Prelude Ventures and TPG’s The Rise Fund have raised a $101 million Series B investment for Persefoni.
It is the most significant investment round ever made for a Climate Tech SaaS company.
Persefoni’s is a leader in Software as a Service (Saas) for climate management and accounting. This approach enables companies worldwide to calculate and disclose their global carbon footprint at a fraction of the cost.
Some of the world’s largest private equity funds, banks, insurance companies, pensions, and endowment funds use Persefoni to calculate and disclose their emissions. Persefoni also works across the manufacturing, agriculture, energy, apparel, retail, software, and business services industries.
While there may be other data and software solutions out there – Persefoni’s methodology is consumer-friendly. Their expertise within global standards and regulations has made them a global leader.
“Persefoni is very much mission-aligned with Prelude, where our focus is on enabling a net-zero carbon emissions future,” says Victoria Beasley, Prelude General Partner, and Persefoni board member.
“Ever since our founding in 2013, we have been looking for a solution that meets the needs of enterprises that want to take ownership of their carbon footprint. I’ve evaluated more than two-dozen startups aimed at this problem, but none of them could match the Persefoni team’s conviction, market strategy, and long-term vision.”
Additional funding was raised through Clearvision Ventures, Parkway Ventures, Bain & Co., EDF Group through its corporate venture arm EDF Pulse Holding, Sumitomo Mitsui Banking Corporation (SMBC), The Ferrante Group, Alumni Ventures Group, and New Valley Ventures. Existing investors include NGP Energy Technology Partners, Sallyport Investments, and strategic angels.
“As a global, low-carbon energy leader, our clients rely on us to point them to the best carbon management solutions in the market. The first step to being able to reduce a carbon footprint is to continuously measure and understand it, and there is no better technology than Persefoni’s platform for this purpose in the enterprise segment,” said Julien Villeret, Chief Innovation Officer at EDF Group.
More companies are looking for ways to measure their carbon footprint. In fact, the carbon credit industry has boomed this past year as businesses work to offset their emissions. Many believe this is due to standards set by the Paris Agreement and new COP26 objectives. So, Persefoni’s commitment to transparency can help achieve net-zero goals.
Persefoni plans to expand across 18 states in the US and eight countries.
The US and EU have announced a global partnership to cut methane emissions by 30% by 2030. Methane is responsible for one-third of global warming from human activity, which is why over 100 countries have joined in.
Though many environmentalists feel that focusing on CO2 is best (since CO2 stays in the atmosphere longer), methane impacts the atmosphere more intensely. In fact, it is 28-34 times as warming as CO2. And, over 20 years, methane is about 84 times as powerful per unit as carbon dioxide.
US President Joe Biden referred to methane gas as “one of the most potent greenhouse gases there is.”
EU Commission Chief Ursula von der Leyen told summit participants, “We cannot wait for 2050. We have to cut emissions fast.” She went on to say that removing methane is “one of the most effective things we can do to reduce near-term global warming.”
The Paris Agreement’s goals are to keep the global temperature from rising more than 1.5 degrees Celsius. Last August, the Intergovernmental Panel on Climate Change (IPCC) reported that methane was behind a 1-degree Celsius increase in the earth’s temperature already.
Most methane comes from natural resources, such as wetlands. However, a large percentage comes from human activity – including cattle and rice production, garbage dumps, and natural gas production and transport. Many believe fracking practices have a large part to play too.
Though this pledge covers countries that emit half of all methane emissions – some significant emitters are not a part of the ledge. These include Russia and China.
It is important to know that joining the pledge is voluntary, with no real repercussions if failing to meet guidelines. Regardless, many view this partnership as a step in the right direction.
Governments, and companies alike, have shown at COP26 a genuine desire to partner together to lower emissions. The boom within the carbon credit industry has shown this as well. Advances in technology increased regulations, and the offset industry all have a role in the fight against climate change.
If methane is cut by 30%, scientists believe it could prevent the earth’s temperature from increasing by .3 degrees Celsius by 2040.
At COP26, UK Prime Minister Boris Johnson announced The Glasgow Breakthrough – a plan to deliver clean technology across the globe. The goal is to make clean tech affordable and accessible by 2030 through government and company partnerships. Over 40 world leaders have joined in, representing 70% of the world’s economy.
“By making clean technology the most affordable, accessible, and attractive choice, the default go-to in what are currently the most polluting sectors, we can cut emissions right around the world,” said Johnson.
The first five goals to reach by 2030 could create 20 million new jobs and add $16 trillion to the global economy. They include:
Renewable power to communities across the globe.
Improved food systems through climate-smart agriculture.
Creating clean technologies across aviation, aluminum, chemicals, concrete, direct air capture, shipping, steel, and trucking.
Support for clean energy transitions.
Funds to lower the cost of clean technology, maximize green hydrogen and direct capture markets, and increase sustainable aviation fuels.
Other areas of focus are zero-emission vehicles, near-zero steel, and renewable and low-carbon hydrogen.
According to Gonzalo Munoz and Nigel Topping – UN High-Level Climate Champions, “This is what the future of COP is all about – catalyzing an innovative ambition loop between political leadership and the dynamism of the private sector to drive towards a resilient, prosperous zero-carbon future.”
It isn’t surprising that world leaders and companies are joining forces. Their desire to lower emissions is the main reason behind the carbon credit industry boom. The carbon credit industry was valued at $300 million in 2018. It is now on track to reach $100 billion by 2030.
These partnerships are what is needed to reduce carbon emissions. And, with the world at ‘Code-Red’ levels, it is important that leaders act quickly.
Climate change impacts every one of us. But, as governments and private industry join to offset emissions, create new technologies, and increase regulation, net-zero goals feel within reach.
Johnson went on to say, ““The Glasgow Breakthroughs will turbocharge this forward so that by 2030 clean technologies can be enjoyed everywhere, not only reducing emissions but also creating more jobs and greater prosperity.”
If successful, The Glasgow Breakthrough has the potential to improve the environment and spark economic growth, globally – benefiting all.
US Congress may expand tax credits for carbon capture and sequestration projects. the goal is to help increase the use of green technology. However, some environmentalists are concerned that doing so will not stop industries from reducing their carbon emissions.
The proposal is currently listed within the Biden administration’s $1.75 trillion package. For every metric ton of carbon captured and stored, an $85 credit would be provided. Right now, industries are only offered $50 per credit.
President Joe Biden has said that his goal is to decarbonize the US by 2050. Carbon capture sequestration (CCS) is a way that the US can accomplish that. The process involves capturing carbon that is produced, then placing it deep underground so that it isn’t released into the air.
Right now, several CCS facilities in the US are no longer in service. According to the Global CCS Institute, only a dozen or so are operational. Though many groups see the value of carbon capture and storage, some environmentalists aren’t so sure. They feel that the proposal, which requires 50%-75% of carbon to be captured, is far too low.
The Clean Air Task Force feels the credit hike would be beneficial since it can increase carbon capture 13 times over throughout the 2030s. According to CATF spokeswoman Lee Beck, “These provisions will not only enable decarbonization of domestic industries but can also multiply emissions reductions abroad.”
As leaders work to combat climate change, increased incentives for carbon capture and sequestration could serve as part of the solution. The voluntary carbon marketplace also has a role to play, as companies use credits to offset emissions.
Combine carbon capture and sequestration, offsetting, increased regulation, and advances in technology, and net-zero goals are within reach.
Taranis and Albo Climate have partnered together to create a new, satellite-based carbon verification. The AI-powered remote sensing technology will verify soil carbon in row crops. Though its initial launch will be in the US, they hope to launch globally soon.
“We are excited to be partnering with Albo Climate. The high costs of measuring and verifying soil carbon credits have prevented more farmers from participating in carbon programs. Automatic and remote sensing of soil carbon would eliminate the farmer’s need to take cumbersome soil sampling, allowing farmers to enter the carbon credit market and increase their ROI seamlessly,” said Taranis President and Co-Founder Ofir Schlam.
Carbon verification is essential to the carbon credit industry – which has grown this past year exponentially. Experts expect it to reach $22 trillion by 2050. It is now valued at $100 billion, up from $300 million in 2018. Many feel this growth is due to COP26 and the Paris Agreement, as companies and governments look to find ways to offset their emissions.
Still, critics feel that the carbon credit industry doesn’t have the oversight it needs. But, if this verification process proves successful, environmental projects used to offset carbon can be measured more accurately. This will help the farmers completing these projects and the industry as a whole. Projects include crop rotation, planned grazing, and the reduction of synthetic fertilizers and pesticides.
“We are putting farmers first on our new platform. To have a true impact on climate change, we need scalable execution and to have as many people on board in the effort as possible,” says Ariella Charny, CMO of Albo Climate.
Carbon credits can offset emissions, improve the atmosphere, and support economic growth. And, as advances in technology strengthen the verification process, the industry will only continue to get better.
The UN’s plans for a global offset market, and what might – and might not – happen at COP 26.
It’s all about Article 6.
That’s Article 6 of the Paris Agreement – approved on the final day of that meeting back in 2015 – which lays out, broadly, the goal of the UN-administered international carbon trading scheme.
Everyone agrees on the need for a rulebook that lays everything out in black-and-white. But nations tend to prefer grey areas, and a carbon market would cover a lot of those.
Setting the table
The broad outline of the discussion runs like this:
Every nation has NDCs – Nationally-Determined Contributions – that outline exactly how much each one is able and willing to reduce their CO2 emissions.
Each NDC is broadly determined by the goals of the Paris Agreement.
Given that those NDCs are different, there’s room for some countries to cut emissions faster. That opens the door for a system in line with a traditional cap-and-trade system.
Entities that cut emissions quickly come in under the cap; they can trade their excess credits to other entities that need a bit more wiggle room.
That’s all well and good in practice. But governments aren’t your normal entities.
First off, those NDCs aren’t created equal – some countries are doing more to cut emissions than others.
How are those efforts graded and measured?
What should each country be doing?
Should some offsets count for more than others, since some countries can meet their reductions targets more easily?
All of those are thorny questions for the leaders gathered in Glasgow to consider. But the problem goes even deeper.
International markets meet the VCM
What about private efforts within those countries? After all, carbon offset projects, particularly involving nature-based offsets like forestation efforts, are nothing new. They’ve been around for decades.
Do those projects count? Institutions like the Gold Standard have been heavily involved in measuring those early offsets. How much do they carry over?
Do those projects count? Institutions like the Gold Standard have been heavily involved in measuring those early offsets. How much do they carry over?
COP 26 needs to define the guidelines by which an internationally-regulated offset market will operate. In doing so, they’ll have a chance to set the standards for the broader Voluntary Carbon Market (VCM).
The VCM has already seen explosive growth. If the leaders at COP 26 can establish a good framework, that growth rate could skyrocket.
What might happen
We’ve been here before.
Article 6 is nothing new. It was discussed at COP 25, at COP 24 . . . at every major summit since Paris, actually. So far, agreement has been hard to come by.
But there are signs that things are changing for COP 26.
Brazil, a key holdout in the talks, has signaled a willingness to come to the table. Bolonsaro’s government not only has proved to be a reluctant signatory to the Paris agreement but also presides over the management of the Amazon rainforest – a key factor in many nature-based offset programs.
Canada, a hard-liner on the other side, also sees the benefits of coming to an agreement soon. Doing so in a way that leads to concrete environmental benefits still poses a challenge, but COP 26 seems to have a real sense of momentum behind it.
COVID-19, for all the havoc it wreaked on the world economy, also demonstrated that dramatic decreases in CO2 emissions are possible. No one wants to re-create those circumstances, but there might be a path forward that combines significant emissions reductions with increased offsets.
The global community goes to the VCM
There’s one other dramatic difference between previous COP conferences and this one.
That’s the growth of the VCM.
Why are nations like Brazil, India, and over developing countries more willing to compromise?
The Paris agreement set out a fund of up to $100 billion to help developing countries take advantage of the trading schemes and finance their own NDCs.
That’s a lot of money, but unsurprisingly, it hasn’t all been delivered as planned. Disagreements over that fund were part of the reason the Article 6 talks were derailed in Madrid in 2019.
But in the meantime, the VCM is on pace to pass the 100-billion-dollar mark globally by 2030. Developing countries don’t need to wait on the UN.
With a clear Paris rulebook for an international VCM, Brazil and other countries can take advantage of a market-led climate change initiative that puts money in the bank while also contributing to the goals of the Paris Agreement.
That market lies at the heart of the matter. Developing countries have the potential to be on an equal footing with developed countries when it comes to the VCM.
If some of the potential pitfalls can be resolved – offset double-counting, verification, etc. – then developing countries could actually be even more appealing to the VCM.
As experts have pointed out, while CO2 emissions are spread globally, opportunities to counter them are not. An international market could leverage those differences.
Will Glasgow 2021 be the COP that solves the problem?
Will the VCM go global in a whole new way?
And if COP 26 finishes with a Paris Rulebook for an international VCM, then just how quickly will the VCM hit the $100 billion mark?
COP26 is just days away, and in a bold move, Quebec has announced the ban of all fossil fuel extractions and exploration.
Quebec Premier François Legault announced that the province will “definitively renounce the extraction of hydrocarbons on its territory,” a huge victory for environmentalists.
In a statement, Greenpeace Canada Climate Campaigner Patrick Bonin said that “Closing the door on fossil fuel extraction is a huge victory, made possible by the relentless opposition from citizens to both shale gas and conventional oil and gas exploration.”
He believes that now, “In Canada, and around all the world, the pressure to end the expansion of oil and gas production will only continue to grow.”
The ban has not come without challenges. Three oil and gas companies are suing the Quebec government since their leases were previously approved. Other companies are filing a lawsuit over application rejections.
Quebec is currently the second-largest oil refiner in Canada, followed by Alberta. Greenland, Ireland, and Denmark have also banned fossil fuel exploration.
Quebec’s announcement couldn’t have come at a better time.
With COP26 taking place, and Paris Agreement milestones coming due, many governments and corporations are trying to find ways to reduce their carbon emissions.
Their desire to offset carbon while other technologies become available as certainly led to the rise of the carbon offset industry. The carbon credit industry was valued at $300 million in 2018. It is now at $100 billion and is expected to reach $22 trillion by 2050.
Carbon offsets, strong regulations, and advanced technology all have a part to play in helping the world reach their net-zero goals. If more nations step up as the province of Quebec has, we could all be that much closer.
Let’s hope that Quebec’s announcement inspires others to do the same.
New Zealand is the first country to require banks to report on the effects of climate change. This is all part of their goal to be carbon neutral by 2050, and they feel that the financial industry plays a significant role.
Climate Change Minister James Shaw believes New Zealand’s move will pave the way for other countries to do the same. “New Zealand is a world-leader in this area and the first country in the world to introduce mandatory climate-related reporting for the financial sector.”
Shaw went on to say that “Climate-related disclosures will bring climate risks and resilience into the heart of financial and business decision making. It will encourage entities to become more sustainable by factoring the short, medium, and long-term effects of climate change into their business decisions.”
New Zealand’s new mandate will apply to insurers, banks, publicly listed companies, issuers, and investment managers – impacting around 200 of the most prominent financial market participants. Total assets are approximately $719 million.
Climate emissions have increased by 57% in New Zealand since 1990 – one of the largest increases of all industrialized countries. Because of this, New Zealand is doing everything it can to drive down emissions. They are even working to make their public sector carbon neutral by 2025.
As government entities work together, they can set regulations that will drive companies to reduce emissions.
Take the Paris Agreement, for example. Governments and companies are working to meet upcoming milestones, causing the carbon credit industry to boom this year alone. Since carbon credits can offset emissions, improve the environment, and spark economic growth, many view them as integral to fighting climate change.
Shaw said that Australia, Canada, the UK, France, Japan, and the EU are also working towards climate risk reporting for companies.
COP26 is set to start in just a few days. It will be interesting to see what other announcements will be made.
The UK has unveiled a 368-page strategy to reach net-zero, placing them at the front of the climate change fight. British Prime Minister Boris Johnson is hopeful that the UK’s announcement will set an example for others, as the UK “leads the charge towards global net zero.”
COP26 starts this weekend, so Johnson’s announcement couldn’t come at a better time. The UK initiative is called ‘Net-Zero Strategy: Build Back Greener.’ Some areas of focus include:
Moving to clean electricity and electric vehicles
Setting a path to low-carbon heating for homes across Britain
Carbon capture and storage
Hydrogen production capacity
The UK also plans to:
Create 440,000 jobs
Generate $166 billion in private investment funds
Provide 40 gigawatts of offshore wind power by 2040 (and 1 GW of floating offshore wind)
Cut emissions from oil and gas 50%, removing 5 million tons of carbon from the air by 2030
Some feel the strategy is more “promise-focused” than “action-focused” and would like to see the UK take more significant steps. It is important to note that gas and power prices have surged within Britain this year, which may be one of the driving forces behind this announcement.
With Paris Agreement milestones approaching, and COP26 happening, all are trying to find ways to reduce and offset carbon emissions. The technologies needed to cut emissions entirely aren’t developed yet – and the earth isn’t going to stop getting hotter until we say we’re ready.
The carbon credit industry has proven to be a beneficial way to offset emissions – while improving the environment and creating economic opportunity.
It is currently expected to be valued at $22 trillion by 2050. Still, the carbon marketplace isn’t going to solve this crisis on its own. Advances in technology and additional regulations are needed.
Whether it is too little too late or simply not enough, Johnson’s move is a bold one. If other nations follow his lead, as he hopes, net-zero goals may be possible for all.
China has opened the world’s 1st zero-carbon container terminal in Tianjin, saving manpower, time, and costs.
It’s a 200,000-ton container terminal, with room for 2.5 million twenty-foot containers to pass through annually. Construction of the Tianjin Port took 21 months.
The Zero-Carbon Technology Being Used in Tianjin Port
Tianjin Port is the world’s first smart, zero-carbon terminal with an “intelligent brain.” The technology is different from other automatic container terminals since wind turbines, and photovoltaics are on site. This allows the terminal to use its own electricity. The result? Zero-carbon emissions.
Regarding its creation, Liu Xiwang, Deputy Manager of Information Department of Tianjin Port Second, said that “We have independently developed an intelligent horizontal transportation system, also known as the ‘central control brain,’ to be responsible for the unified command and dispatch of 76 intelligent horizontal transportation robots in the terminal for fully automated container handling.”
He went on to say that the “brain” uses advanced algorithms to map out the optimal driving path and speeds – knowing when to accelerate, decelerate and overtake.
Essentially, the AI system can provide loading and unloading plans and control equipment, driving efficiency, and positioning. This is done through laser radars, cameras, and millimeter-wave radars.
What Tianjin Port Means for Global Net-Zero Goals
The Paris Agreement, as well as COP26, have encouraged governments and companies to go green. The voluntary carbon marketplace is booming because of it, reaching $100 billion this year (compared to $300 million in 2018).
Many companies have opted to offset their emissions through the carbon marketplace since they do not have the technology to reach net-zero (yet). So, purchasing offsets can help them meet climate goals as they work to achieve what Tianjin Port has.
With advances in technology, carbon credits, and increased regulation, it is possible to offset and reduce carbon emissions to achieve green objectives.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.OkNoPrivacy policy
