Happy Tuesday… and Happy Christmas! We’re taking a break now till the new year. We’ve got loads of exciting stuff on the horizon for 2022 so keep an eye out!
In today’s edition:
🏭 An industry first for Walmart
🌊 Restoring coral reefs with tech
⚖️ Chile’s reducing wage inequalities
Big Business (2-minute read)
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 medical 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.
🤖 Future of Tech (1-minute read)
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.
An electric plane flight for $2 of electricity
New Zealand’s bid to pioneer a carbon-free future for aviation just passed a new milestone as its first electric aircraft flew 80km across the ocean. The 45 minute flight across the Cook Strait used just US$2 worth of electricity.
Electric the answer? Batteries are a key challenge. They’ve got lighter but they are still too heavy to be viable for long-haul flights. An A380 super jumbo would have its range reduced from 15,000 kilometres to 1,000 kilometres if it was to rely on electricity.
Alternatives?
- Airbus and Rolls-Royce have already completed tests of a hybrid airliner – the E-FanX – with one of its four jet engines replaced by an electric motor.
- Aerospace Technology Institute (ATI), which is backed by the UK Gov, revealed a hydrogen-powered airliner concept. The 279-seater could fly from London to San Fran without refueling.
💡Deep Dive (1-minute read)
Women in work: How Chile is reducing wage inequalities
The challenge: The World Economic Forum (WEF) reported that the ‘economic dimension’ is globally the most challenging gender gap to tackle, and is expected to take 137 years to close.
When we say ‘economic dimension’… Fewer women than men participating in the workforce, fewer women in leadership positions, and women earning less than male colleagues.
A Solution: The WEF has helped to establish Accelerator Programmes which bring together CEOs and ministers over 3-years to develop policies (both on a national and business level) to close the economic gender gaps.
Such as… the Gender Parity Initiative (GPI) in Chile – a policy which brings together a host of companies (like Accenture and Coca-Cola) to promote the participation and progress of women in work.
The Impact: In Chile, the Accelerators (through the GPI) have enhanced the quality of work for over 130,000 local women. Gender wage inequalities have reduced by 37.5%. Men are still receiving 5.6% more per hour of work in participating companies, however this is considerably lower than the national average, where men earn 18% more.
💭 Little Bytes
Quote: “Technology has given us the tools to reduce our emissions and build a stronger and more inclusive economy of the future. For innovators and investors to play their part in tackling the climate crisis, they need clear market demand.” Børge Brende, President of the World Economic Forum
Stat: Only 56% of people say they’ve made lifestyle changes to protect the planet over the last few years. This is down by 13% compared to the last survey in January 2020. Suggesting Covid-19 has pushed climate concerns into the background for some – Ipsos, Climate Change and Consumer Behaviour
Watch: How clothes made out of Algae may be the next step for sustainable fashion
🗞 In other news…
- 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.
🗞 The Deal Room
- 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.
