Resilience Day at COP16 in Riyadh mobilizes action and financing
RIYADH, Saudi Arabia, Dec. 11, 2024 /PRNewswire/ -- Saudi Arabia's UNCCD COP16 Presidency has announced the launch of an international initiative for sand and dust storm monitoring, part of a regional sand and dust storm early warning system, in a major boost for global early warning systems. The initiative will expand on existing international sand and dust storm capacity, overseen by the World Meteorological Organization (WMO).
Part of the Riyadh Action Agenda at COP16 in Riyadh, the announcement took place during Resilience Day on Tuesday, a thematic day at COP16 designed to amplify action on global resilience initiatives. Discussions and events throughout the day sought to deliver renewed funding and solutions to combat land degradation, drought, and desertification. Two billion tonnes of sand and dust enter the atmosphere every year according to the UNCCD, equivalent in weight to 350 Great Pyramids of Giza. Over 25% is estimated to be due to human activity.
Based in Jeddah, the Sand and Dust Storm Warning Advisory and Assessment System (SDS-WAS), increases the number of global WMO-affiliated nodes to four, part of an international network including Beijing, Barcelona, and Barbados.
Speaking about the growing capacity of the center during a panel discussion, Jumaan Al-Qahtani, CEO, GCC Regional Sand and Dust Storms Warning Advisory and Assessment Node, Jeddah, said: "The center managed to develop three models with different resolutions that have been validated to predict sand and dust storms in the region, and they are all now in operation."
Al-Qahtani also addressed an initiative to increase global monitoring, warning, and coordination for sand and dust storms, saying: "Saudi Arabia just launched an international partnership initiative where we want to enhance early warning systems in those countries that are not able to do it. This will be done through the WMO accredited regional centers that now exist, and Saudi Arabia will fund this initiative with $10 million for the next five years. We call upon other UN organizations and countries to support this initiative."
Scaling global drought resilience also featured heavily in official dialogue throughout the ninth day of COP16 in Riyadh. It comes after Saudi Arabia launched the Riyadh Global Drought Resilience Partnership, part of the Riyadh Action Agenda, at the beginning of COP16 in Riyadh. It has already secured $2.15 billion in financial backing.
"Over 1.8 billion people are impacted by drought, with this number forecast to accelerate. Drought resilience must be a global priority, one that see's us shift from a reactive response after droughts hit, to a proactive stance of comprehensive drought readiness and resilience," said Dr. Osama Faqeeha, Deputy Minister for Environment, Ministry of Environment, Water and Agriculture, and Advisor to the UNCCD COP16 Presidency.
"We are very proud to launch the Riyadh Global Drought Resilience Partnership during COP16 in Riyadh, and we are very proud of the of the stakeholders that already supported the partnership. We are calling upon all countries, organizations, private sector, and NGOs, to join us in these efforts to enhance drought resilience. With this initiative we are targeting the 80 most vulnerable countries to drought," added Dr Faqeeha.
Elsewhere during the COP16 Resilience Day, the World Bank announced they had raised $24 billion in donor contributions, as part of their International Development Association. In a statement, the World Bank said this will help generate a total of $100 billion in affordable financing. Amongst other areas, the funding will be used to support climate resilience, farmers, and boost infrastructure, in 78 countries determined to be most in need. COP16 in Riyadh is mobilizing global state and non-state actors, seeking to enhance international land restoration and drought resilience initiatives.
About COP16 Riyadh:
The UNCCD COP16 conference is taking place from December 2-13, 2024, at Boulevard Riyadh World, Saudi Arabia. The conference, themed Our Land. Our Future, will mark the 30th anniversary of the UNCCD and aims to secure multilateral action on critical issues such as drought resilience, land tenure, and sand and dust storms.
For more information about UNCCD COP16, please visit UNCCDCOP16.org
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Saudi Arabia Launches Sand and Dust Storm Monitoring Initiative to Expand Global Early Warning System Capacity
Funding from Teachers' Venture Growth and Other Investors to Scale Exploration Solutions Powered by Space & AI for Faster Energy Transition Mineral Discovery
ADELAIDE, Australia, Dec. 12, 2024 /PRNewswire/ -- Fleet Space Technologies (Fleet Space), Australia's leading space exploration company, today announced the closing of a A$150M Series D funding round, led by Teachers' Venture Growth (TVG), the late-stage venture and growth investment arm of Ontario Teachers' Pension Plan, and joined by existing investors Blackbird Ventures, Hostplus, Horizons Ventures, Artesian Venture Partners, and Alumni Ventures. The new investment will be used to expand the capabilities of Fleet Space's global end-to-end exploration platform, ExoSphere, to accelerate the discovery of critical minerals needed for Earth's clean energy future.
"The ability to meet the rapidly increasing demand for critical minerals presents a significant challenge to achieving global net-zero targets," said Rick Prostko, Senior Managing Director, Teachers' Venture Growth. "Current mineral exploration methods are inadequate for efficient discovery and production. Fleet Space addresses this with advanced 3D subsurface imaging and AI analysis tools, which have the potential to sustainably transform the industry. We are proud to support the multidisciplinary team at Fleet Space in their efforts to accelerate the global energy transition."
"We're proud to continue our investment in Fleet Space, building on many years of history," added Niki Scevak, Partner at Blackbird. "Quite simply, the discovery of critical minerals must exponentially increase if we are to electrify our society by 2050 and breakthroughs, like ExoSphere, are needed to make it happen."
Real-Time Exploration Powered by Space & AI
Founded by former propulsion engineer at the European Space Agency, Flavia Tata Nardini, and aerospace entrepreneur, Matt Pearson, Fleet Space was created to harness the capabilities of space exploration technologies for a new wave of solutions that can accelerate decarbonisation and the global energy transition. By integrating Fleet Space's satellites in LEO, smart seismic sensors, and AI into an end-to-end solution, Fleet Space's ExoSphere technology streamlines the acquisition, processing, and integration of exploration datasets, providing the global mining industry with high-quality targeting insights faster than ever before while minimising environmental impact.
"There are two versions of the future. One where we bend the latest advances in space, AI, and big data towards building a clean energy future and another where we risk net-zero targets falling out of reach as the rate of new discoveries of energy transition minerals continues to decline," added Flavia Tata Nardini, CEO & Co-Founder of Fleet Space. "With ExoSphere, we have combined these technologies into an end-to-end platform that seamlessly integrates with and compliments modern mining operations - making the frontier of exploration technology accessible to the global mining industry within a single workflow. This is a fundamental step to unlock humanity's potential for making extraordinary discoveries with less environmental impact."
Exponential Growth
Today's announcement caps a period of exponential growth for Fleet Space. In the past year, Fleet Space has:
"This funding is not just a testament to Fleet Space's growth, strong investor confidence, and sustained innovation in core technologies needed to address dual challenges of climate change and mineral exploration. It's a signal that in a period of turbulent macroeconomic conditions, the shared commitment to build technologies needed for Earth's clean energy future combined with solid business execution can attract the right partners," said Federico Tata Nardini, Chief Financial Officer and Chief Investment Officer of Fleet Space. "We are proud to be among the few companies globally to close a Series D round in the context of reduced activity in the venture ecosystem and look forward to furthering our vision, strategic initiatives, and roadmap to scale the business to the next level."
Technology Roadmap for Explorers of New Worlds
While advancing the capabilities of data-driven exploration on Earth with ExoSphere, Fleet Space has also laid the technology foundation to rapidly accelerate the exploration of new worlds. The smart seismic sensors used as part of Fleet Space's terrestrial ExoSphere system represent the technological precursor for its lunar variant – SPIDER – which will be deployed on the Moon in 2026 to enhance humanity's understanding of the lunar subsurface. Collaborating with MIT Media Lab's Space Exploration Initiative, Fleet Space is also helping to advance off-world research needed for the planning of future missions to the Moon, Mars, and beyond. Additionally, Fleet Space unveiled a cost-effective, resilient full duplex SATCOM system using microsatellites and reprogrammed Centauri-4 to become the world's smallest voice-enabled satellite.
"The convergence of innovation in space, AI, and 3D subsurface imaging represents a foundational pillar of the core technology set that will enable humanity to build permanent research stations on the Moon, Mars, and beyond," said Matt Pearson, Chief Exploration Officer at Fleet Space. "The flywheel we've created by continuously enhancing the subsurface understanding of Earth through the global deployment of ExoSphere simultaneously drives advances in the technology needed to build highly scalable, data-driven exploration systems for new worlds. A bold new chapter in the history of space exploration is about to begin and we are positioned to play a significant role as humanity boldly ventures deeper into our solar system."
About Fleet Space Technologies
Fleet Space Technologies, Australia's leading space exploration company, is revolutionizing critical mineral discovery with its end-to-end mineral exploration solution, ExoSphere, which combines satellite connectivity, 3D multiphysics, and AI to image mineral systems in real-time. Over 40 leading exploration companies like Rio Tinto, Barrick Gold, and Core Lithium have used ExoSphere's real-time 3D subsurface imaging on projects across five continents. Due to global demand for ExoSphere, Fleet Space's international footprint has expanded to the US, Canada, Chile, and Luxembourg with over 130+ employees, representing 37 nationalities, worldwide. In 2024, Fleet Space was recognised as the winner of the Innovation category at the Mining Technology Excellence Awards and received the Climate Impact Technology Award by the Banksia Foundation. To learn more about ExoSphere, please reach out to the Fleet Space team here.
About Teachers' Venture Growth
Teachers' Venture Growth (TVG) focuses on late-stage venture and growth equity investments in cutting-edge technology companies worldwide. We partner with founders with bold missions, looking to expand their product offering, scale geographically, and become the leaders in their markets. We bring long-term thinking and active investing to help build better businesses and a better world. We think globally and act locally through our direct presence across Asia, North America and Europe.
TVG is part of the Ontario Teachers' Pension Plan Board (Ontario Teachers'), a global investor with net assets of CAD 255.8 billion as at June 30, 2024. We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 340,000 working members and pensioners.
Our more than 450 investment professionals operate in key financial centres around the world and bring deep expertise in a broad range of sectors and industries. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.3% since the plan's founding in 1990. At Ontario Teachers', we don't just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit otpp.com/teachersventuregrowth and follow us on LinkedIn.
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** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Fleet Space Closes A$150M Series D with A$800M+ Valuation
Fleet Space Closes A$150M Series D with A$800M+ Valuation
