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Forest fire in Riau Province, Indonesia, on March 1. Indonesia's fires have been an annual problem for decades, much of it human-made for more palm oil plantations. Photo: Afrianto Silalahi/NurPhoto via Getty Images

C16 Biosciences, a company seeking to commercialize a manufactured alternative to palm oil, announced yesterday that it has raised $20 million in Series A funding from backers including the Bill Gates-led Breakthrough Energy Ventures.

Why it matters: Palm oil is used in a massive array of products — from shampoo to foods to biofuels.

  • Palm plantations are fueling deforestation that releases CO2 and erodes wildlife habitat in multiple countries.

How it works: The New York-based startup has a fermentation-based "bio-manufacturing" process for "brewing palm oil like beer."

What they're saying: "Consumers want to buy the products they love, but they don’t want to buy products that are directly responsible for climate change," CEO Shara Ticku said.

The intrigue: They're not alone in this space. Per Bloomberg...

  • "California-based startup Kiverdi Inc. is using microbes to convert carbon dioxide into an alternative to palm oil. Scottish startup Revive Eco is extracting useful oils from coffee waste and Indonesian startup Biteback is finding those oils in insects."

Go deeper: Automating food from farm to front door

Go deeper

Fed chair says he isn't concerned by Delta surge

Fed Chairman Jerome Powell at the G20 finance ministers and central bankers meeting in Venice last month. Photo: Andreas Solaro/AFP via Getty Images

One of the country's most influential economic officials doesn't anticipate that surging coronavirus cases will knock the reopening recovery off course.

What he's saying: "There has tended to be less economic implications from each [coronavirus] wave. We'll see if that's the case for the Delta variety," Federal Reserve Chairman Jerome Powell told reporters today.

Updated 2 hours ago - Economy & Business

Ubisoft workers demand company accountability in open letter

Photo: Frederic Brown / Getty Images

Close to 500 current and former employees of “Assassin’s Creed” publisher Ubisoft are standing in solidarity with protesting game developers at Activision Blizzard with a letter that criticizes their company's handling of sexual misconduct.

Why it matters: Ubisoft and Activision Blizzard workers are framing the actions as part of a bigger movement meant to have lasting change in the industry and its culture.

Companies deploy tech to prevent retail crime

Customers in a Home Depot in Pleasanton, California, in February 2021. Photo: David Paul Morris/Bloomberg via Getty Images

Retailers have a new edge for fighting theft: They're using technology to disable stolen goods — from iPhones to Black & Decker drills — and render them useless.

Why it matters: Organized retail crime has a considerable affect on retailers every year, costing them an average of $719,000 per $1 billion dollars in sales, according to estimates from the National Retail Federation.