Today’s ESG Updates
- Morgan Stanley Supports Corvus Energy’s Green Shipping Mission: Morgan Stanley Investment Management (MSIM) has announced that they are leading a $60 million growth capital fundraise for Corvus Energy.
- Base Power Lands $1 Billion to Boost Home Battery Network: Base Power has just finished a US$1 billion Series C funding round.
- Amazon Rainforest Had Its Worst Fire Season: There are more fires in the Amazon rainforest than ever before, which shows that it is becoming more and more at risk.
- Severe weather has cost Europe billions: In recent years, Europe has had to deal with more than €44.5 billion of damage from bad weather and climate change.
Morgan Stanley supports Corvus Energy’s green shipping mission
Morgan Stanley Investment Management (MSIM) has announced that they are leading a $60 million growth capital fundraise for Corvus Energy, a maritime sector-focused low-carbon Energy Storage Systems (ESS) solutions provider.
The investment was facilitated by 1GT, Morgan Stanley’s private climate equity strategy, which aims to eliminate one gigaton of CO2 emissions by 2050. It is also worthy of note that Just Climate and J. Lauritzen participated in this funding round.
Founded in 2009 Norway based Corvus Energy works on advanced zero-emission solutions for the maritime, offshore, and port sectors. Its portfolio includes fuel cell systems and energy storage that provide power to ferries, offshore service ships and large cruise liners. Corvus Energy’s technologies include hydrogen PEM fuel cell systems and modular lithium-ion battery systems supporting the transition toward fully electric and hybrid maritime operations.
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Further reading: Morgan Stanley Backs Corvus Energy to Decarbonize Maritime Sector
Base Power lands $1 billion to boost home battery network across the U.S.
Base Power was founded in 2023 by Zach Dell and Justin Lopas and is based in Austin, Texas. The company’s goal is to make sure that everyone in the U.S. can afford and rely on energy by setting up a network of home battery systems. The technology used by the system lets homeowners store energy to use during times when there is a lack of energy. This helps to support the grid during periods of high demand.
Grid operators pay Base Power for the electricity supplied from these batteries. The company gives some of these payments to its customers, which means they pay less overall.
Base Power has just finished a $1 billion Series C funding round. The money is meant to be used to increase the national energy storage network. This is to make the grid stronger and support the process of electrifying the economy. To stay up to date with more industry developments, companies can turn to ESG tools.
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Further reading: Home Energy Storage Startup Base Power Raises $1 Billion
Klimado – Navigating climate complexity just got easier. Klimado offers a user-friendly platform for tracking local and global environmental shifts, making it an essential tool for climate-aware individuals and organizations.
Amazon Rainforest had its worst fire season in 20 years
There are more fires in the Amazon Rainforest than ever before, which shows that it is becoming more and more at risk. Despite the big efforts to stop deforestation, the Amazon Rainforest had its worst fire season in 20 years. A recent study by the Joint Research Centre of the European Commission, published in Biogeosciences, found that in 2024 alone, fires destroyed 3.3 million hectares of the Amazon.
Researchers say that these fires damaged the environment and released record amounts of carbon, showing that the area is becoming more and more vulnerable. They used a system that stops false signals caused by cloud cover and farming operations using data from the Tropical Moist Forest monitoring system. This helped them to easily see where the forest had been damaged by fire.
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Further reading: Record-breaking Amazon fires triggered as much CO₂ as an entire country last year
Severe weather has cost Europe billions
Severe weather has cost Europe €44.5 billion. In recent years, Europe has had to deal with more than €44.5 billion of damage from bad weather and climate change. This is creating a big financial problem for the continent. After a new report revealed the increasing economic cost of extreme weather, the EU has said it “cannot afford to lower” its climate and sustainability ambitions.
A report by the European Environment Agency (EEA) looked at how much money people lost on average each year between 1980 and 2023 because of heatwaves, floods, droughts and other climate-related events. The study found that if the world gets more than 1.5°C hotter, the losses could reach €2.4 trillion between 2031 and 2050. Climate change could also reduce the EU’s GDP by as much as 7% by 2100.
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Further reading: Cost of Europe’s extreme weather doubled this decade – and could hit €126 billion by 2029
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — In the Cover Photo: Morgan Stanley’s Office Cover Photo Credit: Wiki Commons
