This week, we're exploring a company's efforts to bring species back from extinction, billion-dollar investments by China, the UAE, and the US in improving their energy grids, and how spending time in nature can improve gut health.

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Company working to break back woolly mammoths raises $200 million: Colossal Biosciences, a company working to bring back extinct species such as the woolly mammoth, Tasmanian tiger, and dodo bird, raised $200 million in a Series C funding round at a valuation of $10.2 billion. The funding comes two years after the company's previous round, which valued it at $1.5 billion, and is attributed to the company's significant breakthroughs in its projects and the creation of new technologies. Colossal Biosciences' approach to bringing back extinct animals involves mapping the species' entire genome, comparing it to their closest living relative, and using the gene-editing tool CRISPR to edit the relative's cells. The company has completed the genome mapping phase for the mammoth and the Tasmanian tiger. It is now using CRISPR to edit the Asian elephant's cells, intending to implant the edited cells into an egg cell and give birth to a baby mammoth. Colossal Biosciences is also building various technologies, including artificial wombs, which could have applications in human healthcare, agtech, and other categories.

​​Google backs biochar project in India: Google has agreed to purchase 100,000 carbon-removal credits from Varaha, an Indian startup that produces biochar by heating organic waste, one of the largest such deals to date. Varaha plans to deliver the units from its project in the Indian state of Gujarat by 2030, utilizing mesquite, an invasive plant species, to produce biochar. The deal is part of Google's efforts to reach net-zero carbon emissions by 2030, as stated in its most recent environmental report, and supports the company's goal to offset its increasing emissions, which rose 48% in 2023 due to its resource-intensive pursuit of artificial intelligence. Biochar, the result of heating materials like farm waste in the absence of oxygen through pyrolysis, is a promising approach to carbon removal, as it can scale worldwide using existing technology and store carbon in the soil for 1,000 years.

Ikea retailer announces $1B investment in recycling: Ingka Group, the largest global IKEA retailer, announced a $1.03 billion investment in recycling infrastructure through its investment arm, Ingka Investments. The primary goal of this investment is to better manage waste created by discarded IKEA products, such as furniture, bedding, and mattresses, which often end up in landfills or are incinerated. Approximately two-thirds of the investment, or 667 million euros, will be allocated to new recycling companies focusing on textile recycling, while the remaining amount will be used to further fund existing investments. Due to its high carbon footprint and capacity shortage for recycling, the company is also exploring opportunities to invest in wood recycling, a key material for IKEA furniture. Ingka Group aims to recycle as many mattresses, plastics, and textiles as IKEA sells by 2030 as part of its commitment to a circular economy.

Spending time in nature can improve gut health: A Finnish research project from Stanford University found that kindergarten-aged children who played in a yard with "dirt" from the forest floor had a significant positive impact on their gut microbiome. The study involved 79 children who spent 28 days playing in one of three outdoor spaces: a standard urban play area, a nature-orientated area, and an experimental area with forest floor and soil from a local coniferous forest. The results showed that the children who played in the experimental yard had a large increase in the diversity of "good" microbiota on their skin and in their gut, as well as enhanced immuno-regulatory pathways, indicating a reduced risk of immune-mediated diseases.

US Energy Department backs $22B in loans to improve grid: The US Energy Department is offering $22.9 billion in loan guarantees to eight electric utilities to modernize their power grids, add renewable energy sources, and pass along savings to customers. The loan guarantees are part of the 2022 Inflation Reduction Act, which provided the Energy Department's Loan Programs Office with $250 billion in loan authority to lower air pollution and reduce planet-warming emissions. The utilities receiving the loan guarantees serve over 14.7 million people across 12 states.

Visionary head of Monterey Bay Aquarium retires: Julie Packard, the executive director of the Monterey Bay Aquarium in California, has announced her retirement after leading the institution since its opening in 1984. During her tenure, Packard helped transform the aquarium into a force for ocean conservation action, with notable achievements including the successful exhibition and release of great white sharks and the reintroduction of orphaned Southern sea otter pups to the wild. The aquarium, built with a $55 million donation by Packard's parents, David and Lucile Packard, has received tens of millions of visitors and has become a Northern California institution. Under Packard's leadership, the aquarium has demonstrated how to restore ocean health by reducing plastic pollution and raising awareness of environmentally sustainable seafood.

"Science isn’t just facts; it’s a continual process of discovery. The more we discover, the more we know we don’t understand." - Julie Packard

UAE plans $6B battery investment: The United Arab Emirates is planning a $6 billion mega solar and battery project to provide uninterrupted power supply, targeting a rapid boost in clean energy by 2027. Abu Dhabi's state-controlled Masdar will build 5.2 gigawatts of new solar capacity, linked to battery storage, making it one of the world's largest such facilities upon completion. The project aims to tackle the issue of unreliable renewable energy supply during periods of heavy demand by using batteries to store power that can be fed into power grids when required.

China's largest power operator plans $89B investment in grid: State Grid Corp. of China, the nation's largest power network operator, plans to increase its investments to a record high to keep pace with the country's rapid growth of renewable energy generation. The company intends to spend more than $89 billion this year. The increased investment is driven by China's efforts to meet its climate pledges and reduce its reliance on expensive fuel imports by adding wind and solar farms at an unprecedented rate. The surge in renewable energy generation has strained the country's power grids, necessitating the construction of more power lines and energy-storage equipment to deliver electricity efficiently around the clock.

China used more coal last year: China's fossil fuel power plants, predominantly powered by coal, increased generation to a record high last year, with output from thermal plants rising 1.5% in 2024 from the previous year, according to data from the National Bureau of Statistics. The increase in fossil fuel power generation is a setback to climate efforts, as the electricity sector is the largest contributor to China's greenhouse gas emissions, and the country had hoped to reduce emissions ahead of its 2030 target. The growth in electricity consumption outpaced overall economic growth for the fifth straight year in 2024, driven by strong demand for computing and the electrification of sectors such as heating and transport.

World Bank-hosted climate fund secures $500M: The Climate Investment Funds (CIF), a multilateral green fund hosted by the World Bank, has successfully issued its first bond, securing $500 million to help combat global warming, and hailing it as "a new era for climate finance". The bond received orders totaling over $3 billion from investors, with more than half of the investors being asset managers, insurance, or pension funds. It was listed on the London Stock Exchange. The CIF's borrowing program is crucial in leveraging resources to find the money needed to deal with climate change, as economists warn that developing countries will need over $1 trillion in external finance annually to transition to a greener economy. The CIF is backed by 15 donor countries who have pledged over $12 billion, with a mandate to tap other investors for more capital, and the World Bank acts as the fund's treasury manager.

Supreme Court allows climate lawsuit to proceed: The US Supreme Court has declined to hear a challenge to a lawsuit filed by Honolulu against oil companies over their role in global warming, allowing the case to proceed in state court. The lawsuit, one of two dozen similar cases brought by state and local governments, alleges that oil companies engaged in a decades-long cover-up about climate change for profit and should pay for the consequences. The decision is a victory for climate activists, allowing the lawsuits seeking billions of dollars in damages to move forward in state courts. The lawsuits argue that oil companies, including Chevron, Exxon Mobil, and Shell, should be held accountable for the costs of climate change, such as wildfires, toxic smoke, and deadly heat waves.

​​Net zero bank alliance considers future plans: The Net-Zero Banking Alliance (NZBA) is exploring its next steps after several major US banks, including Goldman Sachs Group Inc. and JPMorgan Chase & Co., exited the alliance due to pressure from Republican lawmakers over their climate efforts. The NZBA will investigate how it can continue to deliver value and support its remaining member banks in implementing their climate strategies and managing climate-related risks and opportunities. The alliance expressed regret over the departure of its US peers. Still, it acknowledged the complexity of their situation and will engage with all members on strategic priorities through established governance processes. The NZBA currently has over 140 member banks from more than 40 countries, all of which have committed to transitioning their financed emissions to align with net-zero pathways by 2050 and providing 2030 targets to demonstrate progress.

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