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The Covid pandemic reduced users and revenues for public transportation systems worldwide, dealing a hard blow to efforts to move away from fossil fuels. IDB and Green Climate Fund lead $450 million fund for e-mobility in Latin America and the Caribbean. “Blue Frontier’s technology is a game changer for both cooling decarbonization and grid efficiency,” said VoLo Earth’s Kareem Dabbagh. Building tech provider Modern Niagara also participated.

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The Boca Raton, Fla.-based startup raised a $20 million Series A round led by Breakthrough Energy Ventures, the 2150 Urban Tech Sustainability Fund and VoLo Earth Ventures. Blue Frontier aims to soothe your conscience – and the climate – with units that use a salt solution that can store energy to reduce electricity use by up to 90% and replace traditional refrigerants that emit potent greenhouse gasses. There should be a word for that feeling when you blast your air conditioner on a hot day and feel guilty about the climate impacts – schadenkühl much? Air conditioners account for 5% of global emissions and demand is spiking amid heat waves around the globe.

Keep reading, “ Can’t we just pay the Democratic Republic of Congo to keep its oil in the ground? ” by Jessica Pothering on ImpactAlpha.īlue Frontier raises $20 million for energy-storing air conditioners.

Such schemes are being tested in the Seychelles and Belize, but represent hundreds of millions of dollars against the tens of billions in emerging market debt payments owed this year alone. African countries at the Petersberg Climate Dialogue last month called for carbon credit and conservation schemes to be linked to sovereign debt reduction. The $133 billion invested in 2020 represents only a quarter of what’s needed annually for forest and peatland restoration, regenerative agriculture, water conservation and biodiversity preservation. More than $8 trillion is needed by 2050 for land-based climate solutions. This is why we expect fair funding in exchange for the services provided by our forests.” “The D.R.C., despite its environmental potential, has not benefited sufficiently from climate funds. Such financing schemes fall far short of what’s needed, warned Eve Bazaiba Masudi, the D.R.C.’s minister of the environment. A dozen international donors pledged $1.5 billion to protect the Congo Basin over the next four years. The World Bank has a $42 million initiative with the country. is negotiating a 10-year, $1 billion forest carbon credit scheme with the D.R.C. “The current price of forest carbon, at $5 per ton, is neither fair nor realistic,” he said, calling for “a fair price for forest carbon that incorporates foregone opportunities.” The U.S.

President Joe Biden last year put a price on the avoided carbon in the Congo Basin: $100 per ton. President Felix Tshisekedi in a meeting with U.S.

Such an effort would represent an unprecedented step-up in global nature-based solutions finance, which registered only $133 billion in investments in 2020. for the public good of keeping the oil in the ground.

What’s needed: an urgent and radical effort to reward the D.R.C. The central African country, long ravaged by poverty, war, corruption and colonial and post-colonial resource exploitation, is eying $32 billion in annual revenues, bolstered by surging oil prices amid the global energy crisis. The Congo Basin accounts for more than 5% of the worlds’ tropical forests, 70% of Africa’s forestland, and is home to one of the planet’s last active land-based carbon sinks. Case in point: the Democratic Republic of the Congo’s decision to auction off oil-drilling rights in one of the most biodiverse and carbon-critical land masses on the planet. Environment Programme declared in a report last year. Greetings, Agents of Impact! Featured: Nature-Based FinanceĬan’t we just pay the Democratic Republic of Congo to keep its oil in the ground? The biggest failure of nature conservation and restoration efforts “are the unrewarded provision of public goods and services,” the U.N.