Happy Tuesday. President Biden unveiled Earth Day gifts in a solar-powered celebration, including billions for residential solar projects.

In today’s edition:
⚡️Biden announces $7bn in grants to celebrate Earth Day

🚜 Liberia loses 150,000 hectares of forest to cocoa farms

🌳 Businesses unite for biodiversity

🔋 Energy (1-Min Read)

Biden's Earth Day gifts light up low-income homes

What happened: President Joe Biden celebrated Earth Day by announcing $7 billion in grants for residential solar projects that will power nearly a million low-income households as part of the Inflation Reduction Act.

Impact: The White House claim the policy will create 200,000 jobs and save households in the program about $400 a year, according to the White House.

What else: Biden also announced that applications are open to join the American Climate Corps, a program to prepare young people for jobs in climate-related industries. The announcements kick off a week of activities touting the Biden administration's record on climate change.

Yes, but: New polling data shows that nearly two years after the Inflation Reduction Act, a federal law which included tax credits, subsidies, and federal funding for clean energy, was passed, adults are most likely to report that they don’t know enough about the law to assess its impacts on the U.S. economy, climate change, or themselves.

 🚜 AgriTech (1-Min Read)
EU cocoa conundrum as forests turned to farms in Liberia

What happened: Conservation group IDEF has found evidence that cocoa farmers from Ivory Coast are migrating and clearing forests in Liberia before trafficking beans back and mixing them with Ivorian supplies. This process is undermining EU efforts to curb deforestation.

Details: An EU law to prevent agricultural commodities linked to deforestation from entering the European market will come into force at the end of this year. Cocoa is seen as an early test of the law, which requires companies to demonstrate that their supply chains do not contribute to the destruction of forests. 

Migrating farmers: Efforts have focused on tracing supply chains in leading cocoa exporting countries. Ivory Coast, the world's largest cocoa producer, faces challenges, including climate change, that risk declining production. Farmers are crossing into Liberia in search of land, with the country losing around 150,000 hectares of natural forest in 2022. 

The importance: This highlights the challenges facing EU regulators and companies using Ivorian cocoa beans to ensure the new laws are adhered to and implemented effectively. Without robust oversight, Liberia's cocoa will enter the European market disguised as Ivorian cocoa, which meets the standards. (Full story here).

🐘 Nature (1-Min Read)
Uniting businesses for nature's sake

What happened: A European business network has kickstarted the Biodiversity Alliance for Sustainable Management initiative to foster biodiversity integration into corporate decision-making. 

Details: The initiative will focus on advancing corporate efforts on biodiversity and hasten the adoption of standards for assessing and disclosing risks and dependencies on nature. Global businesses such as Coca-Cola, BASF, and Hitachi are among the companies that have joined the initiative so far. After a year-long incubation period, the initiative will open up to participation from other companies in 2025. 

Advancing disclosures: Companies will collaborate to develop tools and metrics to measure their impact on nature. A major focus will be on implementing EU requirements on biodiversity as part of the Corporate Sustainability Reporting Directive and aligning with TNFD.

The bigger picture: As more businesses adopt a biodiversity strategy, this initiative looks to put aside competition for biodiversity and strengthen cooperation to integrate biodiversity strategies into actionable sustainability plans. (Full story here).

💭 Little Bytes (1-Min Read)

💬 Quote: “Indonesia has the potential to be a regional and even global champion in the future green economy.” Chief Financial Officer of The Indonesia Investment Authority (INA), Eddy Porwanto.

📊 Stat: Deaths linked to hot weather in Europe have risen 30%  over the past 20 years — Copernicus Climate Change Service and World Meteorological Organization

📺️ Watch: The man using art to fight plastic waste

🛗 Snippets for your lift conversations (1-Min Read)

 🎣 Gone Phishing (1-Minute Read)

Three of these stories are true, one we've made up. Guess which: