#22. 💰 Rich countries to pay for climate damages | 🌊 Eco Wave Power's wave powers | 🚌 BYD's "Achiever" EV school bus
Also: 5 key takeaways from COP27 | Climate change and lightning strikes | Investing in renewables | US to fund $20M in Mekong region clean energy | Fiat 500e returns | BrightDrop EV delivery trucks
🌡 CLIMATE CHANGE
Included are the agreement to fund climate-caused loss and damage; the failure to phase down fossil fuels; a lack of consensus on preventing 1.5°C; the presence of fossil fuel representatives; and the importance of a functioning democracy for fighting climate change.
This is a summary of an academic journal summarizing a new paper on the impact on lighting strikes caused by climate change. The geographic focus of the region is Europe, with findings that suggest an increase in lightning strikes in the mountains and across Northern Europe, and a decrease in strikes over central Europe and lower-lying altitudes.
The agreement is a welcome one, after three decades of failed attempts, but without any legal liability to hold countries accountable, and another year to determine exactly which countries will pay how much, and practically, to what funds, a lot remains up in the air.
🔋 CLEAN ENERGY
This is a great summary of the myriad investment options in clean energy — solar, geothermal, hydroelectric, and wind — spanning stocks to mutual funds to ETFs (exchange-traded funds).
U.S. Vice President Harris announces $20 million new clean energy funding for Mekong region (quick read)
The clean energy projects will be funded by the Japan-US-Mekong Power Partnership (JUMPP).
Eco Wave Power, an Israeli startup with offices in Sweden, attaches floating devices to water-based structures like piers and breakwaters to harness wave energy and produce electricity. The oscillating motion produces pressurized fluid that turns a hydraulic motor that activates a generator that then produces electricity through an inverter.
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🚗 AUTONOMOUS & ELECTRIC VEHICLES
Fiat is bringing back the EV version of its plucky little Fiat 500, the 500e, for the 2024 model year, but Fiat warns it will be expensive and low-volume.
Chinese EV manufacturer BYD has just launched its Achiever EV school bus. It includes V2G technology that enables the bus to provide clean energy back to the grid when not in use. It also uses BYD’s proprietary and safest battery technology with 60% lower maintenance and energy costs. Meanwhile, BYD just delivered its third EV school bus to San Francisco’s Muni Transit Association (SFMTA).
Electric delivery vehicle startup Brightdrop just announced it’s already achieved $1 billion in revenue after just three years. Google, in contrast, took five years; Tesla took nine. They are currently on track to hit $10 billion in revenue by 2030 with 20% profit margins.
🎉 THAT’S ALL FOR TODAY!
Thank you so much for reading, see you tomorrow!-Marc