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Funds flow to carbon capture tech startups

Tech firms Stripe and Shopify have launched a $US1 billion ($A1.4 billion) fund for startups focused on carbon capture and storage. 

Also, climate tech venture capital firm Lowercarbon Capital has created a $US350 million fund focused on the same. Headed by Chris Sacca (an investor behind Stripe, Twitter and Uber), the fund’s focus will be on the cleanup of CO2 and how to keep the excess CO2 polluting the atmosphere more permanently. Stripe is one of the investors. 

Deloitte makes $US1 billion climate investment

Deloitte is investing $US1 billion in its global sustainability and climate practice, bringing together advisory, assurance, audit, consulting, finance, and tax services. The global practice has launched a new Deloitte Center for Sustainable Progress that aims to help clients transform at scale and guide organisations through their sustainability journeys. 

Reclaim PV and CPVA to drive solar energy circular economy

Reclaim PV Recycling and The Circular PV Alliance have announced the signing of a memorandum of understanding to drive the reuse and resale of solar panels and enhance the solar energy circular economy. The companies will test solar panels for potential safe reuse rather than going straight to recycling. 

In 2021 the companies undertook separate used solar panel testing projects and found that more than more than 31 per cent of used PV panels could be considered for reuse instead of going through the recycling process. There is currently no legislation in Australia to govern the re-use of solar panels.

Outer metropolitan households could save $5000 a year from electrification

Rewiring Australia has revealed findings that outer metropolitan areas have the most to gain from a switch to renewable powered electrification of homes and vehicles, with savings of around $5000 a year estimated.

A new online tool, Electrify my Electorate, allows voters, candidates and researchers to gauge household benefit, aggregate economic benefit, and jobs that would be generated by rewiring homes to solar electric power.

Modelling from Rewiring Australia last year found that electrification of Australian homes and vehicles could reduce domestic carbon emissions by over a third. The group predicts the switch could be achieved in eight years through a $12 billion investment that would lead to overall national savings of more than $40 billion.

Carbon negative alcohol gets cash infusion

Air Company, a company that creates “carbon negative” vodka, hand sanitiser and perfume, has closed a $US30 million Series A funding round led by Carbon Direct Capital Management along with Toyota Ventures, JetBlue Technology Ventures and Parley for the Oceans. The alcohol is made through electrolysis. This brings the total money behind the New York venture to $US40 million. 

UN Roundtable for sustainability in finance

Registrations for the next UNEP FI (United Nations Environment Programme Finance Initiative) Global Roundtable are open. The event will be held virtually on 10-14 October 2022, with more than 5000 leaders and finance professionals expected to take part in discussions on how to integrate sustainability into banking, investment and insurance.

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