The Bill and Melinda Gates Foundation is investing a significant amount of money, specifically $3.5 million, into C16 Biosciences, a company focused on creating alternatives to the environmentally harmful palm oil industry. This substantial grant is being given in addition to a $1 million contribution from Elemental Excelerator, a non-profit accelerator dedicated to supporting climate technology with a strong emphasis on positive community impact.
Palm oil can be found in a multitude of products, including soaps, biofuels, chocolates, and even instant ramen. While the industry has attempted to improve its image, the devastating consequences of deforestation caused by palm oil production continue to be a major issue.
C16 Biosciences is already working on a solution by using yeast and feedstock derived from agriculture to produce an alternative to palm oil, known as Palmless, for use in beauty products. With the additional funding, the company plans to expand its efforts to develop new oil recipes for use in food. This will involve utilizing both leftover feedstock and feedstock that is not derived from agriculture. C16 co-founder and CEO Shara Ticku revealed that they are even exploring the potential of using feedstock derived from carbon capture.
The impact of deforestation extends beyond just the environment, with a 2020 study finding that the pollution caused by palm oil plantations alone equates to roughly half of the emissions from the entire aviation industry. In fact, deforestation is responsible for nearly one third of all carbon dioxide emissions since 1850, according to Jerry Melillo, an ecologist at MIT.
In addition to the Gates Foundation and Elemental, C16 Biosciences has received support from other notable investors including Bill Gates’ Breakthrough Energy and DCVC.
