Your Newsletter at a Glance
Note from the author: This week has seen investment focused on shifting fossil fuel-based industrialism towards solutions like green steel and green power lines. It’s exciting to see regular movement in the creation of transition funds in order to swiftly decarbonize such a heavily polluting sector.
Nature-based Solutions are excelling in regenerative agriculture support and financial incentives to reduce livestock production.
Deal Count: This week covers over $64b in deals and commitments in climate finance, and more than $3.7b in NbS. Check it out in the 66 stories below!
Climate Finance
Deals and commitments above $100m
Market Watch
ADB launches $15bn climate finance initiative [responsible investor]
- The Asian Development Bank (ADB) has announced a new initiative to create up to $15 billion in climate financing across the region, including the bank’s coal decommissioning fund. Under the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP), six partner countries will provide $3 billion in guarantees for parts of ADB’s sovereign loan portfolios to free up capital for climate projects.
Brookfield eyes $15 billion investment in green steel [Oil Price]
- Brookfield Asset Management has disclosed plans to raise some $15 billion for a decarbonization push in the steelmaking industry using so-called green hydrogen. The firm recently launched the Brookfield Global Transition Fund II, which will invest in technologies such as hydrogen produced via hydrolysis using wind and solar power, and carbon capture. It will also invest in more mature areas such as wind and solar, as well as batteries.
Brazil presents plan to auction USD $11bn in green power lines [Renewables Now]
- Brazil's minister of mines and energy, Alexandre Silveira, presented the Electricity Transmission Grants Plan (POTEE) to invest BRL 56 billion (USD $11.2bn/EUR 10.2bn) in the construction of renewable power transmission infrastructure in the Northeast region.
Research
US, UAE announced Climate Farming Fund has grown to $13bn [Barron’s]
- Funding for a global initiative aimed at creating more environmentally friendly and climate-resilient farming has grown to $13 billion, co-leaders the United States and the United Arab Emirates said. That money means the Agriculture Innovation Mission (AIM) for Climate, launched in 2021, now exceeds its $10 billion target for the COP28 climate talks. Projects underway include developing newer, greener fertilizers that use less fossil fuels to create, and returning to "regenerative agriculture" practices that restore soil biodiversity, thus improving both yield and carbon sequestration while reducing the need for fertilization. Also on the group's agenda are efforts to adopt more efficient farming techniques and to switch to growing crops that require less water in some climate-impacted areas.
- Vantage Market Research projects that the Global Carbon Capture and Sequestration Market is valued at USD 2.1 Billion in 2022 and is projected to reach a value of USD 7.49 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 19.9% over the forecast period 2023-2030.
Nature-based Solutions
Deals and commitments above $1m
Market Watch
€1.5bn ($1.6b) scheme approved to cut Dutch livestock production [The Scottish Farmer]
- The European Commission has given the green light to two new schemes in the Netherlands to pay farmers to stop breeding cattle, pig, poultry and veal calves in a bid to 'reduce nitrogen deposition on nature conservation areas'.
Ecuador to save $1 billion from record debt-nature swap [Yahoo Finance]
- Ecuador has completed the largest debt-for-nature deal of its kind, a transaction that will generate more than $1 billion worth of savings for the government while helping to protect habitats of the Galapagos Islands. Under the terms of the deal arranged by Credit Suisse Group AG, Ecuador exchanged $1.6 billion of dollar denominated bonds for a new $656 million loan. The country will realize more than $1.13 billion in savings through reduced debt service costs. The debt conversion will also generate about $323 million for marine conservation over the next 18 years.
USDA announces $75 million for regenerative farming support, training [The Center Square]
- The USDA has announced $75 million to help farmers transition to organic practices.
Research
- The article argues that the sheer scale of the problem is beyond the capacity of traditional approaches to funding repair. That’s one reason why the Australian government is looking to alternatives such as a nature repair market. This, the government hopes, would boost biodiversity – especially on private land such as farms. To make this market work, they say the government might consider creating a new version of Australia’s well-known HECS higher education loans. Call it FECS – Farm Environment Contribution Scheme.
Climate Finance
Deals and commitments above $100m
Individual Deals & Market Watch
US Government invests $4 billion to decarbonize ports [safety4sea]
- The U.S. Environmental Protection Agency (EPA) announced the initial steps in the development of programs that will invest $4 billion from the Inflation Reduction Act in US port infrastructure while reducing air pollution. In particular, The Clean Ports Program will invest $3 billion in technologies to reduce harmful air and climate pollutants at U.S. ports and create a zero-emission shipping future.
Germany promises €2bn ($2.2b) to global Green Climate Fund [Climate Home News]
- Germany’s leader Olaf Scholz has promised to give €2 billion ($2.2 billion) to the United Nations’ flagship climate fund for projects cutting emissions and adapting to climate change around the world. The pledge sets the bar for other wealthy countries and puts the fund on track for what it calls a “mid” level of ambition.
- More than AUD$2 billion has been committed to grow the emerging hydrogen industry as part of $A4 billion in renewable energy spending, with subsidies to combat growing international competition for the green fuel’s market share in Asia. The Federal Treasury expects the AUD $2 billion Hydrogen Headstart program to be implemented as a credit per kilogram on the price of production, as well as supporting development of shared industrial infrastructure in the most prospective locations, such as Wollongong, Gladstone or Whyalla.
- Japan’s largest bank MUFG Bank has announced that it has established the Marunouchi Climate Tech Growth Fund L.P. with Mitsubishi Corporation and Pavilion Private Equity Co., Ltd. The fund, which has $400 million at establishment, is targeting a fund size of $800 million to $1 billion. The fund has Marunouchi Innovation Partners Co., Ltd. as its general partner, and will invest mainly in climate-tech-related startups for growth.
AGL refinances USD $1bn of debt to bankroll renewables growth [renewables now]
- Australian power producer AGL Energy Ltd has completed the partial refinancing of loan facilities totalling AUD 1.6 billion (USD 1.06bn/EUR 965m) in order to repay debt and support investments in renewable energy projects. The company said it has also successfully priced long-term debt in the US private placement market, which allows it to diversify its funding sources. Following both the refinancing and settlement of the notes, AGL's expected debt maturity profile will have an average weighted tenor of 4.7 years.
Chicago’s $1 billion water deal shows Great Lakes wealth [Chicago Business]
- As states such as California grapple with harsher and more frequent droughts, the Midwest is touting its ample water supplies to spur economic growth. Chicago has just signed a contract valued at $1 billion to sell its water elsewhere — the first such deal in 40 years — and the city expects more to come. Illinois is also launching a federally-funded plan to expand its $17 billion “Blue Economy” to lure companies from water-intensive chip manufacturers to climate-tech startups.
Australian households offered $1bn help in budget to install energy saving measures [The Guardian]
- About 110,000 households will be able to receive $1bn in low-cost loans for double glazing, solar panels and other energy improvements in changes the Albanese government says will make homes cheaper to run and easier to keep cool and warm. It’s part of a $1.6bn “energy savings plan” that includes $300m funding to improve social housing and $310m in tax deductions for businesses that invest in renewable energy and energy efficiency measures.
Verizon issues its fifth $1 billion green bond [Yahoo]
- Verizon Communications Inc. settled its fifth green bond offering of $1 billion, with the net proceeds expected to be allocated entirely toward renewable energy investments to accelerate the transition to greener electrical grids across the U.S. This follows Verizon’s announcement in February that the company fully allocated the net proceeds of its fourth green bond to renewable energy investments. Verizon has now issued five green bonds for a total of $5 billion since 2019.
Solum Partners closes Fund II oversubscribed at $850m [Global AgInvesting]
- Solum Partners began at the height of the pandemic, in October of 2020, when Harvard University’s $41.9 billion endowment spun off its natural resources portfolio and team into a new independently managed firm focused on investment opportunities in the global agriculture and food spaces. Under its own mandate, Solum targets large-scale, efficient ag production assets that present potential for vertical integration into distribution and marketing channels. The process and approach taken by Solum’s 25-plus team of professionals, led by CEO Colin Butterfield, prioritizes the formation of local partnerships with top operators with the goal of achieving operational excellence across its entire portfolio.
Neos Partners raises $800 million for clean-energy bets [WSJ]
- Neos Partners, a clean-energy-focused investment firm founded by two former executives of Oaktree Capital Management, rounded up roughly $800 million for their debut fund with the backing of some of the U.S. largest endowments. The San Diego firm plans to wrap up, Neos Partners I LP, this month significantly above an initial $500 million goal. Investors in the fund include the David and Lucile Packard Foundation and the endowments of University of Pennsylvania, Stanford University and Yale University. UBS was the placement agent.
REC lists $750 million green bonds on international stock exchanges at GIFT City [mint]
- REC Limited of India, a Maharatna power finance company, has listed its recently issued Green bonds worth $750 million at GIFT IFSC Stock Exchanges, under its Global Medium Term Programme of $7 billion.
BXP prices $750.0 million offering of green bonds [businesswire]
- Boston Properties, Inc., the largest publicly traded developer, owner and manager of premier workplaces in the United States, announced that its operating partnership, Boston Properties Limited Partnership, has agreed to sell $750.0 million of 6.500% senior unsecured notes due 2034 in an underwritten public offering through BNY Mellon Capital Markets, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC, as joint book-running managers. Pending such allocation, BPLP intends to use the net proceeds for the repayment of debt, including funding the redemption of the $500.0 million aggregate principal amount of BPLP’s 3.125% senior notes due 2023 that are scheduled to mature on September 1, 2023, and any remaining net proceeds to fund development and redevelopment projects or other investment opportunities and for other uses. Pending such uses, BPLP may invest the net proceeds in short-term, interest-bearing deposit accounts.
SK, Plug Power to pour USD $746m in Korean hydrogen gigafactory [renewables now]
- Plug Power Inc. and South Korea’s SK E&S have pledged to spend KRW 1 trillion (USD $746m/EUR 678.3m) to build a gigafactory for hydrogen facilities and a research facility in South Korea. The duo’s plan is to produce hydrogen fuel cell systems, hydrogen fueling stations and electrolysers and supply certain markets in Asia. The factory will be installed in a major metropolitan area in South Korea, with commercial operations planned to start in 2025.
New Zealand green investment bank's pool of capital now $700m after government cash injection [RNZ]
- In a pre-Budget announcement, Climate Change Minister James Shaw said the New Zealand government had nearly doubled the amount of money in its green investment bank. Green Investment Finance is a commercial, independent entity set up to invest in low emission firms. The fund - which aims to help drive down the country's climate emissions - has been given a capital injection of $300 million in new money, taking its total pot to $700m.
US DoE supports hydro upgrades, marine energy R&D with USD $600m [Renewables Now]
- The US Department of Energy (DoE) announced almost USD $600 million (EUR 544.7m) in funding available to “water power” projects that will either modernize existing hydroelectric plants or advance marine energy development across the country.
- As part of President Biden’s Investing in America agenda, the U.S. Department of Energy (DOE) announced nearly $600 million to modernize hydroelectric power and advance marine energy throughout America. This funding will help ensure generators continue to provide clean, affordable electricity, while integrating additional renewable energy resources and reduce environmental impacts.
KKR to buy USD $550m in solar loans from SunPower [Renewables Now]
- US private equity firm KKR & Co has struck a definitive deal to buy USD $550 million (EUR 624m) worth of solar energy loans made to customers of SunPower Corp. The US solar technology and energy services provider announced the agreement, saying the move will support the ability of SunPower Financial to provide attractive loan options to its clients.
Folium Capital launches $500 million fund to acquire forestry and agriculture assets [Lesprom]
- Folium Capital, a specialist investment firm based in Burlington, Massachusetts, has announced the launch of its Regenerative Natural Resources Fund, Folium Fund III LP, with the aim of raising $500 million. The fund will be used to acquire forestry and agriculture assets, taking advantage of opportunities presented by efforts to reduce carbon emissions and the growing demand for healthy food.
- Governor Gretchen Whitmer announced that Norwegian hydrogen company Nel Hydrogen is establishing an automated gigawatt electrolyzer manufacturing facility in Michigan. The project is expected to generate a total capital investment of up to $400 million and create more than 500 good-paying manufacturing jobs that build on Michigan’s leadership in the hydrogen space.
- PT Pertamina Geothermal Energy (PGEO) has completed raising green bonds in the global market following an initial announcement made in April 2023. The green bonds are valued at USD $400 million or approx. IDR 5.8 trillion were oversubscribed 8.25 times,yield 5.15% through 2028, receiving total offers of up to USD $3.3. Billion.
- Bitech Technologies Corporation, a global technology solution provider dedicated to providing a suite of green energy solutions with a focus on green data centers, commercial and residential utility, electric vehicle infrastructure and other renewable energy initiatives announces it has received a Letter of Intent (LOI) from Nam Viet Green Energy JSC — a Vietnam-based company focused on project investment, EPC construction, and energy facility operations — to provide up to $300 million in financing for selected projects related to solar and Battery Energy Storage System (BESS) projects.
- Climate Adaptive Infrastructure with their $1bn debut fund and DigitalBridge Group, Inc. announced a decarbonization partnership to accelerate the Digital Infrastructure ecosystem’s transition to Net Zero. CAI, an infrastructure investment firm specializing in low-carbon real assets in the energy, water and urban infrastructure sectors will work with DigitalBridge to identify, develop and invest in sustainability-focused initiatives and projects that complement DigitalBridge’s existing and future investments.
Greece launches EUR-238m ($261m) rooftop solar subsidy programme [Renewables Now]
- The Greek government has officially fired the starting gun of a EUR-238-million (USD 261.8m) programme that will subsidize the installation of rooftop solar systems coupled with battery storage. The programme, dubbed Photovoltaics on the Roof, is open to households and professional farmers. The Ministry of Environment and Energy started accepting applications on May 2 through an online platform, which will remain open until the depletion of available resources. The programme’s closing deadline is set for the end of June 2024.
Lilium announces capital raise for up to $250 million, with $100 million funded at close [Lilium]
- Lilium N.V., developer of the first all-electric vertical take-off and landing jet, announced a capital raise for up to $250 million, with $100 million funded at the close of the Post-IPO Equity round. This capital raise enables Lilium to continue the development of its Lilium Jet at full pace and would cover most of the estimated capital required to achieve first manned flight of the type-conforming aircraft.
- The European Investment Fund (EIF) and BBVA are set to make it easier for startups with innovative and sustainable value propositions to get access to financing. The two institutions have concluded an agreement under the InvestEU guarantee programme whereby the EIF will grant a €200 million guarantee to enable BBVA Spark (BBVA’s specialized startup initiative) to strengthen its support for startups, helping them with their expansion plans. BBVA Spark promotes economic growth, competitiveness and sustainable development in the Spanish technology sector. It supports new and innovative small and medium-sized enterprises (SMEs) and small mid-caps to grow in sectors such as digitalisation and sustainability. This agreement with the EIF will help BBVA Spark to expand its activity in Spain.
DeSantis led board invests $200m in green fund despite anti-ESG policy [Forbes]
- The Florida State Board of Administration, headed by Governor Ron DeSantis, disclosed their investment of $200 million in a green energy fund.
GM will invest $200 million in new parts factory for upcoming Silverado EV [Inside EVs]
- General Motors plans to build a new, $200-million parts factory that would support the assembly of the upcoming Chevrolet Silverado EV and GMC Sierra electric pickup trucks. The new project is set to be constructed on the former Detroit Pistons Arena in Auburn Hills, Michigan, which was demolished in 2020, covering 87.3 acres.
Silicon Valley Bank is back to financing community solar with $200m financing deal [Canary Media]
- SVB — now under new ownership — announces a $200 million financing deal for Pivot Energy, a leading community-solar developer. Community-solar developer Pivot Energy announced a $203 million financing package led by Silicon Valley Bank, now a division of First Citizens Bank. The package includes a construction loan, tax-equity bridge loan and term loan, with JPMorgan, National Bank of Canada, Bank United, Cadence and Comerica also contributing debt financing.
Emirates airline creates $200 mln aviation sustainability fund [Reuters]
- Emirates airline said it had committed $200 million to a research fund focusing on reducing the impact of fossil fuels in commercial aviation, because hitting net zero emissions targets would not be possible with currently available options. Emirates President Tim Clark said the biggest impediment for airlines in reducing their environmental impact was currently fuel.
Joby Aviation lands $180M equity investment from returning backer Baillie Gifford [Tech Crunch]
- Baillie Gifford is buying nearly 44 million newly issued shares in Joby Aviation, a purchase that will provide a $180 million injection of capital into the company as it continues to develop all-electric aircraft for a commercial passenger service. Joby Aviation said, as part of its first-quarter earnings report, that it will sell 43,985,681 to the investing group at a price of $4.10 per share, a move that bolsters its balance sheet amid a stormy economic environment.
Vietnamese PE Mekong Capital eyes $150m for debut impact fund [Deal Street Asia]
- Vietnam-based private equity firm Mekong Capital is seeking to raise at least $150 million for its debut impact investment fund that will target companies helping to combat climate change, according to a report by Private Equity International (PEI). The fund will have a hard cap of $200 million.
Colombia oil regulator to invest $135 million in renewable energy [Reuters]
- Colombia's National Hydrocarbons Agency (ANH) will invest more than $135 million in growing its knowledge of renewable energy options. The government of leftist President Gustavo Petro has set its sights on weaning Colombia from its dependence on oil exports, a major source of income for the Andean country, as it moves to transition to cleaner energy sources.
Bulgaria opens EUR 123m ($134m) home solar scheme to applications [Renewables Now]
- Bulgaria’s energy ministry said that a scheme to support the installation of photovoltaic (PV) systems by households is now open to applications. The launch of the scheme follows final approval by the European Commission. The initiative is part of Bulgaria’s National Recovery and Resilience Plan. It is worth a total of BGN 240 million (USD $134m/EUR 123m), with BGN 140 million coming from the EU’s Recovery and Resilience Facility and BGN 100 million being national and private co-financing.
- The Canadian Minister of Innovation, Science and Industry, François-Philippe Champagne, announced that Concordia University will receive a Canada First Research Excellence Fund grant of $123Mto support the activities and initiatives encompassed in Electrifying Society: Towards Decarbonized Resilient Communities.
- Elevate, a new vehicle in the Energy Impact Partners franchise, is a purpose-built fund focused on driving diversity in the energy ecosystem through a three-step approach – providing capital to underrepresented founders, supporting diversification and minority owned businesses in the supply chain and investing in all parties along the ecosystem to achieve the mutual goal of accelerating the clean energy transition while increasing diversity, equity and inclusion in the broader venture capital network.
Britain pledges $100mn for Brazil’s Amazon Fund [Daily Times]
- The British contribution to the fund will be £80 million ($102 million), aimed at stopping deforestation and saving the region’s rich biodiversity. The investment is the latest diplomatic win for Brazil as it seeks to get wealthy nations to help bankroll the fight to save the world’s biggest rainforest. Capital for Climate recently covered the U.S. also pledging $562m to Brazil’s Amazon Fund in our last newsletter.
Research, Frameworks, & Case Studies
- “A coalition of investors that oversee $10tn in assets has called on companies including Amazon, PepsiCo and McDonald’s to drastically reduce their reliance on plastics, saying a failure to do so exposes them to financial risks. The 183-strong group has written to 30 of the world’s biggest grocery, retail and consumer goods companies to warn that continued production of plastics poses risks to public health, biodiversity, climate change and human rights.”
Carbon credit compliance market investments are rapidly increasing across the globe [GlobeNewswire]
- According to the latest research by InsightAce Analytic, the global carbon credit compliance market size is valued at US$ 402.58 Billion in 2022, and it is expected to reach US$ 4433.81 Billion in 2031, recording a promising CAGR of 30.72% during the forecast period of 2023-2031.
Nature-based Solutions
Deals and commitments above $1m
Individual Deals & Market Watch
$100m fund to boost fisheries [The Nation]
- The World Wildlife Fund (WWF) and Finance Earth (FE) have launched a $100 million initiative to ensure the transition to more sustainable fisheries worldwide. The project is focused on reversing the trend of fisheries decline and scaling global improvements toward thriving communities and a sustainable blue economy.
Washington gets $74.4M in coastal and climate resilience funding [Dredging Today]
- Natural barriers like marshland, dunes, and floodplains provide critical protection from storms and rising sea levels. New funding from the National Oceanic and Atmospheric Administration (NOAA) will invest $74.4 million across 14 projects in Washington state to enhance these protections, create jobs, and support healthy natural environments.
- The U.S. Environmental Protection Agency (EPA) announced the availability of $30 million from the Bipartisan Infrastructure Law for restoration projects that advance environmental justice in underserved and overburdened communities across the Great Lakes. The EPA has published a request for applications for the newly created Great Lakes Environmental Justice Grant Program that will fund implementation of environmental protection and restoration projects that will further the goals of the Great Lakes Restoration Initiative (GLRI) in communities with environmental justice concerns.
Texas A&M Forest Service to receive $21.75 million for urban forestry initiatives [Texas A&M Today]
- The U.S. Department of Agriculture has awarded the Texas A&M Forest Service $21.75 million for projects that will expand and conserve forests in the state’s urban areas. The funding, part of the Biden administration’s Inflation Reduction Act, will help Texas expand its urban forest canopy, improve air and water quality, reduce energy consumption, and enhance the health and well-being of communities.
- Researchers at the AI Institute for Climate-Land Interactions, Mitigation, Adaptation, Tradeoffs and Economy (AI-CLIMATE) aim to use artificial intelligence (AI) to create more climate-smart practices that will absorb and store carbon while simultaneously boosting the economy in the agriculture and forestry industries. The institute is one of seven new NSF- and USDA-funded AI Institutes announced and is part of a larger federal initiative — totaling nearly half a billion dollars — to bolster collaborative AI research across the country.
The Yield Lab Latam raises $20m from Grupo Bimbo, IDB Lab, others for third fund [AgFunder News]
- The Yield Lab Latam (YLL) has completed the first close of its third fund of $20 million to invest in early-stage Latin America agrifoodtech startups. The fund’s investors include Grupo Bimbo, the largest bread producer in the world, IDB Lab, the innovation arm of the Inter-American Development Bank, and Chilean chemicals company SQM. YLL will use the fund to invest in 30 Latin American agrifoodtech startups over the next four years.
- A groundbreaking was held for a new land-grant research and extension center near Harrisburg in Poinsett County to serve the needs of rice growers in Northeast Arkansas. The Northeast Rice Research and Extension Center is owned and operated by the University of Arkansas System Division of Agriculture. The $18.5 million center is funded by the Division of Agriculture, with a grant from the Arkansas Rice Research and Promotion Board from Tariff Rate Quota funds from a U.S.-Colombia trade promotion agreement specifically directed to rice research.
- Mast Reforestation, the leading vertically integrated reforestation company, announced a $15 million financing agreement with Carbon Streaming Corporation to advance its post-wildfire reforestation projects throughout the American West. This first-of-its-kind project financing will cover the high upfront costs of reforestation projects, accelerating Mast's forest restoration work and enabling the company to serve more landowners affected by wildfires.
- ChrysaLabs, a leading innovator at the forefront of soil science, announced a 15 million Canadian dollar ($11 million) financing round, including investments from Leaps by Bayer, TELUS Ventures and BDC Capital. Existing investors Ecofuel, Emmertech, Anges Québec, AQC and Koan Capital are also participating in this financing. Investment will advance smart farming technology to empower growers with real-time portable lab data and to support the carbon credit industry with scientifically accurate measurements.
- The INVL Sustainable Timberland and Farmland Fund II (STAFF II), a fund that invests in forest and land which is managed by INVL, the leading investment management and life insurance group in the Baltics, secured an additional EUR 9.4 million of investor commitments to reach a size of EUR 90.7 million. The Fund currently manages 17,000 hectares of forests and land.
Bettermoo(d) aims to secure $10m for vegan Alpine milk Moodrink [vegconomist]
- Plant-based dairy alternative company bettermoo(d) seeks to raise $10 million by selling shares at $6.80 each in a non-brokered private placement. Before launching its trademarked Moodrink — a vegan alternative formulated to emulate the taste of Alpine milk — on the West Coast of Canada this September, the company is offering a financing opportunity. It requires investors to purchase one share of common stock and one share purchase warrant, which is exercisable for $9.80 per share for 24 months.
Cosun and Oost NL jointly invest $8.8m in foodtech scale-up revyve [Cosun]
- Cosun and Oost NL are jointly investing €8 million in food tech scale-up revyve in Wageningen to stimulate the development and production of sustainable, upcycled and local ingredients from co-products from the food industry. Revyve – the innovative Wageningen foodtech scale-up – uses patented technology to produce protein and fiber ingredients from brewer's yeast, a sidestream of beer breweries. These upcycled ingredients have a low carbon footprint and can replace animal proteins and E numbers (such as methyl cellulose).
- The National Oceanic and Atmospheric Administration recently awarded a $7.8 million grant to a partnership of local organizations working to restore and preserve East Honolulu's Maunalua Bay. Leading the group is the nonprofit Mālama Maunalua. Formed in 2006, it is committed to restoring and conserving the bay through science and planning, and education and outreach.
Groundwork Jacksonville awarded $5.7M for Urban creek restoration by NOAA [Action News Jax]
- Groundwork Jacksonville, a non-profit organization dedicated to environmental restoration and community revitalization, has been awarded two grants totaling more than $5.7 Million from the National Oceanic and Atmospheric Administration (NOAA). The funds will be used for the restoration of Hogans and McCoys Creeks, two of the most important waterways in Jacksonville, Florida.
Fermify raises $5m for affordable animal-free casein made from microbes [green queen]
- Austria-based biotech startup Fermify has announced the closing of a $5 million Seed funding round for its precision fermentation milk protein. Fermify’s new funding was led by Climentum Capital, an Article 9 Climate Tech fund investing in companies capable of transforming industries and significantly reducing CO2 emissions, with participation from several female investors, including Dörte Hirschberg from Climentum, Bettine Schmitz from Auxxo, and Nina Wöss from Fund F.
Agronomics’ Good Dog Food raises £3.6m ($4.5m) to replace slaughtered meat in pet food [vegconomist]
- Agronomics, the UK’s leading biotech VC, announced its participation in the round with a £1 million investment. It now holds 8,768 shares in GDF, representing 42.4 percent of the company. GDF aims to revolutionize the pet food industry with innovative slaughter-free products. The company argues that meat production significantly impacts the environment, contributing to climate change and overexploiting natural resources.
- The Utah Division of Wildlife Resources Endangered Species Mitigation Fund has allocated $4.4 million to be used on 42 wildlife conservation projects over the 2023 fiscal year, July 1, 2023, thru June 30, 2024. Each allocation is meant to be used on projects determined to be of the greatest conservation need.
- Taco Bell is now partnering with its long-time supplier Cargill and the National Fish and Wildlife Foundation to implement conservation and regenerative agriculture practices across cattle grazing lands. The commitment from Cargill and Taco Bell will allocate $2 million and will leverage up to $2 million in federal funds for a combined total of $4 million in new grants over the next four years. Taco Bell estimates the partnership will conserve and restore tens of thousands of acres and sequester up to 44,000 metric tons of carbon dioxide equivalent per year in 2030.
Merkley, Wyden announce nearly $4m coming to Oregon for ecosystem restoration projects [KPIC]
- Oregon’s U.S. Senators Jeff Merkley and Ron Wyden announced that the U.S. Department of the Interior (DOI) is awarding Oregon a total of $3,847,767 from the Bipartisan Infrastructure Law for ecosystem restoration projects across the state to restore lands and waters critical to climate and infrastructure resilience.
Nearly £2m ($2.5m) to be spent on 'regenerative farming centre' on Somerset Levels [Yahoo Sport]
- Glastonbury was one of 101 towns across the UK – and one of only two in Somerset – which has received funding from the government’s towns fund, with £23.6m being provided for projects designed to enhance the town center and improve the town’s fortunes. The center is designed to be “a community-led agroecological facility which will enable people to find a place of learning and development, and gain knowledge and experience in producing local food.”
- Mycocycle, a nature-inspired biotechnology startup operating in the waste-to-value space, announced it has raised a total of $2.2M in seed funding, bringing total funds raised to $3.7M. Led by Anthropocene Ventures, the seed funding round also includes investments from the TELUS Pollinator Fund for Good, Alumni Ventures, and Telescopic Ventures, among others. The new capital enables Mycocycle to establish a model pilot facility, develop its first-generation decentralized treatment container, validate reuse of its biobased byproduct, and expand its team.
DEC announces $2.15 million in funding is now available for Tidal Hudson River Communities [DEC NY]
- New York State Department of Environmental Conservation (DEC) Commissioner Basil Seggos announced the availability of $2.15 million in competitive grant funding for projects to help communities along the Hudson River Estuary improve water quality, advance stewardship of habitat and natural resources, and enhance river access and education. The grants are funded by the State's Environmental Protection Fund and administered by DEC's Hudson River Estuary Program.
- Agrifoodtech startup MicroHarvest has raised €1.5 million ($1.6m) from Simon Capital. The raise coincides with the opening of MicroHarvest’s new office in Lisbon on May 4. The company will now be based in both Hamburg and Lisbon, and is building a pilot plant in the latter city to produce prototypes and accelerate research.
- Farmless—a Dutch startup using carbon dioxide and hydrogen, rather than sugar, to fuel its fermentation-based food production platform—has raised €1.2 million ($1.3 million) in a pre-seed round led by Revent, Nucleus Capital, and Possible Ventures. Other backers include HackCapital, Sustainable Food Ventures, VOYAGERS Climate-Tech Fund, and TET Ventures, says the firm, which was founded by physicist Adnan Oner last fall with a mission to “decouple food production from agricultural land.”
Research, Frameworks, & Case Studies
How Queer Entrepreneur Zoya Biglary is Revolutionizing the Plant-Based Raw Fish Industry [Gayety]
- The article profiles Zoya Biglary and her company, Fysh. The company was founded by Biglary and her longtime friend, Chef Paul Barbosa Jr. While Biglary’s Fysh Food aims to counter the fish industry and fight against overfishing, it also aims to promote inclusion. She hopes by offering consumers a choice each time they crave seafood, she can lessen the damage being done to marine life and our oceans.
Seaweed farming project paves the way for natural capital investment [The Scottish Farmer]
- Kaly Group Ltd is a natural capital investment company focused on developing marine environment projects. The author notes that Kaly's go-to-market strategy has expanded to include integration into the fast-growing seaweed biostimulant product category for use on land-based crops and soil. This move aims to enhance topsoil quality and reduce synthetic nitrogen and mined phosphorus use in agriculture while simultaneously remediating harmful nutrient loads in the sea from agricultural runoffs and finfish aquaculture. Working with the Scottish Institute for Marine Sciences and the James Hutton Institute, Kaly is developing a methodology to quantify the environmental benefits of this process.
What’s new in climate investment?
More NewsFunders
Lead Contributors
.png)
