Connect with us

Business

Al Gore’s investment firm closed a $1 billion sustainable solutions fund

Steven Li

Published

on

Generation Investment Management

Former Vice-President Al Gore’ Generation Investment Management LLP has held sustainability close to its investment thesis for years. After all, one of its core philosophies is that businesses that are sustainable make for ones that can achieve long-term success. Yesterday, it took one step further as it announced a new $1 billion sustainable solutions fund dedicated to supporting ventures that are not just financially sustainable, but rather environmentally sustainable too.

The new fund, dubbed Generation IM Sustainable Solutions Fund III, intends to invest “$50-150 million in innovative companies with high-growth potential,” according to its latest press release. But more specifically, Fund III will focus on three particular investment areas.

Investment Areas

Planetary Health

Planetary health is the idea that businesses can look to come up with solutions to large-scale problems while limiting carbon emissions. Particularly, enterprises looking to solve problems in transportation and energy need to be increasingly cognizant of planetary health. Companies in the automotive industry and others are continuing to innovate and move the needle towards cleaner energy. Fund III seems to look to support those companies and compound their impact.

People Health

Sustainability and people health go hand and hand, and Fund III makes that idea one of its key investment focuses. It’s been clear that climate change does impact people health. Particularly, rising temperatures and air pollution are two clear implications that climate change has on people and their wellbeing. That being said, Generation looks to fund ventures working on revolutionizing healthcare, making it more accessible to the common person.

Financial Inclusion

Fund III’s idea is that while businesses are sustainable, they should also be financially inclusive. According to Generation, it’s also looking to support businesses that are looking to form a more “equitable future of work”. Inevitably, the sustainability space is likely to generate a lot of jobs going forward. Generation is looking to make sure those jobs provide amiable working environments for employees.

Announced Investments

According to Generation’s press release, its Fund III has already invested in two companies: SOPHiA Genetics, a software company applying computing to data-driven medicine, and Andela, and a platform that helps build distributed software engineering teams in Africa.

Conclusions

As sustainability becomes a more important talking point, funds like Generation will become increasingly critical to the success of companies in the sustainability space. Going forward, the EV space won’t be just comprised of Tesla, Nissan, and the other large players. And those smaller ventures could definitely use some financial support to grow.

Business

This Restaurant Giant Is Making An Ambitious Commitment To Sustainable Packaging

Avery Maloto

Published

on

With 12 Taco Party Packs and refreshing Baja Blasts, there is no question as to how Taco Bell attracts over 40 million customers each week in the United States. Unfortunately, each of these orders presents a more pressing issue: sustainable packaging. 

Each year, only 29% of all fast-food containers and packaging are recovered. The rest accumulates in landfills, unable to serve another purpose in their lifetime. Fortunately, Taco Bell wants to address the issue of sustainable packaging.

Kicking 2020 off with a bang, the fast-food giant recently released a plan promising a sustainable mindset. Here’s what its plan is all about.

Sustainable Packaging: Recyclable, Compostable, and Reusable Products Only

Last week, Taco Bell announced its goal to make all consumer-facing packaging recyclable, compostable, or reusable by 2025 world wide. 

With 7,000 stores open across the globe, the company sits as one of the largest fast-food corporations in the world. However, with this comes great environmental responsibility. Fortunately, Mark King, Taco Bell’s CEO, is already preparing for the company’s future.

In his own words, “As Taco Bell expands its footprint, our responsibility to drive positive impact increases.”

Taco Bell CEO Mark King emphasizes his company's increased focus on sustainability. 
Credit: Washington Speakers Bureau
Taco Bell CEO Mark King emphasizes his company’s increased focus on sustainability.
Credit: Washington Speakers Bureau

King adds, “Our business growth in the last decade has positioned us to create change for good and implement creative solutions for our planet, our people and our food. We’re excited to shake things up and make 2020 even more about what matters most: our purpose”.

Fast-Food Giant Eliminates Chemicals and Adds In-Store Recycling Opportunities

In order to achieve its goal for sustainable packaging, Taco Bell is altering many of its products. 

Moving forward, several things such as fountain drink cups to paper bags will no longer have PFAS, Phthalates, and BPA. Despite being found in many food packaging, there is an unsettling link between these chemicals and multiple negative health effects.

For example, research suggests that BPA, or bisphenol A, may cause cancer and affect brain development in the womb.

By doing so, the brand strives to increase its products’ ability to be recycled, compostable, or reusable. Taco Bell did not release any information on what materials they will be using in its future packaging.

In addition to this, Taco Bell will also be offering sustainable in-store options in the near future. As of right now, these changes include implementing recycling and/or composting bins into all restaurants (where infrastructure permits).

However, there is a possibility that the restaurant will soon be supplying reusable food baskets for dine-in meals.

Taco Bell’s Previous Actions On Sustainable Packaging

In 2019, Taco Bell banned plastic straws from all of its locations in Romania and Moldova. Unfortunately, the company does not have any official commitments on bans involving plastic bags or foam containers.

Reducing Its Carbon Footprint

There is no doubt that Taco Bell is ringing in the new year with ambitious goals. However, this is not the first time that it has tried to implement sustainable goals. 

In 2019, the fast-food giant publicized 7 of its prioritized goals. Surprisingly, almost half of them can be attributed to reducing its carbon footprint.

For example, Taco Bell vowed to work to ensure that all its beef is sustainable, as well as to improve recycling efforts and include menu diversity for those leaning towards a plant-based diet

Although already having successfully launched new favorites like the Black Bean Crunchwrap, it seems like Taco Bell hopes to continue this momentum.

As another one of its 2020 goals, the company is currently striving to be the number one QSR for vegetarians.

Needless to say, environmental activists, vegetarians, and flexitarians around the globe are all happy for these announcements.

It’s Time For All Fast-Food Brands To Use Sustainable Packaging

With its efforts, Taco Bell is one of many fast-food restaurants to begin adopting a greener mindset. Working with similar ideas, McDonald’s, Starbucks, and Subway have already made sustainable commitments. However, there is still room for improvement in this industry.

Although there are many options for companies to reduce their environmental footprint, there are a few ideas that should be implemented as soon as possible:

  1. Reduce packaging or use of plastic wherever possible.
  2. Ditch hard to recycle materials such as polystyrene.
  3. Like Taco Bell, offer in-store recycling opportunities.

By doing so, monumental change can quickly occur.

Continue Reading

Business

JetBlue Airways Will Become Carbon Neutral By July 2020, Making It The First In US History

Avery Maloto

Published

on

jetBlue promises to become carbon neutral in July 2020.

This year, JetBlue Airways Corporation may become the first large U.S. airline to go carbon neutral.

As the quickest way around the world, the airline industry engages with over 4 billion individuals each year. However, it is one of the largest contributors to global greenhouse gas emissions.

Shockingly, a singular commercial flight produces more carbon dioxide than the amount that some citizens produce in an entire year. Taking note of the situation, environmental activists are putting the travel industry under fire and calling out its contribution to climate change.

However, amidst all of the criticism, JetBlue is choosing to step up to the challenge.
In order to do so, the company is set to invest in eco-friendly projects across the globe.

JetBlue Goes Green With Fuel Choices

In a press release publicized on Monday, JetBlue vowed to mitigate emissions and go carbon neutral by July 2020. With expanding efforts, JetBlue can offset 15 to 17 billion pounds of carbon dioxide emissions annually. This is equivalent to removing 1.5 million passenger vehicles off the road each year. 

As the leading project in its initiative, the company will be beginning to use sustainable fuel for all flights outbound of San Francisco. Fortunately, the fuel is already fully compatible with the existing jet engine technology.

JetBlue commits to using sustainable fuel for all flights outbound of San Francisco.
JetBlue commits to using sustainable fuel for all flights outbound of San Francisco.

Sustainable fuels, or biomass fuels, are any fuels derived from a once-living matter. For example, wood, corn, and other waste from agricultural crops are used in its production. This provides a sustainable solution to fossil fuels being popularly used today. 

As of 2018, airplanes produce 11% of all CO2 emissions in the world and significantly contribute to climate change. However, by utilizing this alternative, JetBlue says that they can reduce each flight’s fuel carbon footprint by 80%.

JetBlue Makes Becoming Carbon Neutral A Group Effort

On top of its sustainable fuel swap-out, JetBlue stated that they will continue to partner with Carbonfund.org. As a U.S. nonprofit organization, Carbonfund.org focuses on reducing carbon emissions and creating climate solutions.

The airline company and the nonprofit have been working together since 2008. In the last 10 years, the two have already mitigated more than 2.6 billion pounds of CO2 emissions.

On top of this, JetBlue now has new carbon offsetting partners. Adding to the list, EcoAct and South Pole are working with the company to promote carbon-neutral travels. 

Airline Goes Green On Land Too

As part of its carbon offsetting program, the airline company is engaging with projects around the world to mitigate the overall need for jet fuel. Focusing on areas that will opt for eco-friendly, renewable resources, JetBlue is striving to lower emissions in the atmosphere when possible. 

Currently, JetBlue announced support of carbon offset projects such as:

  • Forest conservation by declining plans that will convert forests for other purposes.
  • Promoting landfill gas capture (LFG) and converting it into renewable energy resources. 
  • Developing solar and wind farms to replace the need for fossil fuels like coal, diesel, and furnace oil.

JetBlue did not disclose the cost of any of its sustainable programs.

Collaboration Pivotal in Becoming Carbon Neutral Industry-Wide

According to JetBlue CEO Robin Hayes, the solution to this problem is a community effort. 

JetBlue CEO wants other airlines to join in the fight to become carbon neutral.
JetBlue CEO wants other airlines to join in the fight to become carbon neutral.
Credit: Lori Hoffman/Bloomberg

“The airline industry is one of the few industries that has collectively committed to an international emissions reduction goal,” said Hayes. “Air travel brings so much good to the world and JetBlue has always been about making our essential industry better. Carbon offsetting is a bridge to, not a silver bullet for, a lower carbon future. Reducing and mitigating our greenhouse gas emissions is a fundamental aspect of our business plan and our mission to inspire humanity.”

Hopefully, JetBlue achieves its mission and inspires others to do the same. If several other companies follow JetBlue’s environmental initiatives, the future of airline travels may be promising.

Continue Reading

Business

Spanish Energy Company Invests $500 Million In South Australian Renewable Energy Park

Rich Bowden

Published

on

Recently, Spanish renewable energy company Iberdrola announced that it would invest $500 million in an Australian renewable energy park. Set to be located in Port Augusta, South Australia, the 320MW hybrid solar and wind farm will be operational as soon as 2021. 

Why Australia for a New Energy Park?

Currently, Iberdrola already has over 30GW of installed capacity, in Europe, the US and South America. But at the moment, the company has very little presence in the Asia-Pacific region.

Consequently, looking to Australia as a high-potential renewables market, Iberdrola believes its investment in the new energy park can be a good first step into the region.

Recently, Iberdrola’s Head of Renewables Xavier Viteri told Australian media outlets that his company has major plans for Australia. Indeed, Port August presents a great opportunity for wind power, and solar power is a formidable supplement, Viteri mentioned.

Perfect Location for Renewable Energy Park

According to DP Energy’s Australia Manager Catherine Way, the energy park in Port Augusta is “shovel ready”.

Based on the DP Energy website, the chosen location allows the project to optimize for balancing wind and solar generation. Moreover, its placement will allow for an approach that is more tailored to the needs of the electric grid.

Is the Australian Renewable Energy Market Coming Back?

South Australia is not new to renewable energy innovation. For instance, in 2017, Tesla CEO Elon Musk won a $65.5 million bet with the South Australian government by installing a massive 100MW battery in the state’s north within 100 days.

Iberdrola announced it will invest more in renewables throughout Australia. The announcement has boosted the Australian renewable energy market, which has experienced a recent downturn.

The question is: will Iberdrola’s new $500 million investment be enough to encourage other companies to bring back the Australian renewable energy market?

Continue Reading

Trending

Share via
Copy link
Powered by Social Snap