Nearly half of US venture-backed tech companies bank with Silicon Valley Bank (SVB), which experienced a collapse last week, causing chaos for many funds and founders. However, Sunday night brought reassurance from the Federal Reserve that the FDIC would cover even uninsured deposits as business resumed on Monday. Meanwhile, over 190 countries reached an agreement to protect a significant portion of the ocean after nearly 20 years of negotiations. The High Seas Treaty seeks to protect 30% of the world’s oceans as protected areas by 2030 to conserve marine life, with 10% at risk of extinction. Emissions and equilibrium, biodiversity conservation, the deep-sea mining debate, research, and the protection of unknown marine life are among the reasons cited for the treaty’s importance. It marks the first agreement of its kind in 40 years. Meanwhile, a host of green initiatives have attracted sizeable sums of money. For example, Palmetto, a South Carolina clean energy marketplace, has obtained $150m in growth funding; Silfab Solar, a Canadian photovoltaic module developer and manufacturer, raised $125m; while electric vehicle cab service Evera gained $7m. Moonshot, a producer of climate-friendly snacks, was acquired by Patagonia, and Proud Source Water, a sustainable bottled water company, was bought by SOURCE Global. Copenhagen Infrastructure Partners acquired renewable energy developer Mulilo Energy Holdings.
ICE is preparing to introduce a futures market for carbon credits under CORSIA, which will focus on reducing airline emissions.
Intercontinental Exchange (ICE) announced plans to launch a physically delivered futures contract for carbon credits eligible for use by the...