The Triple Bottom - 🌱 Would you adopt some coral?

Walmart industry first by introducing science based targets for supply chain finance
US retail giant Walmart launched its “Project Gigaton” in 2017, pledging to track the carbon footprint of its suppliers — and cut one gigaton of emissions by 2030 (Current annual global emissions are around 37 gigatonnes). This week they raised the bar by unveiling a supply chain finance program, linked to science-based targets. The retail giant will use finance from HSBC to offer its suppliers credit, early payment on invoices and training to help them complete green reforms.

Why it matters:

• Provides a model for large companies to tackle their “scope three” emissions, or those from their entire network of suppliers and customers, rather than just their own activities (the “scope one” and “scope two” footprint)  

• Highlights logistical challenges in tackling emissions in the supply chain - this move will give Walmart the leverage to force the changes that it wants to see. 

A Policy Update:

• UK Government announces plans to ban imports of hunting trophies: Since 2015, British hunters have brought home 5,000 hunting trophies. The ban is expected to protect 6,000 animals currently threatened by international trade. 

• U.S. will stop financing new carbon-intense projects abroad: Instead the priority is to deploy clean energy tech, and last week the Department of Energy sent out a request for information (RFI) for “deployment-ready” tech to remove atmospheric CO2. 

• A U.S. foreign-development agency is lending $500 million: To build a solar-panel factory in India, putting American taxpayer money behind a bid to weaken China’s dominance of the solar industry’s supply chain.

Amazon Web Services (AWS) and Pfizer partner to speed up medial development 
The pair will explore how AWS capabilities in analytics, machine learning and security can be applied to Pfizer’s lab to support drug development and clinical manufacturing. The past 2 years have shown that speed and agility are key to the research, development and manufacturing of medicine. AWS tech will enhance patient experience by allowing Pfizer to rapidly, reliably and cost-effectively produce new drugs.

Adopting Coral = Rebuilding Reefs 
The Bahamian startup, Coral Vita, lets you adopt coral. Conscious consumers can sponsor the growth of specific pieces of farmed coral, and receive regular updates on its development. The startup provides a novel way to help rehabilitate the world’s threatened reefs through land-based coral farming, which has advantages over traditional ocean-based restoration. It can be scaled (although costly) and growing conditions can be controlled to accelerate growth (up to 50x faster) and make coral more resilient to effects of global warming. Although… Experts are intrigued, coral farming isn't the answer to all reef-related problems. It’s expensive, and requires time and effort when first planting coral in the ocean to prevent damage. Restoration must go in parallel with conservation.

• The Panama Canal Authority is eyeing the introduction of a new charging system that would see ship owners having to pay a fee based on their vessels emissions

• Activist investor group target Exxon with shareholder climate resolution to deepen its emissions-reduction targets

• John Deere reveal sustainably-powered tractor concept that’s powered through electricity with a cable

• The Biden administration approves a second major offshore wind project (of 16 planned by 2025), to provide power to N.Y.

• Electric vehicle fleet charging provider Amply Power was acquired by BP

• The EVERY company a US based lab-based alternative protein creator raised $175m in Series C funding

• Candela, a Sweden-based electric boat startup, raised $27m in funding

• Dutch startup, Pieter Pot, which cuts plastic waste associated with grocery delivery raises €9 million to expand in Europe.

🍄 Ikea’s mushroom-based packaging 

🏭 Rolls-Royce’s mini-nuclear power plants

⛽️ Bets are placed on Hydrogen fuel