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Illustration: Sarah Grillo/Axios

CarbonBuilt, a Los Angeles startup with tech to embed CO2 in concrete, just raised $10 million in Series A funding.

Why it matters: It's among several startups attracting capital to make climate-friendly concrete and cut the massive emissions from the production of cement, a key concrete component.

Driving the news: Neglected Climate Opportunities, a VC arm of the Grantham Environmental Trust, led the funding round. Other backers include Tony Pritzker, Lime Street Ventures and Climate Capital.

How it works: CarbonBuilt, spun out of UCLA, has developed a concrete mixture that requires less cement, and a curing process that embeds CO2 captured from industrial streams but could also come from direct air capture.

  • "Together, these changes result in a 10 to 30 percent reduction in raw material costs and a 60 to 90 percent reduction in carbon dioxide emissions," the company said.

The big picture: Multiple companies are developing and commercializing climate tech in the concrete and cement sectors. They include...

  • Solidia Technologies, which has a lower-CO2 cement-making process and embeds CO2 in concrete curing, announced $78 million in new funding in April. Backers include Imperative Ventures, Bill Gates' Breakthrough Energy Ventures, BP, John Doerr and others.
  • In May, the Ireland-based "green cement" company Ecocem Materials announced a $27 million investment by Breakthrough. CarbonCure, another company that embeds captured CO2 into concrete, is backed by Amazon, Microsoft and Breakthrough.

Go deeper

What to know about COP26 in Glasgow

A banner advertising the upcoming COP26 climate talks in Glasgow, U.K., on Oct. 20. Photo: Ian Forsyth/Bloomberg via Getty Images

More than 100 world leaders — as well as thousands of diplomats and business leaders — are set to converge on Glasgow, Scotland, starting Oct. 31 to try to set new emissions reduction goals at the COP26 climate summit.

Why it matters: It's an annual meeting, but this year's assembly is viewed as crucial, since climate scientists warn that time is running out to secure necessary greenhouse gas emissions cuts to avoid potentially devastating climate change impacts during the next several decades.

Mike Allen, author of AM
42 mins ago - Politics & Policy

Fauci fires back at Rand Paul for slam on tonight's "Axios on HBO"

Responding to charges by Sen. Rand Paul on Sunday's "Axios on HBO," NIAID director Anthony Fauci told "ABC This Week" that it's "molecularly impossible" for U.S.-funded bat virus research in China to have produced COVID-19.

Why it matters: The issue 0f Wuhan research was reignited on the right last week with a National Institutes of Health letter to Congress disclosing more about the research.

Manchin, Schumer huddle with Biden in Delaware to discuss spending bill

Senate Majority Leader Chuck Schumer (L) and Sen. Joe Manchin (R) at the U.S. Capitol on Nov. 13, 2014. Photo: Win McNamee/Getty Images

Sen. Joe Manchin (D-W.Va.) will meet with President Biden and Senate Majority Leader Charles Schumer (D-N.Y.) on Sunday morning in Delaware as Democrats look to reach an agreement on the massive spending measure.

Driving the news: Democrats are still negotiating what to keep in the bill and how to pay for it, with Biden saying on Thursday that the party does not have the votes to raise the corporate tax rate.