The Silent Billionaire: Investing $1 Billion in Climate Action

Nestled in a quieter street of vibrant central London, the headquarters of a significant yet under-the-radar climate organization awaits your discovery.

The Quadrature Climate Foundation (QCF) annually allocates hundreds of millions of dollars to some of the most impactful campaign groups and scientific institutions, at the forefront of research and advocacy in green transitions. It funds initiatives such as anti-methane vaccines for livestock, sustainable aviation fuel, geothermal energy, and carbon capture technologies.

As research budgets tighten in universities and across the UK, organizations like QCF step in to facilitate the shift toward net-zero emissions.

Established in 2019 as a charitable arm of the Four Seasons hedge fund, the QCF empowers founders Greg Skinner and Sunil Setya to tackle climate challenges. Recently recognized in the Sunday Times Rich List for their philanthropic efforts, they contributed over $6.7 million to climate-related initiatives last week through the foundation. In total, QCF has dispersed over $1 billion to climate interventions, ranking it as one of the largest and most influential climate charities globally.

Who decides which research projects to back, what causes to prioritize, and the strategic direction to pursue? Greg de Temmerman, a former nuclear physicist and the QCF’s Chief Science Officer, is tasked with evaluating proposals to identify the most promising initiatives.

Madeleine Cuff: Could you explain your transition from a nuclear fusion focus to climate strategy?

Greg de Temmerman: I worked on the ITER project [an international fusion experiment based in France] for seven years, the largest scientific endeavor on Earth. Throughout this period, I engaged in outreach efforts to demystify fusion. Unfortunately, the project faced mounting delays.

I was frequently interacting with decision-makers, which illuminated the divide between scientific research and policy-making. Consequently, I chose to exit fusion in 2020 and co-founded a think tank with a Parisian entrepreneur, aiming to bridge the gap between policymakers and early-stage technology. In 2023, I joined the Quadrature Climate Foundation where I continue this mission, but now with greater resources to effect change.

Controversial geoengineering initiatives, like this insulation project in Switzerland, are under scrutiny

Fabrice Coffrini/AFP via Getty Images

Explain your current role at QCF.

QCF’s mission is to promote projects and partnerships that can drive global change. Our portfolio includes support for early-stage technologies, advocacy, campaigns, technical work, capacity building, and more. It’s crucial to identify the problem at hand.

For instance, one might say, “I want to boost renewable energy,” but what obstacles stand in the way? Is it financial resources? Infrastructure issues? I was brought on board to ask these critical questions and ensure we pursue the right solutions.

How does charitable funding differ from traditional investments and government support?

Charitable funding doesn’t seek financial returns, allowing for greater risk-taking than typical investments. Moreover, we can move more swiftly than government entities. Essentially, we both catalyze the net-zero movement and act as a catalyst for other funding sources.

With an impressive annual budget reaching around $325 million in 2025, do you face significant influences?

We are notable players in climate finance but still small in comparison to what’s needed for a successful climate transition. While it feels empowering to operate at this scale, our budget pales in comparison to the global demands of climate mitigation.

You support various initiatives, from studying climate change impacts to advocating for clean tech entrepreneurship. Can you share a particular success?

We were among the first substantial funders of permanent carbon removal techniques. Our initiatives aimed to develop a compliance market while emphasizing accountability measures. This became critical following discussions ignited by the last international climate change report, which highlighted the necessity for negative emissions, leading to serious dialogue on the subject.

Last year, you introduced a new strategy, shifting focus towards adaptation and resilience in climate change. What prompted this shift?

The climate crisis is accelerating, with more extreme weather events becoming a norm. Adaptation is essential to any decarbonization efforts. This new strategy seeks to unify our initiatives under a coherent vision, aligning with what our founders find most impactful.

As part of the new strategy, you’ll be supporting climate intervention research, particularly geoengineering, which can be contentious. What motivates this funding?

Indeed, these scientific endeavors should predominantly come from public funding, which has been lacking for various reasons. Thus, we decided to support this research to ensure that vital questions are being explored.

This sector raises major ethical concerns. How can you justify financial support for it?

I don’t have a definitive stance on the ethics of geoengineering. Currently, it’s a complex arena that necessitates rigorous understanding, and I don’t endorse any immediate applications of geoengineering techniques.

Our intent is to spark discussions about geoengineering, especially as new startups emerge in this field, despite existing research lagging behind.

Is your support strictly for foundational research, or do you engage with field trials as well?

Much of our backing centers around fundamental climate science. One pressing issue in geoengineering is understanding cloud formation, which parallels many critical challenges in climate science. We funded a minimal outdoor experiment in the U.S. that was suspended after a few weeks due to public backlash. We prefer to remain cautious and utilize robust climate models to predict the impacts of geoengineering. Comprehensive observational capabilities are essential for effective outdoor trials, and we believe there remains much work in foundational climate science.

In the current political climate, with leaders like former President Trump rolling back climate policies, how do you navigate these headwinds?

Transition involves disruption; established systems resist change while new ones emerge, and this tension can be challenging. It’s essential to foster understanding of this dynamic and communicate the complexities inherent to the transition process.

The upcoming years may be tough. Addressing climate issues has become increasingly challenging. In the UK, rising electricity costs compound the disconnect between the public’s perception of renewable energy benefits and their current bills, which can lead to skepticism.

However, there’s compelling motivation to move away from fossil fuels, independent of climate beliefs. Oil and gas markets are notoriously unstable, making diversification essential for resilience. The key is to demonstrate that energy transitions benefit everyone, regardless of their views on climate action.

Oil refinery at sunset in Edmonton, Alberta, Canada

Panoramic Images/Alamy

Climate disinformation and malign players pose challenges. What can be done to combat this?

Attacks on climate science persist, but the overwhelming evidence supports the scientific consensus. While some may cling to flat Earth beliefs, the facts remain clear. Increasingly, the discourse pivots to contesting solutions rather than the scientific basis itself. For instance, searching “Electric Car” on YouTube reveals numerous videos disputing their efficacy. These discussions, while interesting, rely heavily on data and understanding.

What exciting prospects lie ahead for QCF in the coming year?

To transform industries, we must bring down energy costs, and there are opportunities to achieve that. Furthermore, tackling industrial emissions—once deemed difficult—is now achievable with ready solutions. It’s an exhilarating time as skeptics claimed decarbonizing sectors like steel was impossible. But now, we know we can do it.

As you’ve identified as a major player, how do you cope with the responsibility of influencing climate transition?

It’s about recognizing our role within the broader system and acknowledging our limitations. It’s vital to approach initiatives with the belief that we can unlock new possibilities, while remaining open to the reality that we may not always be correct.

How do you maintain optimism in a time where climate progress appears stagnant?

I often say my optimism shines on Mondays, Wednesdays, and Fridays; I’m more pessimistic on Tuesdays, Thursdays, and Saturdays, with Sundays reserved for reflection.

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Source: www.newscientist.com

Attention Deficit Hyperactivity Disorder (ADHD) may have developed to aid hunter-gatherers in gauging when to stop investing in unproductive pursuits

Early hunter-gatherers faced with food shortages may have benefited from the impulsivity associated with ADHD

John Civic/Science Photo Library

Attention-deficit hyperactivity disorder (ADHD) may have evolved in hunter-gatherer societies because it was an advantage for them, according to the results of a new study. Characteristics commonly associated with the disease, such as impulsivity, cause some foragers to move from areas where resources are depleted to areas with richer harvests faster than areas without the disease. It could have been something like this.

ADHD affects people's behavior, which can result in them acting impulsively and having trouble concentrating. Although its exact cause is not fully understood, the condition tends to run in families.

Its origins are similarly unknown, he says. Arjun Ramakrishnan At the Indian Institute of Technology Kanpur. “Is it a remnant of the hunter-gatherer world?”

To explore this, Ramakrishnan, david barak Researchers at the University of Pennsylvania recruited 506 people in the United States to play an online foraging game. Players were instructed to collect as many berries as possible in 8 minutes by moving their cursor over the bush.

They were given the choice of staying in the bush or trying their luck in another bush that might have more or less fruit. Moving to a new bush also resulted in a short timeout, so players had to balance the chance of getting more berries with the time lost by moving.

Before playing the game, participants completed a questionnaire assessing whether they had symptoms of ADHD, such as difficulty concentrating or restlessness.

People with ADHD symptoms spent about four seconds hovering over a particular bush compared to those without symptoms, and as a result, the former group collected an average of 521 berries. However, I was able to collect 602 berries.

The findings suggest that selective pressures faced by early hunter-gatherer societies, such as lack of food and other resources, may have driven the evolution of ADHD. There may have been some foraging situations in which it was better to stay than move on, but Barak said this tendency to leave could have been an advantage in some scenarios.

“Humans and other apes are very sophisticated foragers, but like almost all other animals, we tend to stay in our plots too long and harvest too much in our fields.” he says. “Therefore, starting action early may be beneficial to reduce over-harvesting, and this may be where the impulsive characteristics of ADHD come in handy.”

Although many people around the world are no longer looking for food, situations still exist where similar decision-making processes occur. If a person is studying for an exam, he may start by looking at one resource. If it doesn't help you understand the topic, Barak says, you may quickly switch to another resource, which may be more efficient and helpful.

“Although it is difficult to determine exactly how ADHD-related behaviors were adaptive in past environments, we find that people with and without ADHD show measurable differences in foraging strategies. In that sense, these results are convincing,” says Dr. Dan Eisenberg at the University of Washington in Seattle.

but Annie Swanepoel North East London NHS Foundation Trust said it did not reflect the scarcity of resources experienced by many of the early hunter-gatherers, as foraging operations produced abundant berry crops.

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Source: www.newscientist.com

Getty Images CEO discusses potential withdrawal from UK’s creative sector or investing in AI with Sunak

Rishi Sunak needs to decide whether to support Britain’s creative industries or bet everything on the artificial intelligence boom, Getty Images’ chief executive has said.

Craig Peters, who has led Image Library since 2019, made the comments amid growing anger in the creative and media sectors over the material being collected as “training data” for AI companies. His company is suing a number of AI image generators for copyright infringement in the UK and US.

“If you look at the UK, probably about 10% of GDP is made up of creative industries like film, music and television. I think it’s dangerous to make that trade-off. It’s a bit of a complicated trade-off to bet on AI, which is less than a quarter of the country’s GDP, much less than the creative industries.”

In 2023, the government, in response to consultation from the Intellectual Property Office, set a goal to “overcome the barriers currently faced by AI companies and users” when using copyrighted material, and promised to “support access to copyrighted works.” input to the model.”

This was already a step back from previous proposals for broad copyright exceptions for text and data mining. In a response to a House of Commons committee on Thursday, Viscount Camrose, a hereditary peer and under-secretary of state for artificial intelligence and intellectual property, said: This will help secure the UK’s place as a world leader in AI, while supporting the UK’s thriving creative sector.”

The role of copyrighted material in AI training is under increasing pressure. In the US, the New York Times sued OpenAI and Microsoft, the creators of ChatGPT, for using news articles as part of training data for their AI system. OpenAI said in a court filing that it is impossible to build an AI system without using copyrighted material.

Peters disagrees. Getty Images collaborated with Nvidia to create its own image generation AI that is trained using only licensed images.

The tide is changing within the industry as well. A dataset of pirated e-books, called Books3, is hosted by an AI group whose copyright takedown policy at one point even includes a costumed person pretending to masturbate with an imaginary penis while singing. Similar to the lawsuit by Getty and the New York Times, a number of other legal actions are underway against AI companies over potential training data breaches.

Ultimately, whether courts or even governments decide how to regulate the use of copyrighted material to train AI systems may not be the final word on this issue. Peters is optimistic that this result is not a foregone conclusion.

Source: www.theguardian.com

France to Emulate UK Investment Scheme, Aiming to Boost Angel Investing

As part of the 2024 French budget passed by the French government last week. without voting, France plans to create a new tax break for angel investments in technology startups. In many ways, France is drawing inspiration from the UK’s tech ecosystem for this change.

If you are a UK angel investor, you may already be familiar with the acronyms SEIS and EIS, which stand for Seed Enterprise Investment Scheme and Enterprise Investment Scheme. These two tax breaks have encouraged angel investments in small private companies, typically technology startups, since 1994.

In the UK, investments in early-stage startups have an annual investment cap of £200,000 and are eligible for a 50% income tax deduction. You may be wondering, what exactly is an early-stage startup? Criteria change over time, but currently, SEIS-compatible companies are those that are less than three years old, have fewer than 25 employees, and have total assets. UK businesses under £350,000.

“I have benefited from SEIS both as a founder and as an investor. SEIS funding reduces the risk of angel investing and allows startups to close rounds faster,” said Reedsy. co-founder and CEO Emmanuel Nataf told me. “The fact that all taxpayers, not just the wealthiest, can benefit from tax cuts makes them a real enabler for the UK’s tech ecosystem.”

When it comes to corporate investment schemes, as the name suggests, they cover a wider range of companies. However, in that case, individual investors will only receive a 30% income tax reduction. EIS-compatible companies should be less than seven years old, have fewer than 250 employees and have total assets of less than £15m.

Interestingly, deep tech companies still qualify if they have been in business for less than 10 years, so they have a little more leeway. An individual can invest up to £1 million a year to receive a tax deduction (for deep tech investments he can invest £2 million).

And it’s working incredibly well.According to Report from Paul MidiThe MP, who represents Emmanuel Macron’s party on the subject, said a total of £175 million and £1.6 billion have been invested in private companies through SEIS and EIS respectively (as of today). 213 million and $1.95 billion respectively) (exchange rates).

“Angel investors who use this system also provide significant support to founders, which may be difficult to obtain from institutional investors,” Nataf added.

Importing SEIS and EIS schemes

Now that we understand how this works, France is essentially copying these systems with a different standard. From 2024, the JEI label (Jeunesse Entreprize Innovantes) is eligible for a 30% income tax reduction.

Starting in 2025, two new categories will be created: JEIC and JEIR. C is Croissant and R’s rupture. These acronyms are a bit technical, but the bottom line is that an investor in a deep tech startup can receive a 50% tax break on investments of up to 100,000 euros per year. Investors in other start-ups can enjoy a 30% tax break on investments of up to €150,000 per year.

“This scheme for so-called ‘young enterprises’ aims to help thousands of young innovative businesses gain jobs, raise capital, improve cash flow and access public contracts. .” Said In a video on X (formerly Twitter). “This should enable our startups to raise an additional EUR 500 million annually, especially in their early stages.”

It will take some time for the French tech ecosystem to feel the impact of this regulatory change. But this is a welcome change, as France, like many tech ecosystems around the world, is experiencing a slowdown in traditional VC investment.

Source: techcrunch.com