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Funding for carbon reduction technology reached $4.2 billion

by SuperiorInvest

This week Current climatewhich brings you the latest sustainability business news every Saturday. Sign up to receive it in your inbox every week.

AGAINSTCorporate capital investment slowed in many sectors in 2022 after reaching new highs in 2021, but this was not the case for carbon mitigation. Last year, investors pumped nearly $4.2 billion into startups working on technologies to reduce CO2 emissions, up from $3.6 billion in 2021, according to PitchBook. The number of deals also increased to 204 in 2022 from 167 in 2021. Svante, a Canadian carbon capture start-up, scored its biggest financial gain of the year when it raised a $318 million Series E round led by Chevron Technology Ventures in December. Svante’s technology involves metal-organic frameworks, which are porous compounds it uses in filters to capture CO2 from industrial stacks. The company says the funding will go towards building a commercial filter manufacturing plant in Vancouver. PitchBook cites a number of factors, including new commitments to reduce carbon emissions and the passage of the Inflation Reduction Act, as some of the drivers for continued investment in space in 2023.

A great read

Air pollution more dangerous than previously understood

A number of recent studies have drawn a stronger link between air pollution and serious health problems, but there are several methods that experts recommend for individuals and countries to reduce air pollution.

Read more here.

Discoveries and innovations

New figurines issued by the United Kingdom Government this week showed that air pollution from wood-burning stoves has increased by 124% from 2011 to 2021. Air pollution from fuel-burning industrial sites increased by 379% over the same period.

The Ocean Cleanup Project says a recent $25 million donation will help launch the project the third iteration of its floating barrier to capture plastic targeting the Great Pacific Garbage Patch between Hawaii and California.

Sustainability Week Events

Ring carbon: LanzaTech, an Illinois-based company developing gas fermentation technology to turn waste carbon into fuels, textiles and packaging, went public as part of a SPAC merger and began trading on the NASDAQ last week.

Transport technology: VivaCity, a London-based startup that uses sensors and artificial intelligence to collect data on traffic patterns, does raised more than $8 million expand into North America.

On the horizon

World Bank President David Malpass said this week plans to resign in June, nearly a year before the end of his five-year term, meaning the Biden administration will name a replacement to head the global development organization. The move comes five months after Malpass, who was appointed by former President Donald Trump, sparked controversy over comments related to the role of fossil fuel burning and climate change.

What else are we reading this week?

The world’s largest natural ice rink is closed because it’s too hot (The Washington Post)

Meet the millennial scientist leading the Biden administration’s push to revive nuclear power (Inside Climate News)

A glimpse beneath an iconic glacier reveals how sea levels are rising (Nature)

Green transport update

AND a big challenge to getting more Americans to drive electric cars is to build and deploy more public chargers across the country, especially those capable of quickly recharging a vehicle. Tesla already has an extensive network of chargers, which until now have only been open to its customers. That’s about to change, the company announced will make 7,500 of its dedicated chargers available to drivers of all EVscashing in on generous new subsidies created by the Biden administration.

A great traffic story

Ford to build $3.5 billion lithium iron phosphate battery factory in Michigan

Ford has seen great success with its Mustang Mach-E electric crossover and F-150 Lightning pickup, but both vehicles rely on expensive lithium-ion batteries. The automaker said this week that it plans to shake up its construction plans a bit plant in Michigan that will produce lithium-iron-phosphate batteries, which use cheaper raw materials and are not so prone to overheating and burning. Sure, LFP batteries hold a little less power, but Ford thinks their thermal stability will allow for a tighter package that compensates.

Read more here.

More green transport news

Current obstacles to putting more electric vehicles on the road (Alan Ohnsman with PBS Newshour)

Combustion Failed: The Global Phase Out of Gasoline Cars

Tesla is recalling over 360,000 cars due to the risk of self-driving crashes

Europe’s strict CO2 emissions laws from 2035 give supercar makers a free pass

CharterUP is trying to revive the pandemic coach industry

European proposals to reduce truck CO2 emissions by 90% are alarming

Addionics New 3D pilot series aimed at improving EV battery performance

All road building projects have been canceled by the Welsh Government following advice from experts on car addiction

Ford cuts 11% of European jobs as EV development costs bite

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