In other news, the Forbes 30 Under 30 list in Manufacturing & Industry highlighted young founders focusing on sustainable solutions and the integration of AI and robotics. Volvo acquired Proterra’s battery business, ZwitterCo announced a new wastewater treatment facility, and Waterways Industrial previewed a solar-powered boat. Regent Craft raised $90 million for its electric seaglider, a low-flying plane that operates over water. The Biden administration proposed new measures to replace lead pipes in the U.S. and announced that EVs made with materials from China will not be eligible for a full tax credit.
Key takeaways:
- The COP28 climate summit began this week in Dubai, with concerns about the slow progress of major carbon polluters in reducing emissions. White House National Climate Adviser Ali Zaidi expressed optimism about the U.S.'s efforts, citing the Inflation Reduction Act and the establishment of over 100 clean energy factories since its signing.
- ExxonMobil, the largest U.S. oil company, is increasing investment in its new low-carbon solutions unit, focusing on carbon capture and storage, "blue" hydrogen, biofuels, and lithium mining. The company plans to deploy $17 billion in the low carbon effort over the next four to five years.
- The Forbes 30 Under 30 list in Manufacturing & Industry highlights young founders focusing on sustainable materials and products, as well as the integration of robotics and AI-powered software in operations.
- Other sustainability news includes the Biden Administration's proposal to exclude electric vehicles made with materials from China from a full $7,500 tax credit, the prediction that 2023 will be the hottest year on record, and the proposal to replace all lead pipes in the U.S. within a decade.