Here is today’s sustainability, Net Zero and circular economy news, research and analysis. This daily update is designed for technology partners, management consultants, CIOs, chief sustainability officers (CSOs) and c-suite members.
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Our updates for Thursday, April 20, 2023 include…
A. Sustainability and Net-Zero Partnerships, Research & News
1. IT Services: SHI International, one of the largest IT solutions providers in the world, committed to the Science Based Targets initiative (SBTi).
2. Apple Carbon Neutral Product Strategy: Apple is making progress toward its "ambitious goal to make every product carbon neutral by 2030, including a new framework for sharing the reduced climate impact of new models of iPhone, iPad, MacBook Air, and Apple Watch," the company said.
3. IBM Revenues & Sustainability Opportunities: "Many clients are leveraging our technology and expertise to advance their sustainability agendas," IBM CEO Arvind Krishna said during the company's April 2023 earnings call. He touted partnerships involving IBM software and EY's sustainability consulting practice, and a relationship involving Siemens that "integrates software from both companies to enable sustainable product development." Still, Krishna did not share any specific facts, figures or research to pinpoint the size of the sustainability opportunity.
4. Partnership: ERM and Persefoni have partnered to "help organizations accelerate their efforts to deliver on the Paris Agreement and navigate the transition to net zero." ERM positions itself as "the world’s largest pure play sustainability consultancy." Persefoni develops climate accounting software.
5. Solar Power - Retail Deployments: In line with its goal to reach net-zero greenhouse gas emissions by 2050, Lowe's announced details of rooftop solar panel installations at 174 store and distribution center locations nationwide, including 20 sites currently in operation. Once each site is completed, the solar panels will provide approximately 90% of the energy usage at each location, Lowes said. Key solar deployment partners include DSD Renewables, Greenskies Clean Focus and Infiniti Energy, the announcement said.
6. Research - Solar Power Market Growth Forecast: The Global Solar Power Market is expected to reach $377.04 billion by 2029, expanding at a 7.0% CAGR (compound annual growth rate) from 2023, according to Exactitude Consultancy.
7. Blockchain - Greenwashing Concerns: The DFINITY Foundation, the Swiss non-profit and major contributor to the Internet Computer blockchain (ICP) has launched the Proof of Green (PoG) initiative. The PoG initiative "aims to bring transparency and cut greenwashing in the blockchain industry by standardizing how blockchains report carbon consumption," the organization said.
B. Sustainability Funding, Financing, Mergers & Acquisitions
1. M&A - Tech Manufacturing: Infinitum, which developed the sustainable, air core motor, has acquired Circuit Connect, a printed circuit board (PCB) fabricator based in Nashua, New Hampshire that has served the OEM and electronic manufacturing industry for 30 years. Financial terms were not disclosed.
2. M&A - Hydro Electric Power: Investment firm Downing LLP has acquired a 6 GWh Norwegian hydro plant -- known as Lauvstad Kraftverk AS -- from Fossberg Kraft AS. The purchase price was £3 million (US$3.73 million), the buyer said.
3. Venture Capital: BDC Capital has launched a new $150-million Sustainability Venture Fund. The fund is "dedicated to investing in businesses developing technologies that will support Canada and the world to meet sustainability and climate targets," the organization said. This new Fund complements BDC Capital's existing $400-million Climate Tech Fund II, the firm said.
C. Around the Globe - Sustainability and Net-Zero Government Policies & Regional News
1. United States - Florida ESG Policy: Florida governor Ron DeSantis has pulled off another assault against ESG, Bloomberg reported. Indeed, Florida’s Republican-controlled Senate approved a bill that bans state and local governments from using environmental, social, governance criteria when selling debt or investing public money, the report said. The legislation, which had already cleared the state’s House of Representatives in March 2023, will now be brought to DeSantis for his signature.
2. Europe - Extreme Weather and Industry Impact: The record heat and drought hurting European farmers, power utilities and insurers foreshadows even faster change to the continent’s climate, with scientists warning that feedback loops from a drying Earth likely will lead to dangerously high temperatures again this year, Bloomberg reported. The European Union’s newest climate assessment, published by its Copernicus Climate Change Service, shows how scientists and policy makers are preparing to adapt to life on a hotter planet, the report said.
3. India - Extreme Weather and Power Outages: Bangladesh is being forced to cut power to millions of people as a relentless heatwave leads to a surge in demand for power and thereby creates massive electricity supply shortfalls during the Muslim fasting month of Ramadan, Reuters reported.
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