Climate emergency bill offers real hope | Letter

From these cooler years of the early 21st century, we look to a bleak future. A future where the Earth continues to heat, with more extreme weather, with parts of our planet made uninhabitable, leaving millions homeless and destitute. A future where we face the threat of mass extinctions, for which we are responsible.

We will need all of our ingenuity and imagination to prevent this future from unfolding. As we see in the response to Covid-19, people can come together, and our governments can – when they need to – do the “impossible”. The climate and ecological emergency bill was introduced in parliament today by the Green party MP Caroline Lucas with our support. Drafted by scientists, academics and lawyers, it will – if backed all the way by MPs – strengthen the Climate Change Act and ensure that Britain has a comprehensive strategy to reduce greenhouse gas emissions and restore our natural world.

The Committee on Climate Change says that the government’s 2050 net zero target gives us just a “greater than 50%” chance of limiting global heating to 1.5C if replicated across the world. We will need to make “rapid, far-reaching and unprecedented changes in all aspects of society”, according to the UN, to keep below that threshold, and the bill presents a roadmap to achieve it.

As the host of the UN climate conference next year, the government has a final opportunity to show the world, and those protesting on our streets this week, that it recognises the climate and nature emergency – and will deliver a serious plan to tackle it. Parliament now has a viable pathway to tackle this crisis. Let’s get on with the job.
Wera Hobhouse MP Liberal Democrat, Alex Sobel MP Labour, Ben Lake MP Plaid Cymru, Claire Hanna MP SDLP, Stephen Farry MP Alliance, Tommy Sheppard MP SNP

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Natural Gas Is Core To The New Energy Economy — The One Created By Joe Biden

ASSOCIATED PRESS

Joe Biden loyally served President Obama, fully supporting his energy and environmental agenda that included limits on greenhouse gases. By extension, those policies pushed green energy and natural gas.

Those positions shrunk the level of heat-trapping emissions while they also lifted the United States USM out of the Great Recession — results that came at coal’s expense. But they unquestionably raised the profile of natural gas and made it the “fuel of choice,” all facilitated by cheap prices and abundant resources.

But natural gas producers, under Obama-Biden, had to ensure the integrity of drinking water supplies and the capture of potent methane releases — all designed to keep the natural gas industry from spoiling its potential. Fracking, or the drilling process that used sand, water and chemicals to retrieve the shale gas from deep underground, had federal monitors in addition to those at the states.

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Biden has never wavered from his commitment to natural gas. After all, the fuel makes up the biggest share of the electricity portfolio, or at least 35%. He has emphasized that he has no intention of shutting down fracking. What he did say is that he would oppose new leases to drill on federal lands, emphasizing that the states are free to pursue the policies that they choose while noting that 90% of all such drilling leases are on private land.

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Natural Gas Is Core To The New Energy Economy — The One Created By Joe Biden

ASSOCIATED PRESS

Joe Biden loyally served President Obama, fully supporting his energy and environmental agenda that included limits on greenhouse gases. By extension, those policies pushed green energy and natural gas.

Those positions shrunk the level of heat-trapping emissions while they also lifted the United States USM out of the Great Recession — results that came at coal’s expense. But they unquestionably raised the profile of natural gas and made it the “fuel of choice,” all facilitated by cheap prices and abundant resources.

But natural gas producers, under Obama-Biden, had to ensure the integrity of drinking water supplies and the capture of potent methane releases — all designed to keep the natural gas industry from spoiling its potential. Fracking, or the drilling process that used sand, water and chemicals to retrieve the shale gas from deep underground, had federal monitors in addition to those at the states.

Recommended For You

Biden has never wavered from his commitment to natural gas. After all, the fuel makes up the biggest share of the electricity portfolio, or at least 35%. He has emphasized that he has no intention of shutting down fracking. What he did say is that he would oppose new leases to drill on federal lands, emphasizing that the states are free to pursue the policies that they choose while noting that 90% of all such drilling leases are on private land.

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The New Spindletop: If Data Is The New Oil, Look To The Cloud

At first, only mud bubbled out of the hole. Then natural gas came shooting out, spraying the mud 150 feet into the sky, followed quickly by oil, and lots of it. For nine days, the oil shot into the sky. Vast pools of oil surrounded the well. They called it the Lucas Geyser, and once they got it capped it was producing more oil than all the other wells in the world combined. You know it best, of course, as Spindletop.

384183 12: FILE PHOTO: A crowd gathers to watch a side gusher on Spindletop Hill in Beaumont, Texas ... [+] which was the site of the first Texas oil gusher, January 10, 1901. (Photo by the Texas Energy Museum/Newsmakers)

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The oil and gas industry has a new Spindletop, and it’s nowhere near being capped. People like to say data is the new oil, with 90% of it create­d in the last two years alone, and the volume is only increasing. But in this data boom, the oil and gas industry is up to its neck in petabytes (with fifteen zeros) of data, generating thousands of terabytes per day, with the volumes doubling every 12-18 months, and using less than 5% of it for decision making.

The vast amounts of that unused data, currently locked in silos, represents not just several hundred billion dollars of trapped value. It’s actually more important than that. That wasted data offers a way forward during what I’ve called the perfect energy storm. To navigate the interconnected, simultaneous, and dire pressures it’s facing, the oil and gas sector needs to use those virtual lakes of data and transform entire companies into intelligent enterprises able to operate at lower break-even numbers.

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Using data to make decisions is not a radical idea. In fact, most industries are undergoing rapid digitalization that has only increased during the pandemic. But while this is perhaps even more necessary for oil and gas, there is not a single energy company that has completely transformed itself into an end-to-end intelligent enterprise. In fact, the energy sector is almost a decade behind the industries that are doing this right. That’s the bad news.

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Schlumberger Sells U.S. Fracking Business, And Who Can Blame Them?

A Schlumberger Ltd. worker stands alongside a tanker truck near to the drilling rig at the ... [+] geothermal energy extraction site operated by Semhach SA in Villejuif, France, on Friday, July 25, 2014. Photographer: Kosuke Okahara/Bloomberg

© 2014 Bloomberg Finance LP

The pain from 2020 continued for the U.S. oil and gas business on Tuesday, as French giant Schlumberger SLB announced it would sell its U.S. fracking business to a smaller competitor, Liberty Oilfield Services. Schlumberger will combine its OneStim business unit with Liberty in exchange for a 37% share in the smaller company. The deal is valued at $448 million.

Schlumberger’s move comes just a couple of weeks after the Dow Jones company announced it would replace Exxon XOMMobil on its key industrial average stock index. Exxon, the nation’s largest corporation barely a decade ago, was replaced along with two other companies - Pfizer PFE and Raytheon - by Amgen AMGN , Salesforce.com CRM and Honeywell International HON .

Thus far in 2020, at least 30 upstream E&P companies have filed for Chapter 11 bankruptcy protection, due mainly to the demand-killing impacts of the COVID-19 pandemic and resulting crash in oil prices. Although the domestic index price for crude has now recovered to a more-sustainable level above $40 per barrel, many more bankruptcy filings are expected to take place before year-end.

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Schlumberger said its fracking unit suffered a 40% decline in revenue during the 2nd quarter. Frankly, it’s surprising that the collapse wasn’t even more severe given that the number of active frac spreads operating in the United States has dropped by about 80% since January. While that count and the domestic drilling rig count have somewhat stabilized in recent weeks, there is no reason to expect to see any significant increase through the remainder of this year, regardless of what oil prices might do.

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The Surprising Jump In U.S. Natural Gas Prices

A man walks near the New York Stock Exchange (NYSE) on August 31, 2020 at Wall Street in New York ... [+] City. - Wall Street stocks paused near record levels early Monday ahead of key economic data later in the week, with a newly-tweaked Dow index edging lower. The final session of a heady August opened on a lackluster note as markets await employment data and updates on the manufacturing and services sectors in the coming days. About 15 minutes into trading, the Dow Jones Industrial Average was down 0.4 percent to 28,539.83. (Photo by Angela Weiss / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)

AFP via Getty Images

Through the worst public health crisis in many decades, U.S. natural gas prices were low and stable from January until the end of July. For the first half of this year, prices were just $1.81 per MMBtu, their lowest since at least 1989. But unpredictably so, August proved to be a much different story. Prices through the month rose nearly 45%. We are now seeing the highest prices since mid-November - seemingly out of nowhere.

In August, natural gas prices rose 40-45% and have surprised by reaching their highest levels since ... [+] November.

Data Source: EIA; JTC

Analysts are scrambling to describe what happened in August to surge gas prices. But neither the technicals nor the fundamentals neatly explain such a jump. The weather was nothing bullish, and gas storage has been overflowing. At 3,420 Bcf, we now have a 20% surplus to year-ago levels and 15% more than the five-year average. U.S. gas production, however, has been mostly flat. Output for August was 86-87 Bcf/d, down from the 93-94 Bcf/d level we were at pre-pandemic. And this past week, Hurricane Laura shut-in “82% of oil, 59% of natural gas output in U.S. Gulf of Mexico” so national output did dip to 85 Bcf/d.

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But still, especially as the shale-era since 2008 has lifted our production zones away from the vulnerable Gulf of Mexico to the inland shale plays like Appalachia and the Permian basins, hurricanes should be mostly bearish events. They lower gas demand by cutting electricity needs and shutting-in exports. In particular, the southeast and southwest regions have installed huge coal-to-gas fuel switching. Florida, for instance, has used gas to generate a staggering 76% of its electricity for the first half of 2020. This past week, U.S. LNG exports were shut-in from Hurricane Laura, with feedgas demand falling from 5.2 Bcf/d to 2.0 Bcf for August 22-27.

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Green Bond Market Will Reach $1 Trillion With German New Issuance

02 September 2020, Lower Saxony, Sehnde: The silhouette of a windmill stands out against the sunrise ... [+] discoloured morning sky in the Hannover region. On 02.09.2020 the 2nd industry day for renewable energies will take place in Hannover. Photo: Julian Stratenschulte/dpa (Photo by Julian Stratenschulte/picture alliance via Getty Images)

dpa/picture alliance via Getty Images

The green bond market is set to swell to $1 trillion next year, as the German government announced its issuance plans on Monday.

Germany already got $39 billion (€33 billion) of orders for the new green bonds. The first issue will have a €4 billion minimum volume.

“The green bond market was already in the ascendency, with issuance growing annually in recent years, but the move by Germany to issue its first ever green bond could open the floodgates,” Johann Ple, portfolio manager at AXA Investment Managers, commented.

“The current rate of issuance – there is expected to be around $200bn of green bonds issued in 2020 – is going to look small compared to the growth we will see in the next few years, especially as sovereigns enter the market. As such, we think the overall market size could grow to $1trn by the end of 2021, but it will still only account for a small percentage of the overall debt markets, so it truly is at the start of its journey.”

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6 In 10 Citizens Think Smart Equals Sustainable - And Are Ready To Move If Necessary

An automatic small bus can be seen inside the court of the city hall of Hambugr, Germany, 10 July ... [+] 2017. The city of Hamburg and the German Railways have agreed on making Hamburg a "smart city". Photo: Daniel Reinhardt/dpa (Photo by Daniel Reinhardt/picture alliance via Getty Images)

picture alliance via Getty Images

Most citizens want their city to be smart and green, or they will move to one - a new report shows. Among 10,000 respondents, 58% believe smart cities are more sustainable and 42% are prepared to vote with their feet by leaving their town due to pollution concerns.

According to the Capgemini Research Institute, today’s city living is falling short of citizens’ increased expectations in the digital age. Smart cities, on the contrary, appear to provide a better quality of services - which is also why over a third of citizens are willing to pay more for some changes.

“A sustainable city is also a city where coming generations will want to live in, so besides environmental and mobility dimensions, security and economic aspects are important,” Pierre-Adrien Hanania, global offer leader for AI in the public sector at Capgemini, says. “Once you have the digital footprint of your city, like parking spots, traffic signals and air quality numbers, you can really see how to master and adjust these variables. In this case, citizens can create a better environment for themselves and the entire city through their choices and feedback data.”

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The consulting company conducted a survey of more than 10,000 citizens and an executive survey of 310 city officials spread across 10 countries and 58 cities, including the UK, France, Germany, Netherlands, Italy, Spain and Sweden.

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The Secret To A Scalable Distributed Energy Future

(Photo by Jens Büttner/picture alliance via Getty Images)

dpa/picture alliance via Getty Images

By Elta Kolo, Wood Mackenzie Grid Edge Research Content Lead, and Fei Wang, Wood Mackenzie Research Manager

Leaning into a distributed energy future is a complex endeavour for utilities.

Wood Mackenzie expects cumulative capacity of distributed storage and solar in North America, Europe and Oceania to double by 2025, while electric vehicle (EV) charging points are set to grow sevenfold by this date. The US alone will add 127 GW of distributed energy resource capacity between 2016 and 2025.

In the same timeframe, the majority of new bulk generation capacity will be variable renewable energy: wind, solar and battery storage.

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Literary figures join Extinction Rebellion campaign against thinktanks

Margaret Atwood among those supporting Writers Rebel group set to protest in London

Extinction Rebellion are currently holding a 10-day protest to demand action on the climate crisis. Photograph: Oli Scarff/AFP/Getty Images

A number of famous novelists, poets and playwrights including Margaret Atwood and Zadie Smith have lent their support to an Extinction Rebellion campaign against the political influence of rightwing thinktanks fighting against climate action.

On Wednesday evening the Writers Rebel group will demonstrate outside 55 Tufton Street in London, a venue known to host meetings of thinktanks and lobbying outfits linked to climate science denial and the oil industry.

These include the the Global Warming Policy Foundation, the most prominent climate sceptic group in the UK, and free market thinktank the Centre for Policy Studies, whose deputy chair is Sir Graham Brady, chair of the influential 1922 Committee of backbench Conservative MPs.

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Joe Biden's bold climate policies would leave Australia behind | Bob Carr

This month the US Democrats wrapped up polling in Pennsylvania, a north-east industrial state that four years ago went to Donald Trump by 44,000 votes. Among other things the polling found that voters didn’t like Trump’s deregulation of methane. Voters supported a phasing out of fossil fuels.

This is happy news for Democrats given that Biden has already committed to impose “aggressive new methane limits” on gas and oil operations by presidential executive action on day one of his presidency. This was set out in his clean energy and environmental justice plan. It embraces decarbonisation as part of an economic rebuild.

During the primaries he spoke about $1.7tn over 10 years. But in a 14 July landmark speech he crammed $2tn into a mere four years, pitched in terms of more “high-paying union jobs” generated in a swiftly decarbonising economy.

Canberra needs to catch up with this because it threatens to leave Australia at odds with an American administration defining itself through climate diplomacy, something Biden signalled with a Foreign Affairs article in March.

Biden is pledging no carbon at all in the power network by 2035 – phasing coal and gas out of the system rapidly – and the hugely ambitious target of net zero emissions by 2050.

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Climate Risk Threatens Agricultural Profitability, But Lenders Can Help

By Maggie Monast, director of working lands at Environmental Defense Fund

CRAIG, MISSOURI: Floodwater surrounds a farm on March 22, 2019 near Craig, Missouri. Midwest states ... [+] are battling some of the worst floodings they have experienced in decades as rain and snowmelt from the recent "bomb cyclone" has inundated rivers and streams. At least three deaths have been linked to the flooding. (Photo by Scott Olson/Getty Images)

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Extreme weather and climate change present great risks to the agricultural economy and the lenders who finance it, yet the U.S. agricultural lending sector has not proactively assessed its climate risk. This has created a blind spot for lending institutions that threatens long-term resilience and profitability for farmers and lenders alike.

A new report, Financing Resilient Agriculture: How Agricultural Lenders Can Reduce Climate Risk and Help Farmers Build Resilience, finds that current loan structures and credit rating processes don’t incorporate the value of farmer investments in soil health and conservation practices known to mitigate weather risks.

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Following severe flooding in the spring of 2019, lenders in the Midwest reported to the Federal Reserve Bank of Chicago that approximately 70% of their borrowers were at least moderately affected by extreme weather events in the first half of the year. That same year, the portion of the region’s agricultural loan portfolio reported as having “major” or “severe” repayment problems hit the highest level in 20 years.

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Unilever plans to remove oil-based ingredients from all cleaning products

The owner of Persil, Domestos and Cif is to invest €1bn in eliminating fossil fuel-based ingredients from its cleaning products by 2030.

Unilever’s “clean future” initiative aims to develop renewable or recycled alternatives to chemicals derived from the oil industry as part of the company’s pledge to eliminate carbon emissions from its products by 2039.

The investment in research and development for eco-products comes on top of €1bn Unilever has already committed over the next decade for environmental projects that will improve the “health of the planet”.

The company, which owns more than 400 brands including Marmite, Dove, Comfort and Sure, has also pledged to reduce the mountain of plastic rubbish that its products generate.

With nearly half of the carbon footprint of the consumer goods giant’s cleaning products coming from oil-based ingredients, reformulating with eco-friendly alternatives is expected to reduce their environmental impact by up to a fifth.

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Tesla Cashes In On Stock Surge With Share Offering To Raise Up To $5 Billion

Tesla CEO Elon Musk is worth more than $100 billion as a result of the electric-car maker's stock ... [+] price surge.

SOPA Images/LightRocket via Getty Images

Capitalizing on surging demand for its shares, electric-car maker Tesla TSLA will raise up to $5 billion in an at the market share offering on the heels of its just-completed stock split that made it more affordable to retail investors.

Proceeds from the sale will be used to fund the company’s expanding operations, including a new Gigafactory under construction near Austin, Texas, and CEO Elon Musk’s current ambitions that include plans for breakthrough battery technology and a Tesla-operated robotaxi network. The new shares will be sold through the top-tier investment banks, including Goldman Sachs GS , BofA Securities, Barclays Capital, Citigroup Global Markets, Deutsche Bank, Morgan Stanley MS , Credit Suiss CS e, SG Americas, Wells Fargo Securities and BNP Paribas. 

Tesla closed at $498.32 on Aug. 31, after it completed a five-for-one stock split to bring down the price. The stock declined 4.7% to $475.05 in Nasdaq NDAQ trading Tuesday. 

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Monday’s 12.6% stock surge boosted Musk’s net worth to $102.9 billion at the market close. Forbes calculates that he is now the fifth centibillionaire in the world, as well as the fifth-richest person in the world. 

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Tesla Cashes In On Stock Surge With Share Offering To Raise Up To $5 Billion

Tesla CEO Elon Musk is worth more than $100 billion as a result of the electric-car maker's stock ... [+] price surge.

SOPA Images/LightRocket via Getty Images

Capitalizing on surging demand for its shares, electric-car maker Tesla TSLA will raise up to $5 billion in an at the market share offering on the heels of its just-completed stock split that made it more affordable to retail investors.

Proceeds from the sale will be used to fund the company’s expanding operations, including a new Gigafactory under construction near Austin, Texas, and CEO Elon Musk’s current ambitions that include plans for breakthrough battery technology and a Tesla-operated robotaxi network. The new shares will be sold through the top-tier investment banks, including Goldman Sachs GS , BofA Securities, Barclays Capital, Citigroup Global Markets, Deutsche Bank, Morgan Stanley MS , Credit Suiss CS e, SG Americas, Wells Fargo Securities and BNP Paribas. 

Tesla closed at $498.32 on Aug. 31, after it completed a five-for-one stock split to bring down the price. The stock declined 4.7% to $475.05 in Nasdaq NDAQ trading Tuesday. 

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Monday’s 12.6% stock surge boosted Musk’s net worth to $102.9 billion at the market close. Forbes calculates that he is now the fifth centibillionaire in the world, as well as the fifth-richest person in the world. 

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Farmers Business Network To Spin Out New Venture To Track Carbon Footprints Of Crops And Help Farmers Make More For Low-Carbon Ones

Farmers Business Network cofounders Amol Deshpande (left) and Charles Baron: "Farmers deserve more ... [+] opportunities to be recognized for sustainable practices," says Deshpande.

Timothy Archibald for Forbes

Agtech unicorn Farmers Business Network is spinning out a new sustainable farming company, called GRO Network, that will track and score the carbon footprint of specific crops down to the bushel and allow farmers to make more for their crops that have lower carbon footprints. In a phone interview, FBN cofounder and CEO Amol Deshpande described the new business as a way to help reward farmers for their efforts as environmental stewards. The San Carlos, California-based company plans to announce the spinout later today.

“Farmers deserve more opportunities to be recognized for sustainable practices,” Deshpande, 42, says. “The extra incomes and premiums could be the difference between running a profitable business and losing money.”

That’s especially true these days as the economic downturn has squeezed family farms. Corn prices have fallen to $3.50 a bushel or less, while the prices of seeds and other inputs, like fertilizer and pesticide, have not dropped.

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Devin Lammers, FBN’s president of crop marketing and financial services, who helped to create and launch the new business, will serve as GRO’s president and interim CEO. The new venture will ultimately bring in a new CEO. “Agriculture can be a solution to the climate challenges we face today,” says Lammers, who grew up on a bison ranch in South Dakota. “Consumers are looking for sustainability in all the products they buy.”

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Farmers Business Network To Spin Out New Venture To Track Carbon Footprints Of Crops And Help Farmers Make More For Low-Carbon Ones

Farmers Business Network cofounders Amol Deshpande (left) and Charles Baron: "Farmers deserve more ... [+] opportunities to be recognized for sustainable practices," says Deshpande.

Timothy Archibald for Forbes

Agtech unicorn Farmers Business Network is spinning out a new sustainable farming company, called GRO Network, that will track and score the carbon footprint of specific crops down to the bushel and allow farmers to make more for their crops that have lower carbon footprints. In a phone interview, FBN cofounder and CEO Amol Deshpande described the new business as a way to help reward farmers for their efforts as environmental stewards. The San Carlos, California-based company plans to announce the spinout later today.

“Farmers deserve more opportunities to be recognized for sustainable practices,” Deshpande, 42, says. “The extra incomes and premiums could be the difference between running a profitable business and losing money.”

That’s especially true these days as the economic downturn has squeezed family farms. Corn prices have fallen to $3.50 a bushel or less, while the prices of seeds and other inputs, like fertilizer and pesticide, have not dropped.

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Devin Lammers, FBN’s president of crop marketing and financial services, who helped to create and launch the new business, will serve as GRO’s president and interim CEO. The new venture will ultimately bring in a new CEO. “Agriculture can be a solution to the climate challenges we face today,” says Lammers, who grew up on a bison ranch in South Dakota. “Consumers are looking for sustainability in all the products they buy.”

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Hyundai Motor Hitches A Ride On K-Pop Superstars BTS To Launch Ioniq Sub-Brand

Concepts of future Ioniq models.

Hyundai Motor

Hyundai Motor could not have better-timed the announcement that it is turning its little-known trio of Ioniq cars into a sub-brand. Why? Because the brand has partnered with K-pop superstar group BTS, which is basically the biggest thing in entertainment on the planet at this moment.

On September 1, BTS and Hyundai debuted a music video called, “Ioniq: I’m On It,” designed to promote the new sub-brand, which was launched in August. 

Song lyrics include: “Full energy/higher esteem/better focus on what’s charging me.” So far, it has nearly 1 million views. This may seem like a lot, but BTS does these kinds of numbers before breakfast.

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The Korean group launched its first English-language music video, “Dynamite,” on August 20. In the first 24 hours, it logged 101 million views, breaking a YouTube record. By September 1, the video had 269 million views. Yes -- more than one-quarter of a billion. BTS are not just the most popular K-Pop band; they are among the most popular groups in the world. “Dynamite” recently won multiple trophies at MTV’s Video Music Awards, beating out Justin Bieber and Taylor Swift. BTS fans – known as the BTS ARMY -- are global, multi-racial, attuned to social justice issues and are political activists.

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Bill Gates’ Nuclear Startup Unveils Mini-Reactor Design Including Molten Salt Energy Storage

Bill Gates helped launch TerraPower in 2006 and serves on its board as chairman.

Getty Images

Nuclear power is the Immovable Object of generation sources. It can take days just to bring a nuclear plant completely online, rendering it useless as a tool to manage the fluctuations in the supply and demand on a modern energy grid.  

Now a firm launched by Bill Gates in 2006, TerraPower, in partnership with GE Hitachi Nuclear Energy, believes it has found a way to make the infamously unwieldy energy source a great deal nimbler — and for an affordable price. 

The new design, announced by TerraPower on August 27th, is a combination of a "sodium-cooled fast reactor" — a type of small reactor in which liquid sodium is used as a coolant — and an energy storage system. While the reactor could pump out 345 megawatts of electrical power indefinitely, the attached storage system would retain heat in the form of molten salt and could discharge the heat when needed, increasing the plant’s overall power output to 500 megawatts for more than 5.5 hours. 

“This allows for a nuclear design that follows daily electric load changes and helps customers capitalize on peaking opportunities driven by renewable energy fluctuations,” TerraPower said. 

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Moyee Coffee Has Harnessed Blockchain To Disrupt A Conglomerate-Controlled Industry

Moyee Coffee sets up the world's first Fairchain coffee processing facility in Ethiopia

Moyee Coffee

 "In the 21st century, your supply chain is your brand," says Killian Stokes, university lecturer and co-founder of Moyee Coffee Ireland, a greentech coffee company with big ambitions – to disrupt the industry's global business model.

Blockchain - which first came into mainstream awareness as the underlying digital network for the boom and bust of cryptocurrency mania – has become a catalyst of that disruption. 

A supply chain tracked and traced with blockchain benefits from two key advantages: greater transparency and traceability. From back-end inventory through to front-end consumer experience, the implications are huge: every aspect of production and the supply chain journey can be laid bare.

Moyee Coffee decided to use blockchain to track their supply chain after looking at existing certification options: "We looked at the Rainforest Alliance, FairTrade, all these great certifications. But a lot of them have limitations, and there are costs involved,” explains Stokes.

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