With $300 Million In New Funding, Zymergen Aims To Sustainably Transform The $3 Trillion Chemical And Materials Industry

By making better, greener alternatives to petrochemistry, Zymergen sees a huge economic and environmental opportunity

As the smoke from a dozen wildfires darkened San Francisco, Josh Hoffman took his two children outside to see the surreal morning sky. It looked like a dystopian scene from Blade Runner 2049.

“My kids were scared because the sun never rose, and when it did it looked like a dying planet,” says the CEO of Zymergen, a biomanufacturing company. In the apocalyptic skies, Hoffman saw the end of times that so many warn about if we don’t get a handle on climate change. “It’s not going to be solved with gentle nudges to use a little bit less power. We need real technology-based innovation.”

Warmer, drier conditions, increased drought, and a longer fire season…these are just a few potential results of climate change. But by making better, greener alternatives for the $3 trillion petrochemistry-based chemicals and materials industry, Zymergen sees a huge economic and environmental opportunity.

Investing in the future of manufacturing

Investors see the opportunity, too. In September, Zymergen announced one of the largest deep tech investments of 2020 — $300 million — to accelerate its pipeline of high-performance chemicals and materials. The investment includes initial Series D funding led by Baillie Gifford, Baron Capital Group, Perceptive Advisors, and a number of current investors. Zymergen expects to raise additional capital in Q4 as part of the Series D round.

Hoffman says about 60% of Zymergen’s cash is going to new pipeline

Exclusive: HSBC targets net zero emissions by 2050, earmarks $1 trillion green financing

LONDON (Reuters) – HSBC HSBA.L will target net zero carbon emissions across its entire customer base by 2050 at the latest, and provide between $750 billion and $1 trillion in financing to help clients make the transition, its Chief Executive Noel Quinn told Reuters.

FILE PHOTO: HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. REUTERS/Brendan McDermid

In the strongest statement by Europe’s biggest bank on climate change to date, its CEO outlined HSBC’s ambitions to align its activities with the Paris Agreement.

“COVID has been a wake-up call to us all, including me personally, we have seen how fragile the global economy is to a major event, in this case a health event, and it brings home the reality of what a major climate event could do,” Quinn told Reuters in a video interview.

HSBC aims to achieve net zero in its own operations by 2030, he added.

While other UK banks such as NatWest NWG.L have already set similar net-zero goals, HSBC’s aim to achieve it across its huge Asia-focused client base is one of the most significant pledges made by a global lender to date.

However, the bank will be closely watched for how quickly and fully it pursues its new goals, which are mainly stated as ‘aims’ rather than hard commitments.

It will also face scrutiny on whether it has allowed itself leeway to continue financing some fossil fuel-linked clients, especially in developing markets.

HSBC has come under increasing pressure from activists, shareholders and politicians who say it is contributing to climate change by financing fossil fuel and other environmentally harmful projects.

Quinn said the bank is focused on expanding its capital markets-focused carbon transition policies, to a broader one encompassing all its activities across financing,

HSBC targets net zero emissions by 2050, earmarks $1 trillion green financing

By Lawrence White, Sinead Cruise and Simon Jessop

LONDON (Reuters) – HSBC will target net zero carbon emissions across its entire customer base by 2050 at the latest, and provide between $750 billion and $1 trillion in financing to help clients make the transition, its Chief Executive Noel Quinn told Reuters.

In the strongest statement by Europe’s biggest bank on climate change to date, its CEO outlined HSBC’s ambitions to align its activities with the Paris Agreement.

“COVID has been a wake-up call to us all, including me personally, we have seen how fragile the global economy is to a major event, in this case a health event, and it brings home the reality of what a major climate event could do,” Quinn told Reuters in a video interview.

HSBC aims to achieve net zero in its own operations by 2030, he added.

While other UK banks such as NatWest have already set similar net-zero goals, HSBC’s aim to achieve it across its huge Asia-focused client base is one of the most significant pledges made by a global lender to date.

However, the bank will be closely watched for how quickly and fully it pursues its new goals, which are mainly stated as ‘aims’ rather than hard commitments.

It will also face scrutiny on whether it has allowed itself leeway to continue financing some fossil fuel-linked clients, especially in developing markets.

HSBC has come under increasing pressure from activists, shareholders and politicians who say it is contributing to climate change by financing fossil fuel and other environmentally harmful projects.

Quinn said the bank is focused on expanding its capital markets-focused carbon transition policies, to a broader one encompassing all its activities across financing, asset management, and corporate and retail banking.

“What we have given the market is an ambition that

A Major Tesla Investor Has Predicted Bitcoin Will Be Worth More Than $1 Trillion In Under 10 Years

Bitcoin has had a strong start to the decade, adding over 40% to its price so far this year—and taking its market capitalization to around $200 billion.

The bitcoin price, which began the year at around $7,000 per bitcoin token, has been on a roller coaster through 2020, crashing to under $4,000 in March before rebounding to well over $10,000.

With a raft of established investors turning to bitcoin this year as a potential hedge against the inflation they see coming as a result of unprecedented government spending and money-printing, a prominent investor in electric car-maker Tesla
TSLA
has said it expects bitcoin’s total value to balloon to between $1 trillion and $5 trillion during the next five to ten years.

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“Bitcoin offers one of the most compelling risk-reward profiles among assets, as our analysis suggests it should scale from roughly $200 billion today to $1-5 trillion network capitalization during the next five to ten years,” Ark Invest’s director of research, Yassine Elmandjra, wrote in a report out last month, adding that investors shouldn’t ignore bitcoin as an asset class.

Ark is best known for its wildly optimistic price target for Tesla—a bet that has somewhat paid off this year as the Tesla price increased fourfold.

Bitcoin was by far the best performing asset of the last decade, with its price increasing from almost zero to highs of around $20,000 per bitcoin token in late 2017 before falling back somewhat. But, despite this massive run, Ark remains very bullish on bitcoin.

“Our analysis suggests bitcoin is early on its