In today’s edition:
⚡️ HBD IRA!
🚜 Fueling change in Kenya
🌳 Ecuador landmark ban on oil
⚡️ Energy (1-minute read)
The Inflation Reduction Act, one year on
What happened: On August 16, 2022, President Biden signed the Inflation Reduction Act into law, which is considered the largest investment ever made in clean energy and climate action.
In just 12 months, significant progress has been made:
The private sector has invested over $110 billion in new clean energy manufacturing, with more than $70 billion allocated to the electric vehicle (EV) supply chain and over $10 billion to solar manufacturing.
The initiative has generated more than 170,000 jobs, and it is estimated that it will create over 1.5 million additional jobs in the next decade.
Public and private sector investments are projected to reduce greenhouse gas emissions by approximately 1 billion tons by 2030.
Over a billion dollars have been allocated to assist communities in becoming more resilient and protecting them from the impacts of climate change, such as drought, heatwaves, and extreme weather events.
An interesting fact about IT… is that the investment distribution has not been equal among red and blue states. According to the FT, more than 80% of cleantech and semiconductor investments announced in the past year are going to Republican districts, despite the fact that congressional Republicans did not vote in favor of the IRA. This discrepancy can be attributed, in part, to the availability of large areas of land and low-cost labor in these districts. (See Full Story here)
🚜 AgriTech (1-minute read)
Fuelling change through Kenya’s kitchen
Something a little different today spotlighting some Agtech innovation…
Headline: The cooking fuel of choice in Kenya is charcoal – a driver of deforestation and air pollution. Koko Networks, a Kenyan-based company, is utilising international carbon markets to give over 1mn households cleaner and more sustainable cooking fuel.
Details: Koko provides customers with bioethanol made from sugarcane – a renewable resource which reduces deforestation and is linked to lower carbon emissions. Both the fuels and the specialised stoves they are burnt in can be purchased in vending machines in Kenyan cities. The machines are subsidised through audited carbon credits linked to a reduction in charcoal use.
Bigger picture: With backing from the likes of Microsoft, and already serving a third of homes in Nairobi, KoKo’s business model can be replicated in other tropical forest nations where charcoal is widely used for cooking. (See Full Story here)
🌳 Nature (1-minute read)
Ecuador votes to ban oil drilling in part of Amazon, and mining outside Quito
What happened: Ecuadorean referendums to ban oil drilling in a part of the Amazon and mining in a forest outside Quito easily passed. This sparked cheers from Indigenous leaders and environmentalists despite warnings from oil and mining groups about billions in lost income.
Details: The Yasuni vote – which gives state oil company Petroecuador a year to shutter production in the 43-ITT block – is set to result in the loss of about 12% of Ecuador’s 480,000-barrel-per-day (bpd) crude oil output. Petroecuador did not immediately respond to a request for comment but has said a “yes” would cost Ecuador $13.8 billion in income over the next two decades (a 1.9% reduction in projected economic growth till 2026)
Why it matters for nature: A single hectare (2.5 acres) of the Yasuni has 650 species of trees, as well as hundreds of species of animals, according to the environment ministry.
Outstanding question: How will support for other industries emerge to shore up Ecuador’s economy? (See Full Story here)
💭 Little Bytes
Quote: “The huge advantage of plant-based meat is that they’re [made using] new technologies, and they’ll keep improving and evolving with new technologies.” Laurent Stévenart, director of plant-based foods at Americana’s Nabati
Stat: China has ramped up its wind and solar manufacturing capabilities and it is on track to bring total wind and solar capacity to 1,200 gigawatts (GW) by 2030, up from 758 GW at the end of last year.
Watch: Scientists have created a battery alternative out of cement
🗞 In other news…
Climate finance in agriculture is “strikingly low” according to a new report from the Climate Policy Initiative. (See Story here)
Brazil’s government expects to pass a series of energy transition-related bills that it believes will boost the country’s decarbonization credentials at the upcoming COP28 climate summit. (See Story here)
Cargill’s head of ocean transport has called on the shipping industry to give wind power a chance in its efforts to decarbonise, as one of the world’s largest marine freight operators prepares to test the use of sails on a midsized vessel. (See Story here)
The UK’s investment in renewable energy has lagged significantly behind the rest of the world in recent years, according to an analysis of global data. The latest government figures reveal the UK’s renewable capacity has fallen to an average increase of 4.45% in the past three years, compared with an average 9.67% annual increase globally. (See Story here)
The US in onshoring solar – Singaporean solar maker Maxeon has inked a $1bn deal for 3GW New Mexico manufacturing plant thanks to the IRA (See Story here)
🎣 Gone Phishing
Three of these stories are true, one we’ve made up. Guess which:
Scientists recreate song from listeners brain activity
US town government rename street using emojis
Airborne fish causes power outage in New Jersey
Jump roping cat breaks world record
