Good Morning
What we’re reading this week:
Climate Change is Changing How We Dream (T)
Bill Gates and John Doerr-backed Breakthrough Energy Ventures is raising its third fund (A)
Cold War-era atomic bomb site could host largest US solar development (RT)
The Greendicator
Top Deals of the Week
![Konscious Foods Konscious Foods](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F187583df-a314-48ed-aa2d-5f99394a38de_590x600.png)
Newlight Technologies, a startup using natural microorganisms to convert greenhouse gas into high performance AirCarbon, raised a $125M round led by GenZero (FN)
Bright, a Mexico City startup backed by actor Leonardo Di Caprio that sells and finances solar equipment to businesses and consumers in Mexico, raised a $31.5 million Series C round. The Danish SDG Investment Fund was the lead. Contxto has more here.
EV.energy, which develops software for managing electric vehicle charging, closed a $33 million Series B this month. National Grid Partners led the all-equity round for the five-year-old, London-based startup. Axios has more here.
Equilibrium Energy, a two-year-old San Francisco startup that is developing technology to support the accelerated deployment of grid-scale batteries, raised a $33 million round. Investors included Breakthrough Energy Ventures, Global Founders Capital, and NJP Ventures. More here.
Carbon Upcycling Technologies, a decarbonization solutions startup for the cement, steel, and mining industries, raised a $26M Series A led by Climate Investment and BDC Capital’s Climate Tech Fund (FN)
Plant-based seafood brand Konscious Foods raised a $26M seed round led by Protein Industries Canada, Zynik Capital, and Walter Group (BW)
Revalue Nature, a one-year-old London startup whose platform helps financiers evaluate potential carbon projects, raised a $10 million Series A round. Ecosystem Integrity Fund and SJF Ventures co-led the deal. Tech.eu has more here.
GlassPoint, a company that today sells solar-generated steam for industrial uses after it was founded in 2009, liquidated in 2020, and relaunched in 2021, has raised $8 million in a Series A round led by new investor 300PPM. (WSJ)
TruckLabs, a nine-year-old Phoenix startup that has developed an aerodynamic device that closes the gap between a truck cab cab and trailer in order to reduce drag, improve stability, and increase fuel efficiency, raised a $7 million Series B round led by Blue Bear Capital. More here.
Nuada, a carbon capture startup, raised $4.3M in funding led by BGF (FN)
Divirod, a real-time flood management and water risk analytics company, raised a $3.6M bridge round from GHD, Thin Line Capital, and TDK Ventures (FN)
Green Theory
Ground 4 in 5 planes? Air Traffic Uncontrolled Part II
Last week, we discussed how about half of US flights are taken by less than 3% of adults. The next 6% of adults take another 30% of flights. The final 20% of all flights could sustain 91% of the US population: the sum of all adults flying roundtrip once, twice, or never in a year.
Air travel is a small but growing share of total emissions, labeled as “one of the most challenging to decarbonise”. Leading technological pathways point to new, lower-emissions fuels, which were recently boosted by the Inflation Reduction Act. Still, these fuels are a long way off, and don’t get us to net zero emissions, anyway.
Can flyers impact airline emissions?
Those flying weekly or more often (8 million people, who together take half of all flights) could well have jobs that require air travel. At the same time, only 12% of commercial air traffic is attributed to business flying, according to McKinsey, leaving most flights to personal journeys.
Adults have far more choice in whether to take the remaining 88% of flights (personal flights), but high-volume business travel also requires comfort with a jetsetting career. Ultimately, it’s the individual’s choice to fly that drives airline emissions, not transporting food or medicine, for instance.
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The easiest way to eliminate flying emissions is to step on fewer planes than planned. Unlike finding sustainable, fresh food near you, buying an electric car, or insulating your home—flying less is free, and available to everyone who flies a lot.
What would it take to draw down aviation pollution?
Videoconferencing and other virtual collaborative tools actively dampen the demand for business travel, and stand out as an emissions drawdown climate solution. Most flying, however, isn’t for business, anyway.
Whether committed to flying for work or personal reasons, look for ways to take fewer, longer trips, to make the most of the hauls. Since businesses and individuals can save money by not buying plane tickets, a financial case can help justify a spared flight. Choosing to skip even one air itinerary can send emissions-saving ripples throughout your network, and even the airline industry.
Opting out of a given flying vacation could save numerous plane tickets across all would-be companions. One person’s decision not to buy a seat could be the cutoff point for that flight’s schedule getting altered, or route shut down.
A life with less flying likely means a healthier life: from the personal to the planetary. Will the next decade see airline emissions soar to catastrophic heights, or will the flight-frenzied few come off the gas, and back down to earth?