Vote With Your Dollars for a Brighter Future
When we first started Mangrove, the question hung over us: Is responsible investing a long-term trend?
One reader even canceled their subscription within the first few days, saying they didn’t believe the strategy had legs.
You can’t blame them – we launched Mangrove in June.
The pandemic boom had turned into a back-to-reality bust.
The rise and fall of crypto and NFTs was fresh on people’s minds.
The first round of meme-stock mania had ended, but it had left Congressional hearings in its wake.
It felt like jumping into another new trend was a sure way to a new bust.
But what a difference a couple months make.
This week, the German government announced plans to expand the country’s offshore wind capacity to generate nearly double the energy it produces from coal.
And this month, the Inflation Reduction Act pledged hundreds of billions of dollars to future-focused initiatives like electric cars and infrastructure.
Experts believe that this could lead to “1,000 new companies.”
And as the European Union grapples with its reliance on Russian oil, smart investors are putting their money into things like copper and lithium – metals that the world will need in a new energy economy.
We don’t think this transition will be quick. But we know that the ball is already rolling.
A brand-new economy is growing right in front of our eyes. And that’s why we’re in this for the long term.
Fifty years from now, the next generation will be living with renewable energy and balking at the brown haze that hangs over major cities today.
There may still be naysayers. (There always are.) But investing with our values today means that we’re voting with our dollars and helping make that future happen.
Now, onto the news…
Numbers to Know
Age of Berkshire Hathaway CEO Warren Buffett. The nonagenarian celebrated his birthday on Tuesday. With a net worth of $118 billion, Buffett is the fifth-richest person in the world, according to Forbes. (MarketWatch)
Number of people in Jackson, Miss., without access to safe drinking water. Recent flooding from the Pearl River is causing problems for the city’s aging water-treatment facility. Officials are now scrambling to distribute bottled water to Jackson residents. (NPR)
Number of job openings in July. The figure came in well in excess of FactSet’s estimated 10.3 million jobs. Meanwhile, only 5.7 million Americans are looking for work, so openings outnumber available workers at nearly a 2-to-1 margin. (CNBC)
What’s New in Sustainable Investing
Toyota to invest billions for EV battery production in North Carolina
The Japanese automaker said on Wednesday that it’s spending $2.5 billion to boost production of electric vehicle (EV) batteries in the U.S. The move could be related to the EV tax credit in Congress’ clean energy bill. To qualify for the full $7,500 credit, an EV must contain a battery built in North America, with at least 40% of the metals mined or recycled on the continent. (The Detroit News)
California votes to ban new gas car sales by 2035
Starting with 2026 models, new rules will require 35% of new cars, SUVs and small pickups sold in California to be zero-emission vehicles. That quota will increase each year, finally reaching 100% in 2035. In addition, the rules set the stage for other states to adopt similar measures. There are already 15 states that followed California’s previous vehicle regulations. (CNN)
Links We Like
“Each year, turbine blades kill hundreds of thousands of birds. [… But] a small study in Norway showed that painting one blade of a wind turbine black reduced bird mortality by over 70%.” (Anthropocene)
“Auto companies are designing ways to build a car’s fuel cells into its frame, making electric rides cheaper, roomier, and able to hit ranges of 620 miles.” (Wired)
“Approximately 55% of the green coffee purchased by eight of the world’s largest coffee roasting and retailing companies met some sort of sustainability baseline in 2021, according to a new report.” (Daily Coffee News)