Among the impressive roster of speakers was Dr Andrew Steer, President & CEO of the Bezos Earth Fund, which Amazon entrepreneur Jeff Bezos set up with $10 billion available this decade to help accelerate clean energy transitions. Among its initiatives, the fund is aiming to electrify US school buses to make the air cleaner and therefore improve children’s health.
Describing the challenges ahead as “an exciting revolution”, Steer urged all stakeholders to “take more risks” in their quest for a cleaner planet and to act smartly. He said 35-50 revolutions must take place in the areas of energy, transport, the built environment, food and manufacturing. He believes the heart of the solution lies with investors who “need guts to do the right thing” and that philanthropy should be leading the way, not governments. “These are exciting times but perilous,” he warned, adding: “Transformative change requires systemic change.” He acknowledged the role of activists in pushing for change, but added that it was important to have a “spirit of hope”.
Steer’s words were echoed by BP Europe’s Chairman Peter Mather, who described climate change as “a monumental challenge”. As an oil- and gas-based company, BP intends to produce 40% less oil by 2030 and added that the firm was “up for the responsibility” of energy transition. He described BP as not a “green” company but a “greening” company, as the vast majority of its profit was currently generated by oil and gas. However, BP is now moving towards renewables, electrification, carbon capture and hydrogen.
Two initiatives stood out for fashion industry watchers. The first is from a company called Qualus, which aims to reduce the water usage and harmful chemicals produced by the $20bn leather industry. The firm works with tanneries to replace water with sferes, lowering the cost of production while keeping the leather quality high. It has signed up as a client the large Mexican tannery Lefarc, which has become the most sustainable tannery in Mexico. A Brazilian customer will come on-stream later this year. Product demonstrations are being held with a global luxury goods brand and a footwear brand, according to CEO Vikrant Pratap. “Handbags and shoes are out there using our system and we expect to sign up customers in Europe and Asia this year.”
The second fashion initiative is from Circulariti, a company that is developing a digital platform to enable brands and retailers to scale and commercialise the circular economy. The UK-based firm has an impressive roster of executives and non-executive directors who have worked at Farfetch, Ted Baker, Tu Clothing, George, Swarovski and the Ellen MacArthur Foundation, among others. Noting that the apparel industry produces 10% of the world’s greenhouse gases, CEO Jamie Goldring believes the industry has reached a “circular tipping point” that needs to scale sustainably.
The Circulariti system, which is under development, maps the genome of an apparel item and tells the consumer via an app the environmental impact of the product, such as the amount of carbon and water used in its production. The app follows the entire lifecycle of the product, both before and after the consumer buys it. For example, at the point of purchase, consumers can opt for carbon offset and pay more for the product. Thanks to the re-use module, the consumer can take advantage of a store discount if the item is returned to the store, or choose from different rental or resale options offered within the app. The product lifespan is increased with information about local repair stations, Goldring said. Overall, the app will provide five opportunities for revenue and reuse, thereby enabling the circular economy.
This year’s trio of CleanEquity Monaco award recipients (pictured above) were presented with a climate change-themed trophy from Bernard Fautrier, a Special Adviser to Prince Albert on sustainability matters. Designed by Clare McCluskey, a visual artist from Dublin, and made from sustainably sourced, traceable wood from the Lisnavagh Timber Project in Carlow, Ireland, the trophies contain an inner dimension that reminds the holder of their own agency, responsibility and creativity in seeking new possibilities for a better future.
The award recipients were: Conamix, in the research category; Vertoro, for environmental tech development; and Voltaware, for environmental tech commercialisation.
CleanEquity Monaco is an annual invitation-only event organised by Innovator Capital, with contributors and sponsors including Covington, Cision, Taronis Fuels, EarthX, Cranfield University and Massachusetts Institute of Technology Solve.
