San Francisco Climate Week 🌉

Hey from the bay,

Welcome to the freshest edition of our ekonews 🌿

This week, we're navigating the ins and outs of government funding to the vibrant energy of San Francisco's Climate Week.

• SSS 🌍

• Climate Week 🌉

• Government Grants 💰

• Venture Building ⚙️

• EkoHero 🇺🇸

And guess what? We've got a brand new EkoHero tale to share with all of you. 🌎

Sustainability Sentiment Score (SSS)

The SSS is down again this week, once again driven predominantly by the Voluntary Carbon market. The Growth Climate and Mature Climate markets have hovered steadily the last week, though they both saw a slight rise on Wednesday the 1st.

This is potentially due to the Fed's meeting recap on Wednesday afternoon, in which it was announced that the Central Bank will not likely be hiking rates in the near future. This announcement spurred a rally across the market.

The Regulated Carbon market took a steep fall as the bell rang on Friday the 26th. It has since regained its footing, but market Analysts have cut their price forecasts based on the slump that the EU Allowances market has faced since the end of 2023.

Overall, the combination of increasing renewable energy adoption, a shift from coal to gas in power generation, economic downturns affecting industrial output, and regulatory changes are leading analysts to predict these lower prices.

San Francisco Climate Week 🌉

San Francisco recently wrapped up its second annual Climate Week with a bang! 💥

The week-long event featured over 300 exciting activities across the city. From corporate leaders to government officials, investors to innovators, and even the simply curious, over 20,000 individuals came together to explore, learn, and collaborate for a greener future.

This year's SFCW marked a remarkable advancement from the previous edition, boasting three times the number of events and over double the number of participants. Unlike its zero-budget past, the 2024 event garnered corporate sponsorships, underscoring the growing acknowledgment and backing for climate initiatives.

Here are some of the topics discussed throughout the week:

Joe Biden's IRA bill

Even with the enactment of U.S. President Joe Biden's IRA bill, which pours billions into the green economy, and the recovery of venture capital investment from its sharp decline in 2022-23, global climate investment remains alarmingly inadequate for meeting the 2030 target of $900 billion annually.

In an afternoon discussion, Breene Murphy of Carbon Collective Investment emphasized the necessity of innovative financial approaches to bridge the climate investing gap and reach the $5 trillion mark.

"These trillions are sitting on the sidelines, waiting to be deployed properly," remarked Murphy.

Strategies to De-risk Climate Tech Investment

Abe Yokell, Co-Founder and Managing Partner at Congruent Ventures, offered a valuable piece of advice:

This proactive strategy includes reaching out to potential strategic partners like Venture Capitalists (VCs), project financiers, and debt providers.

👇We recently wrote an article featuring some intriguing strategies to de-risk climate tech:

Artificial Intelligence 🤖

We discovered new applications of AI as a climate solution, with companies utilizing AI to monitor flood risk, simulate forest carbon sequestration, and assist utilities in identifying climate-related vulnerabilities. For our surprise, we even came across a company employing AI to decarbonize pet food!

Numerous events into the intersections of AI, ranging from an AI & energy happy hour to an AI and DeepTech roundtable, as well as an AI and wine panel and a GenAI hike.

Despite concerns about challenges associated with AI, such as the increased power demand from additional data centers, these were largely viewed as opportunities to enhance energy efficiency in data centers and collaborate with co-locators and utilities to improve siting and access to clean energy.

What will the government fund?

Curious if your climate-focused company could tap into government funding?

At ClimateDoor, we specialize in grant writing and navigating government relations, ensuring your venture can secure the resources it needs.

Here are some areas where government funding might apply:

• Research and intellectual property (IP) development

• International expansion efforts

• Hiring and training initiatives

• Carbon credit projects

• Partnerships with non-profit organizations

• Equipment procurement and associated expenses

Venture Building Note of the Week

Focus on resilience and growth in the face of adversity.

As we tackle the challenges inherent in the climate tech landscape, let’s remind ourselves and our teams that the path to innovation is often paved with obstacles.

This week, encourage a mindset of resilience, fostering an environment where setbacks are seen as springboards for growth rather than roadblocks.

Embrace each challenge as an opportunity to learn, adapt, and advance.

Let's cultivate the persistence to push through difficulties and the agility to emerge stronger.

Here’s to a week of steadfast dedication and transformative breakthroughs, as we build not just to last, but to lead.

EkoHero 🇺🇸

Recognized for his exceptional leadership and innovative strategies, Bruce received a Climate Breakthrough Award in 2018. His breakthrough idea aims to eradicate fossil fuel usage in millions of American homes and commercial buildings, transitioning them to efficient electric systems powered by renewable energy sources. This initiative seeks to cut down a significant source of greenhouse gas emissions, akin to making fossil fuel use in buildings "the next coal" in terms of national priority.

As the founder of the Sierra Club's Beyond Coal Campaign, Bruce played a pivotal role in securing the retirement of over half of the US coal fleet. Following his award, he redirected his focus to eliminating natural gas from US buildings, spearheading initiatives like the electrification program at the Rocky Mountain Institute (RMI) and supporting Berkeley's historic ban on gas in new buildings.

The funding from the Climate Breakthrough Award was instrumental in scaling up Bruce's campaign, inspiring a movement that advocates for the end of all fossil fuels in buildings. In 2021, Bruce transitioned to lead Climate Imperative, an initiative dedicated to shaping critical climate policy decisions worldwide. Meanwhile, RMI continues its efforts to eliminate gas in US buildings, with numerous states and cities adopting building electrification policies and bans on gas in new buildings.

THOUGHTS ON TODAY’S ISSUE?

Concluding our EkoAdventure! 🌿

Just Remember, Every Small Step Counts Towards a Greener World!

Stay Green until Our Next Adventure... 🌱💚

– Eko