Firefighters turn to AI to help scope out and extinguish climate-induced wildfires: The latest intel by The Global Forest Watch confirms that climate change is spurring an increase in wildfires, affecting twice as much tree cover in 2023 compared to observed levels over the past two decades. To help tackle the problem, green tech developers including San Francisco-based Pano AI are using artificial intelligence to aid firefighters in the battle against global warming-induced weather disasters, Bloomberg writes. Firefighters embed Pano AI’s panoramic cameras to capture real time snapshots of forest cover in a bid to detect early signs of impending wildfires, a fire chief in the US’ Oregon tells Bloomberg. The data the green tech collects is then analyzed by an AI algorithm programmed to detect signs of potential fires, minimizing reliance on human labor. On one occasion, Pano’s AI fire detection mechanism identified a wildfire outbreak that Schneider’s team failed to detect after hours of search efforts in forest cover, and proved effective on numerous other occasions, according to the fire comissioner. Pano AI has established more than 100 AI-enabled fire lookouts systems across six US states and Australia, and has raised a total of USD 45 mn to date.

Blended finance to support India's net zero path: Blended finance — the blending of concessional funds from official development assistance institutes with private funding to leverage funds and reduce risks — is essential to India's green energy transition as it can drive more investment into key climate projects, according to a new IFC report. The report stresses that blended finance can boost private sector investment in mitigation and adaptation projects.

India needs a massive investment boost to reach net zero goals: India aims to reduce the emissions intensity of its GDP by 45% by 2030, from the 2005 level, and attain 50 percent of its power capacity from renewable sources, according to a report by the Climate Policy Initiative. To reach this goal, India will need to significantly raise climate investments from USD 18 bn to USD 170 bn annually until 2030. The available investment for climate action in India is currently USD 44 bn.

Blended finance already adopted regionally: The UAE's initiative to commit USD 4.5 bn to help Africa advance clean energy projects is supported by blended finance solutions. The IFC also announced in March investing USD 50 mn of blended co-investments in Jordan Kuwait Bank’s planned five-year green bond issuance.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Potential windfall taxes should be imposed on petrostates too: Calls to impose windfall taxes on private oil companies should be extended to petrol-producing countries, former UK prime minister Gordon Brown said. Levying a 3% windfall tax on the oil and gas export revenues of the biggest oil-producing countries would yield USD 25 bn a year, which can be used to help developing countries cope with the climate crisis. (The Guardian)
• Dubai Harbour introduces its first waste collection drone: Dubai Harbour has announced the introduction of its first Pixie Drone, which can identify and dispose of organic waste and non-organic waste from the water’s surface. The drone, manufactured by The Searial Cleaners, is approximately 1.62 meters long by 1.15 meters wide, making it smaller than other clean-up robots. (Statement)