pressures. However, Atomo is talking with major coffee firms to support scaling and lowering costs through supply partnerships while addressing long-term coffee availability concerns. (Full story here). | 🚜 Agri Deals: Got deals we should know about? Drop us a note! - Plant-based meat startup Umiami snagged €32.5m ($34.7m) to take its whole cuts platform to the US. - Precision fermentation startup Eden Brew raised A$24.4m ($15.3m) to scale up animal-free casein production. - Bonsai Robotics obtained $13.5m to expand its computer vision tech, enabling vehicles to traverse nut orchards autonomously. |
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| | 🌳 Nature (1-minute read) | GreenCollar issues first NaturePlus credits | What happened: Australian carbon project developer GreenCollar has announced its first issuance of its NaturePlus Credits, which it hopes to establish as a leading global biodiversity credit type to protect and restore ecosystems. | Details: The 8,500 credits were issued to a sustainable grazing and carbon farming project in western New South Wales. | How it works: | Since 2015 the land manager has implemented best practices to support vegetation and biodiversity. These include rotational grazing and maintaining fencing to support the growth of trees and shrubs, as well as minimising weeds and feral pests. The condition of native vegetation has been closely monitored since 2015, using a range of metrics such as species richness and vegetative cover. For each hectare of measured and verified restoration, a credit was generated.
| Rocky Road: The project area overlaps with an Australian Carbon Credit Unit (ACCU) Scheme project of the same name, also run by GreenCollar. This overlap might cause controversy, given that some believe the practice of ‘stacking’ a biodiversity unit on top of a carbon credit can lead to double-counting. Others argue that landowners can derive higher revenues from environmentally friendly land management and that stacking creates a more efficient market, given that many of the aims of those for carbon and biodiversity are interlinked. | 🌳 Nature Deals: Got deals we should know about? Drop us a note! - At One Ventures launched a $375 million fund to invest in startups working to improve planetary health, primarily focusing on biodiversity-focused startups. |
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| | 💭 Little Bytes | Quote: “I don’t want this industry to be seen in any way, form or shape that they are going against the phase down [of fossil fuels]. This [phase down] is happening.” Sultan al-Jaber, president-designate of this year’s UN climate summit and head of the Abu Dhabi National Oil Company. | Stat: Deforestation in Brazil's Amazon rainforest fell 56.8% in September compared to a year earlier — Reuters | Watch: The Indian company which has grown 1 million trees a year for 15 years | | 🗞 In other news… | Indonesia aims to unveil its $20 billion energy transition investment plan next month, days before the United Nations COP28 climate summit, as Jakarta tries to resolve funding and energy mix issues for the initiative. (Full story here). Norway will introduce a resource rent tax on onshore wind power from 2024. "The proposal will ensure that a larger share of the value added in the wind power industry will accrue to society. Host municipalities will be better off under the proposal," the government said. (Full story here). A car-free day in Bogota, Colombia, saw millions take public transit, and over 463,000 cyclists hit the road, according to the city’s mobility minister. (Full story here). A dramatic two weeks in the UK EV market, with the Prime Minister, Rishi Sunak, first announcing a push back to the UK’s target for phasing out new combustion vehicle sales to 2035 before confirming its zero-emission vehicle mandate would go into effect next year as planned. (Full story here). The UK just moved closer to requiring companies to provide detailed statements on future carbon emissions reductions, including their operations and supply chains. The Transition Plan Taskforce, an initiative started by the UK Treasury and supported by companies including Unilever Plc, published its final framework on Monday. (Full story here).
| | 🎣 Gone Phishing | Three of these stories are true, one we've made up. Guess which: | 1,000 birds die from colliding with a single Chicago building in one day Mushy conkers create upheaval for the World Conker Championships Chimpanzees and orangutans seem to go through a ‘mid-life crisis’ A swarm of fireflies shuts down New York City Park for hours
| | What did you think of this week's newsletter? | | Written by Colin and Ollie - Drop us a message! |
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