In today’s edition:

⚡️ Tesla’s savvy charging deal

🚜 Vertical Farming struggles

🌳 Coastal climate resilience boost

Forwarded on this email by a friend?

⚡️ Energy (1-minute read)

Tesla Inc. stands to bring in as much as $3 billion by 2030 thanks to deals with Ford Motor Co. and General Motors Co. for their electric vehicles to use its charging network

What’s happened: General Motors said it would adopt Tesla technology to charge its electric vehicles, including selling models that use the plugs pioneered by Tesla. Mirroring a similar deal between Tesla and Ford last month.

GM benefit: Tesla owns the largest charging network in North America - with comparatively higher utilisation and reliability than competing charging networks. This deal allows G.M. to shortcut the development of its charging infrastructure (which CEO Mary Barra says has saved the automaker $400Mn). The hope is that by providing a dependable, widespread network, the company will increase sales of its vehicles by easing the ‘range anxiety’ of potential customers.

Tesla benefit: Tesla makes more money from selling energy to owners from other automakers (who they charge a premium Vs Tesla owners). Also, opening up the network qualifies Tesla for some of the $7.5 billion the federal government is spending to speed up charging station construction.

🚜 AgriTech (1-minute read)

New report shows protecting ocean areas boosts biodiversity AND doesn’t harm fisheries

In 2017, Mexico created the Revillagigedo National Park, North America’s largest no-take marine protected area (MPA). The park prohibits the removal or significant destruction of natural or cultural resources. Mexico’s fishing industry opposed the MPA’s creation, claiming it would harm fish production with a 20% decrease in fish catches.

Win-Win Solution: A new study shows the Revillagigedo National Park had no adverse effect on fishing fleet catches, even though no fishing is allowed there. The park has become a bustling nursery of fish, with highly productive border areas meaning fishing fleets find more catches close to the park than areas further afield which are overfished.

Importance: The study challenges beliefs that ocean protection measures threaten fisheries. Instead, it addresses the repercussions of overfishing and global warming.

Vertical Farming “withers on the vine” in Europe

Infarm, one of Europe’s largest vertical farming companies, is leaving the continent entirely. The company grows salad leaves and herbs indoors, and like many vertical farms, high energy prices and staffing costs have prevented it from reaching profitability. Infarm plans to shift its operational focus to the Middle East, where food security is an issue, growing crops outside is difficult, and energy is cheaper.

Withering: The energy crisis, alongside a cost of living crisis — meaning consumers and investors are tightening belts — has pressured vertical farms’ turnover across Europe, with many (like Future Crops in the Netherlands and Agricool in France) shutting-up shop.

🌳 Nature (1-minute read)

Biden administration announces $2.6 billion toward coastal climate resilience

What happened: The White House announced a $2.6 billion plan to help coastal communities prepare for climate change with a special emphasis on vulnerable populations and tribes.

The details:

• $575 million toward a competitive grant program for resilience and adaptation infrastructure projects

• $390 million will be sent to indigenous populations for the restoration of habitats and fish populations

• $200 million to support Marine organisations to improve data-collection processes (Vessels, Innovation funding for new technologies etc)

• $60 million will go toward climate-resilience job placement and training.

Three things we love:

1. Helping to fill the adaptation gap… International adaptation finance flows to developing countries are 5-10 times below estimated needs (Read more here)

2. Recognising and empowering Indigenous knowledge of how to manage marine areas.

3. Filling the data gap … Oceans trap around 90% of the excess heat and sequester ~30% of the CO2 released by anthropogenic activity. However, the lack of data still limits the understanding of ocean–climate interactions.

💭 Little Bytes

Quote: “Our guiding principle is to create a better life for the many people, and there’s an increasing recognition of how ‘better’ means both affordable and sustainable” — Ingka Group’s chief sustainability officer Karen Pflug

Stat: Deforestation in Brazil’s Amazon falls nearly 10% in May

Watch: Cambridge scientists find a way to fuel cars using sunshine

🗞 In other news…

• Soccer's world governing body, FIFA made false and misleading statements about the reduced environmental impact of the 2022 World Cup in Qatar, a Swiss regulator said.

• The United Nations is in the process of defining global carbon markets, which could make or break the fledgling carbon removal industry.

• A surge in the share price of US chipmaker Nvidia has boosted many ESG funds with tech stocks at the core of their portfolios.

• Indonesia and Malaysia have accused the EU’s anti-deforestation law of unfairly penalising small farmers, arguing that the regulation’s complex requirements will financially strain those least able to afford it – allegations the European Commission has rejected.

• New Yorkers will soon be required to compost all their food scraps, yard waste, and food-soiled paper under a sweeping bill that passed the City Council.

• Nestle plan to use satellites to monitor reforestation in Thailand amid global concerns about whether consumer goods companies are doing enough to reduce carbon footprints.

• The world’s biggest iron ore miner and top steelmaker, Rio Tinto and China Baowu Steel Group, are teaming up to cut carbon emissions from steelmaking.

🎣 Gone Phishing

Three of these stories are true, one we've made up. Guess which:

• Feral Australian hog steals 18 beers & fights a cow

• Wildflower garden in Florida goes viral on social media

• Racoons conduct supermarket heist in Canada

• Elephants in zoo do yoga to stay healthy

🌞 Climate Meme of the Week

📩 Submit deals, announcements, events & opportunities, or general curiosities for the newsletter here.

Written by Colin and Ollie - Drop us a message!