In today’s edition:
⚡️ Transmission trouble tackled in the US
🚜 A genetic experiment for farming
🌳 Cash surges into biodiversity funding
⚡️ Energy (1-minute read)
US government seeks to tackle transmission woes
A few weeks back, we spoke about the threat transmission plays for countries with net zero ambitions.
The problem in short: As America shifts to renewables, estimates project that transmission systems will need to expand by 60% by 2030 and may need to triple by 2050 to meet the country’s growing clean electricity whilst still ensuring the grid remains resilient. A significant threat to these goals is the time it takes to sign off on new transmission projects – on average, 6.5 years.
What’s happened: The U.S. Department of Energy (DOE) announced a funding opportunity of up to $300 million in grants to accelerate and strengthen electric transmission siting and permitting processes to help achieve the Biden administration’s climate and clean energy goals.
What will investments look like:
Technologies… that consider environmental planning, transmission requirements and opinions of local communities to optimise routes for transmission lines to reduce the time it takes to process applications.
Engagement… with members of the public, including tribal, rural, and disadvantaged communities, and facilitate participation in regulatory proceedings.
Green Skills… Ensure local communities impacted by new power lines are prioritised for jobs on the transmission projects. This will ensure the upskilling of disadvantaged local communities with ‘Green’ future skills for renewable projects.
(Full story here)
🚜 AgriTech (1-minute read)
Microbes unleashed in a genetic experiment for farming
The headline: Microbes (including bacteria, viruses and fungi) are crucial for agriculture, providing plant nutrients, boosting crop immunity and sequestering carbon into the soil. Agrichemical companies, like Syngenta and Bayer, are genetically engineering these microbes to enhance the farming industry’s ability to combat pests and generate nutrients. These genetically engineered microbes are being used on millions of acres of US farmland — “representing a large-scale, open-air genetic experiment” according to a report by Friends of the Earth.
A warning: The genetic engineering of microbes, with commercial incentives (the global market for biological inputs for agriculture is expected to triple by 2029) and a lack of regulatory oversight, could lead to unintended genetic mishaps. The complexity of soil microbes makes outcomes unpredictable with potential ecological and socioeconomic risks.
Recommendations: Stronger regulation, better transparency of the genetic engineering process and independent scientific assessments are required to maximise the potential positive environmental and health impacts of shifting to biological solutions in agriculture while minimizing risks. (Full story here).
🌳 Nature (1-minute read)
EU watchdog monitors surge of cash going into biodiversity funds
What happened: The surge in money going into biodiversity funds is the “next frontier” of environment, social and governance (ESG) investing and warrants increased monitoring to avoid greenwashing, the European Union’s securities regulator said last week
A growing pie: Biodiversity-related funds remain a small niche, less than 0.1% of so-called Article 8 and 9 funds, which refer to funds regulated in the EU that focus on ESG investments. This equates to around 854 million euros ($931 million) flowing into biodiversity funds in the two years to June 2023… 73% of these funds were launched since 2022.
Why it’s important: While the market is still small … the growing public scrutiny and increasing understanding of biodiversity risks raise expectations for biodiversity-related financial products to rapidly increase in number and size over the next years. Early and proactive monitoring by regulators will be critical to minimise greenwashing. Challenges remain…
The Biodiversity Data Challenge: Data for Biodiversity is even more challenging than for other sustainable-financial products due to: Biodiversity is highly site-specific, ‘Commercial’ impacts on biodiversity are extremely varied themselves, and impacts can cascade through ecosystems in ways that are often technically difficult to understand. (Full story here).
TELL EVERYONE: We’re about to bring out a 3 part NatureTech series on AI, Drones and Biodiversity credits. Want to be on the waitlist to get it as soon as it comes out. Drop us a reply to this email.
💭 Little Bytes
Quote: “The private sector’s going to do this because there’s money to be made, a lot of money. This is the new industrial revolution.” John Kerry, US climate envoy, calling for concrete proposals for renewable energy investment and emissions cuts by 2030.
Stat: Global emissions from wildfires this year are already the third-worst on record, with wildfire emissions from Canada alone accounting for 27 per cent of the global total — Copernicus
Watch: Pakistan’s first certified female architect is creating flood-resistant homes
🗞 In other news…
The average wait time for non-booked vessels at the Panama Canal jumped by over 44% last month as a prolonged drought led to restrictions on daily transits – demonstrating the ongoing potential of climate change to impact global supply chains. (Full story here).
Dozens of the world’s most prominent asset managers have accused the trading house Glencore of lying in past share prospectuses to cover up corrupt activities, escalating a far-reaching action in London’s High Court. These include alleged bribery related to copper and cobalt acquisitions in the Democratic Republic of Congo. (Full story here).
London mayor Sadiq Khan has shelved plans for a zero-emissions zone in central London that would have levied a charge on drivers of all combustion-engined vehicles, marking a shift in his politically contentious crackdown on pollution. (Full story here).
This year’s El Niño weather event could compound the effects of global food price rises due to India’s rice export ban and Russia’s withdrawal from the Black Sea grain deal, stocking inflation across emerging markets. (Full story here)
Several startups are exploring new technologies and textiles for keeping people cool. There is work underway in the US to commercialise wearable technology that mimics air-conditioning, while scientists in China are working on highly reflective fabric. (Full story here).
The Biden administration is making $12bn available for automakers to retrofit their facilities to make electric vehicles and hybrids in an attempt to reshape the industry. (Full story here).
🎣 Gone Phishing
Three of these stories are true, one we’ve made up. Guess which:
Guinea Pig breaks record for distance travelled on hamster wheel
Otter unmasked as £100k fish thief
A man stopped by police driving with a bull in the passenger seat
Highly radioactive pigs wreaking havoc in Germany
