| | | | | Happy Tuesday. Iceland’s government announced a bold move to prioritise food security over cryptocurrency gains as it charts a new course for the nation's farming future.
In today’s edition:
⚡️ US EPA calls for 56% reduction in fleetwide average carbon emissions by 2032
🚜 Iceland only produces 1% of its cereal crops and wants this to change
🌳 WTO calls for reform to $500bn global agriculture subsidies | |
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| | | | | 🔋 Energy (1-Min Read)
Biden announces new rule for car emissions to boost EV sector | What happened: The US Environmental Protection Agency (EPA) has finalised rules limiting auto tailpipe emissions from cars, SUVs and pickups, as part of a push to accelerate the U.S. transition to electric vehicles. | The numbers: The rule, which calls for a 56% reduction in fleetwide average carbon emissions by 2032, constitutes the strictest-ever limit on pollution from the nation’s cars and light trucks. | Why it matters: Between 2027 and 2055, the EPA claims the rule would cut 7 billion tons of carbon emissions. This is equivalent to eliminating at least a year's worth of U.S. emissions, from all sources. | What to expect: You can expect to hear a lot about this rule as the presidential election heats up: | EVs have become a partisan flashpoint, despite the geographical footprint of battery manufacturing being distributed across Republican and Democratic states. Trump portrays EVs as cars that Americans don't want, and that benefit a supply chain reliant on China. Opponents will move to overturn this in court, and two senators are already trying to repeal it via legislation.
| (Full story here). | 🔋 Energy Deals: Got deals we should know about? Drop us a note! - Blue Laser Fusion Inc., a Palo Alto, CA-based nuclear fusion company, closed its $37.5m Seed funding round. - e-peas, a Louvain-la-Neuve, Belgium-based company which specializes in ultra-low power management for energy harvesting, raised €17.5M in funding. - Fuel Me, a Chicago, IL-based provider of a sustainable fuel procurement and management platform, raised $18M in Series A funding. - AirMyne, a Berkeley, CA-based carbon capture startup, raised $6.9M in Seed funding. - Monaire, a Boston, MA-based startup that uses AI to curb waste and emissions from small commercial buildings, raised $3.5M in Seed funding. |
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| | | | | 🚜 AgriTech (1-Min Read)
Iceland to harvest more corn and less bitcoin | What Happened: Iceland’s Prime Minister, Katrín Jakobsdóttir, emphasised the country’s need to prioritise food security over financial gain. The Icelandic government will push for policies that support food production while reigning in energy-hungry Bitcoin miners. | Food (in)Security: Iceland produces only 1% of its cereals and 43% of its vegetables, with the island nation relying on big agricultural exporters, like France and the Netherlands, to feed its population. However, these exporters could reduce production to meet the EU’s stringent climate goals, while farming protests and geopolitical tensions also affect food supply. Iceland will boost domestic food production—particularly crops like corn—through new farm-funding systems. | Less Bitcoin: One way the government aims to support the food industry is by diverting cheap renewable electricity towards food production and away from bitcoin datacentres which use a significant share of the country’s green energy. | Bigger Picture: Iceland exemplifies the worldwide efforts and challenges of nations trying to balance economic interests, food and energy security, and environmental sustainability amid evolving geopolitical dynamics and global supply chains. (Full story here). | 🚜 Agritech Deals: Got deals we should know about? Drop us a note! - Cauldron has raised $6.25 million to scale a manufacturing platform enabling its partners to produce high-value ingredients via precision fermentation - Poseidona has raised €1.1 million in a pre-seed funding round to develop its innovative and sustainable algal protein ingredients. |
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| | | | | 🐘 Nature (1-Min Read)
Reform farming subsidies to boost biodiversity, says Brazil’s World Trade Organisation Ambassador | What Happened: Brazil’s ambassador, Guilherme de Aguiar Patriota, said that the World Trade Organisation (WTO) must work to reform agricultural subsidies to achieve targets set out in the Kunming-Montreal Global Biodiversity Framework (GBF). | Details: Target 18 of the GBF directly addresses the subsidies issue, calling for progressive elimination, phasing out or reforming harmful subsidies by 2030, which will also help bridge the $700bn biodiversity finance gap. | Harmful subsidies: The UN Development Programme highlights that energy and agriculture industries account for the largest share of subsidies linked to species and habitat loss. Agriculture production receives over $500bn annually in subsidies across 54 countries, while biodiversity receives around $78-$91bn. | Harsh realities: Calling for reform to harmful subsidies is one thing; implementing reform is another. The WTO is currently trying to negotiate the elimination of harmful fisheries subsidies. However, countries failed to reach a deal following the latest round of negotiations. Fisheries subsidies are worth $35bn per year, compared to the $500bn given to agriculture, suggesting a difficult road ahead. (Full story here) | 🐘 Nature Deals: Got deals we should know about? Drop us a note! - Dryad Networks, an ultra-early wildfire detection company, announced the successful initial closing of €5.6 million - rreefs, a Zurich company dedicated to revitalizing deteriorated coral reefs through their man made modular reef structures, has secured CHF 420,000 in pre-seed funding |
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| | | | | 💭 Little Bytes (1-Min Read) | 💬 Quote: “There is no doubt, climate change is multiplying the risks we face.” Ursula Woodburn, director of Corporate Leaders Group Europe | 📊 Stat: In 2023, more than 90% of the world’s oceans suffered heatwave conditions, glaciers lost the most ice on record, and the extent of Antarctic sea ice fell to by far the lowest levels ever measured - UN’s World Meteorological Organization | 📺️ Watch: The UK’s coinmakers are reclaiming gold from old circuit boards |
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| | | | | 🛗 Snippets for your lift conversations (1-Min Read) | Florida is seeking to pass legislation making it a second-degree misdemeanour to sell or manufacture cultivated (lab-grown) meat in the state. The EU is preparing to levy tariffs on grain imports from Russia and Belarus, the first restriction on food products since Moscow’s full-scale invasion of Ukraine. Satellites above the Earth’s surface have captured storms and weather data for decades. Now, scientists have essentially hacked the data coming back for another purpose: spotting methane emissions. The European Union's flagship policy to restore damaged nature is hanging in the balance, with a vote to pass the law on Monday cancelled after Hungary unexpectedly withdrew its support for the bill. A proposal by France, Denmark and Sweden to restrict used-clothing exports from the European Union could hurt the clothing resale industry in Kenya, which employs 2 million Kenyans, a representative of second-hand clothes sellers said. The UK Government is blocking farmers from putting more than 25% of their land aside for activities that boost nature but decrease food outputs as it seeks to allay fears over food security.
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| | | | | 🎣 Gone Phishing (1-Minute Read) | Three of these stories are true, one we've made up. Guess which: | |
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| What did you think of this week's newsletter? | | Written by Colin and Ollie - Drop us a message! |
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