Tiny hedge fund Engine No. 1 crashes Exxon’Mobil’s board, again! Etsy buys Depop, EV sales outpace gas vehicle sales so far in 2021, and the Earthshot Prize announces its first CEO.
Tiny Hedge Fund Engine No. 1 Does It Again! Etsy Buys Depop, EV Sales Outpace Gas Vehicle Sales So Far In 2021, The Earthshot Prize Announces New CEO
ENGINE NO. 1 DOES IT AGAIN!
Last week on The Climate Daily, we shared two stories on the small hedge fund, Engine No. 1 and its successful, historic attempts to get two activist, dissident, independent directors voted onto the Exxon-Mobil Board of Directors. This week—more good news. They did it again!
The third director, Alexander Karsner, joins activist-backed directors and biofuel veterans–Gregory Goff, whose career includes a long stint at Conoco-Philips and some C-suite time at the refiner Andeavor, along with Kaisa Hietala, an environmental scientist and former senior executive at the Finnish refiner Neste.
Karsner is a former assistant secretary of energy for energy efficiency and renewable energy during the George W. Bush administration. There he helped negotiate America’s first re-entry into the UN Convention on Climate Change, which led to the 2015 Paris climate accord. He’s also former CEO of Enercorp, a wind power development firm. In 2002, Karsner led Enercorp to win a global competition to develop the world’s largest private wind farm outside the United States.
The election of Goff, Hietala and Karsner reflected a broader push among consumers, investors and government leaders to pivot away from fossil fuels and invest in a future in which energy needs are increasingly met with renewable sources. Engine No. 1’s activist campaign success is part of a “tidal wave” of investor concerns on environmental, social and corporate governance (ESG) issues, said Exxon Director Ursula Burns.
And that’s why this matters to us.
ETSY TO BUY DEPOP FOR $1.6 BILLION
In what’s expected to be a cash deal, Etsy, an American e-commerce company focused on handmade or vintage items and craft supplies, will buy the peer-to-peer social shopping app, Depop, for about $1.6 Billion dollars.
What’s a peer-to-peer shopping app? Well, in the case of Depop, it’s a social shopping platform that’s a little bit eBay and a little bit Instagram.Online secondhand marketplaces like Depop are extremely popular with Generation Z…
(You mean Generation Green New Deal)
Right, online second hand marketplaces like Depop are extremely popular with Generation Green New Deal because the clothes are often less expensive than fast fashion, and also potentially greener. That’s because buying second-hand helps drive down demand for new clothes. As we’ve reported here on The Climate Daily, the overproduction of clothing adds about one trash truck of excess fabric and other clothing production waste to landfills every second of every day.
Boston Consulting Group estimates the global secondhand clothes market to be worth up to $40bn a year, about 2% of the total apparel market. The pre-worn segment is expected to grow 15-20% a year for the next five years.
I am finding as I get older and not getting rid of clothes, that trends come back around….
DEEPER DIVE: CNBC
ELECTRIC CAR SALES DOUBLE IN U.S.
U.S. electric car sales more than doubled in the first quarter of 2021 compared to the same period in 2020. According to new International Energy Agency data, After a decade of rapid growth, in 2020 the global electric car stock hit the 10 million mark, a 43% increase over 2019, and representing a 1% stock share.
Also battery electric vehicles (BEVs) accounted for two-thirds of new electric car registrations and two-thirds of the stock in 2020. Globally, China, with 4.5 million electric cars, has the largest fleet, though in 2020 Europe had the largest annual increase to reach 3.2 million.
Here in the USA, Sales ticked up about 2% in the first quarter compared to the first three months of 2020, even as ICE vehicle sales fell.
On a separate note, electric bus and electric heavy-duty truck (HDT) registrations increased in 2020 in China, Europe and North America. The global electric bus stock was 600 000 in 2020 and the electric HDT stock was 31 000.
Why it matters: As expanded home delivery services bake in, post pandemic, the need for short and long range electric trucks to offset CO2 emissions from ICE/diesel delivery vehicles will only grow.
DEEPER DIVE: IEA EV Report
PRINCE WILLIAM’S EARTHSHOT PRIZE ANNOUNCES CEO
The Earthshot Prize just announced Hannah Jones as its CEO.
Launched in 2020 by Prince William, Duke of Cambridge and sir David Attenborough, the Earthshot Prize is about harnessing optimism and urgency to find solutions to some of the world’s greatest environmental problems. The winners will be selected by the Earthshot Prize Council, a global team spanning six continents, including the Duke and Attenborough.
The Earthshot Prize is awarded annually from 2021 to 2030, to five winners whose solutions substantially help the environment. It’s given by the Royal Foundation, headquartered in London, England and is distributed in five separate categories supported by the UN Sustainable Development Goals.
Hannah Jones started her career at the BBC, before working as a social entrepreneur within a British charity, then founding and leading pan-European AIDS/HIV prevention and anti-racism campaigns across hundreds of radio stations.
She was named a Young Global Leader by the World Economic Forum in 2007 and won the 2013 C. K. Prahalad Award for Global Business Sustainability Leadership. She also co-founded and co-chaired We Mean Business, a coalition of progressive businesses working to influence climate policy.
Of her selection, Jones said, ““I’m thrilled to be appointed CEO of The Earthshot Prize. Over the past twenty-five years, I have dedicated my career to advancing and advising on sustainability and innovating for change, both for corporate, start-up and non-profit organizations. I’m excited to use my experience and passion to enable The Earthshot Prize to not just discover these solutions but also to inspire people the world over to work together to repair the planet.”