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Illustration: Eniola Odetunde/Axios

This morning brought the launch of a climate tech VC fund that's notable for its prominent backers and connective tissue to communities on the front lines of global warming.

Driving the news: Earthshot Ventures is a new early-stage investor in hardware and software companies that announced its presence today and the close of its first fund at $60 million.

  • Backers include Microsoft, billionaire climate activist Tom Steyer, the Emerson Collective, McKinley Alaska Private Investment, Kleiner Perkins chairman John Doerr, Hawaii's state pension fund, and Facebook executive Chris Cox.

The big picture: More and more money is flowing into climate tech at a time when the window is closing to meet the Paris Agreement's climate goals.

  • Via Pitchbook, U.S. climate tech deals this year have already totaled a record-breaking $11 billion.

How it works: The new fund is spun out of the Hawaii-based Elemental Excelerator, a decade-old nonprofit climate tech finance organization.

  • Three of Elemental's officials will lead the new Earthshot fund, including Elemental founder and CEO Dawn Lippert.
  • In addition, the new fund is working with the startup accelerator Launch Alaska.

What they're saying: Earthshot's ties to Hawaii- and Alaska-based organizations will "bring real-world experience and insight deploying technologies in communities on the front lines of climate change," the announcement states.

  • Alaska is seeing melting permafrost and rapid warming, and Hawaii is threatened by sea-level rise and changes in weather patterns.

Go deeper: The private climate finance surge

Go deeper

Nov 29, 2021 - Axios Twin Cities

Fall is trending warmer in Minneapolis

Expand chart
Data: Climate Central; Chart: Axios Visuals

This year's warm fall was not just a one-off. Autumn in Minnesota is getting warmer.

The details: The number of days with above-average temperatures in fall has been creeping up for the past 50 years in Minneapolis, according to NOAA data analyzed by climate science research group Climate Central.

Shooting at Michigan high school leaves 3 dead, 6 wounded

Screengrab: CBSN

Three people dead and six others are wounded after a shooting at a high school in Michigan according to the Oakland County Sheriff's Office.

Driving the news: The alleged shooter was a 15-year-old sophomore at Oxford High School and has been arrested, per police.

Fed signals it could yank economic support quicker as inflation sticks around

Federal Reserve chairman Jerome Powell testifies during a hearing before Senate Banking, Housing and Urban Affairs Committee today. Photo: Alex Wong/Getty Images

The Federal Reserve will consider pulling back economic support sooner "as the threat of persistently high inflation has grown," chair Jerome Powell said during a congressional hearing on Tuesday.

Why it matters: This is the biggest signal yet the Fed is backing away from its stance that soaring prices would be fleeting — a change that could shift its policies that underpin the economy.