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Let’s talk about nature – the forests, land, oceans, biodiversity, and ecosystem that make this planet liveable and, if you ask me, quite worth saving. Nature regulates our climate – and stewarding nature well could contribute 20-30% of our emissions reduction needs. It’d also support livelihoods around the world and help prevent the mass extinction of many of our planet’s species.
Nature-based solutions often sound simple – planting and protecting forests, farming in ways that improve soil health, restoring wetlands – but require sophisticated techniques to measure and track their impact. The lack of good nature monitoring systems has contributed to a $700 billion global financing gap and an inability of private sector investors to really lean into this opportunity. Currently, just 15% of investment in nature-based solutions comes from the private sector.
This is where a young company called Cultivo comes in. Cultivo uses technology to understand the investment opportunity for nature based solutions. Having just raised $14 million of venture capital, they’re ready to scale. I was thrilled to speak with Cultivo Founder and CEO Manuel Pinuela. We discussed Manuel’s background as a repeat entrepreneur, how he came to found Cultivo, the technology that sets them apart, the potential they see and much more. I learned a lot and became a quick fan of Cultivo’s work.
Hope you enjoy this episode. It’s our last of 2024, so I’m wishing you all happy holidays. I hope you all get to spend some time resting and recharging – perhaps including some time in nature – and gear up for the challenges ahead. Thanks for listening.
In today’s episode, we cover:[00:58] Manuel Pinuela's background and how he got into climate[06:25] Cultivo and the problem that they’re solving[09:30] Defining "degraded land" and Cultivo's target customers[12:55] Cultivo's technology and approach[15:11] Examples of complex nature-based solutions Cultivo works on[23:54] The climate impact and portfolio approach of Cultivo's work[31:19] Cultivo's progress and recent $14 million funding round[35:09] What the nature-based solutions market needs
Resources MentionedCultivo
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Today, we’re talking about wildfires and some innovative technology to prevent them.
Climate change-related heat, drought, and what’s called thirsty atmospheric conditions increase the risks that come with wildfires. These fires have a real impact – they take human lives, create lasting respiratory health problems, destroy billions of dollars of property, and contribute significantly to global carbon emissions. The 2023 fire in Canada that burned an area the size of North Dakota emitted more carbon in five months than Russia or Japan emitted from fossil fuels in all of 2022. It should be noted, of course, that forests reabsorb carbon as they regrow, but still, their burning at that scale is a huge problem.
Billions of dollars are being invested every year to prevent and limit wildfires, and I was excited to connect with a leading startup in this space to learn about what’s working and what challenges need to be solved. Today’s guest is Abhishek Singh, Co-Founder & CEO of AiDash, a company using satellites to help utility companies prevent powerline-cased fires. We talk about the problem of climate-related wildfires, the origin of AiDash, how their technology works, who’s using it, how they expect to contribute to fire mitigation, what else is needed, and much more.
Smokey the Bear says only you can prevent wildfires, but maybe it's only you, thousands of satellites, AI and computer vision, and a growing ecosystem of technology companies and forest management professionals. Anyways, don’t mess around with fire and enjoy this episode.
Resources MentionedAiDash
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When Tom Steyer and Katie Hall came together in 2021 to bring Galvanize Climate Solutions to the world, it promised to be something rather unique. They both bring decades of experience managing many billions of dollars, incredible networks, and insights to find the best, most impactful investment opportunities for climate. Recently, Secretary John Kerry joined Galvanize as a Co-Chair, adding perhaps unparalleled international expertise to their team.
The firm prioritizes not just financial returns for their investors, but also real climate impact. I was thrilled to sit down with Galvanize Chief Impact Officer Nicole Systrom to learn about how such an all-star team thinks about the impact they create. We spoke about Nicole’s background, the three different asset classes Galvanize invests in, three different levels of impact they consider before and after their investments are made, the impact of the election on their work, and much more. I learned a lot and am certainly glad Galvanize is doing the work it’s doing. Enjoy.
In today’s episode, we cover:[02:35] Nicole’s background & career focus on climate[06:59] Galvanize & what makes it unique[11:21] Feelings & optimism in climate work[14:36] Galvanize's investment strategy across asset classes[15:59] Impact approaches for public equities, real estate & venture[17:59] Galvanize’s thesis & embedding impact across the firm[22:36] Three levels of impact[24:02] Diving deeper into impact approaches for different asset classes[26:11] Galvanize's real estate investment strategy[29:24] Nicole's goals & priorities for the next year[32:42] The impact of the recent election[34:28] What else needs to change in climate finance[36:28] Closing reflections & call to action
Resources MentionedGalvanize Climate Solutions
Connect with Nicole SystromConnect with Nicole on LinkedIn
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There are many reasons to believe the re-election of Donald Trump will be a major setback to climate progress. His previous record, recent campaign, ties to the fossil fuel industry, and perpetuation of misinformation, like the strange idea that wind turbines kill whales, all suggest we’re in for a radical reversal of America’s climate commitment.
I’ve had many conversations with climate leaders since the election and a different narrative beyond this obvious fear became clear: Climate change doesn’t care who is President. Its impacts will be impossible to ignore. Business leadership and global competitiveness are now inextricably linked to navigating the climate transition. And, a robust ecosystem of influential actors domestically and abroad makes a complete abandonment of climate action unlikely.
Today, I’m joined by two people who bring policy expertise at the federal, state, and local levels. Zach Friedman is the Senior Director of Federal Policy at Ceres, a nonprofit organization that works alongside investors and companies to advocate for sustainability. Caroline Spears is the Founder of Climate Cabinet, an organization that helps local candidates become successful climate champions. I found this conversation to be full of nuance and more uplifting than I expected.
Our new reality is sobering and there’s no denying we face new challenges. There is hope, however, and it comes with the fortitude and savvy people like Zach and Caroline have already been demonstrating. This savvy will require telling different stories about climate, the undeniable business case, and the power of all of us who stay invested.
In today’s episode, we cover:[03:55] Background on Caroline’s & Zack’s roles at Climate Cabinet & Ceres[06:35] Potential challenges & opportunities for federal climate policy under the new administration[10:21] The implications of the U.S. potentially disengaging from international climate agreements[13:44] The critical role of state and local governments in driving climate progress[19:24] Priorities of Climate Cabinet & Ceres in the wake of the election results[26:11] How to support climate progress
Resources MentionedCeresClimate Cabinet
Connect with Zach Friedman & Caroline SpearsConnect with Zach on LinkedInConnect with Caroline on LinkedIn
Connect with Jason RissmanOn LinkedInOn Twitter
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Every once in a while I come across an investment firm with a really different edge and perspective. Overture VC is one such firm. Their specialty is policy – not just understanding the unique opportunities climate tech companies have with government incentives and helping them navigate that tricky terrain, but also actually lobbying for policies that’ll benefit their portfolio companies.
In the words of Overture Founder and Managing Partner Shomik Dutta, there’s a $1.2 trillion dollar wall of government money coming downhill for climate companies. So Overture’s edge is meaningful and can make a big difference for a wide range of companies. Shomik and I discussed his background, how he moved into investing from politics, the opportunities recent climate policy has created for startups, examples of Overture’s portfolio companies and how the firm has helped them, and much more, including what’s at stake in the upcoming election.
Speaking of the election – it’s next week. If you don’t yet have a plan for how to get your ballot in or haven’t called your friends and family to make sure they’re voting, now’s the time. Shomik mentions a mobile app called Reach – a great tool to help you contact people you know in swing states.
In today’s episode, we cover:[03:01] Shomik Dota's Background and Transition to Investing[06:05] Overture VC's Unique Approach and Government Incentives [09:12] The Role of Government in Climate Tech and Overture's Strategy[12:44] Overture's Portfolio and Specific Investments[16:56] Examples of Overture's Work and Impact[20:45] Overture's Fund and Investment Focus[23:05] Election Impact on Climate Policy[25:41] Future Policy Needs and Final Thoughts
Resources MentionedOverture VCReach
Connect with Shomik DuttaConnect with Shomik on LinkedIn
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The apparel industry has a massive impact on the environment. The industry is the second-highest consumer of water and it drives almost 10% of global carbon emissions. Despite thousands of smart people working to make this industry cleaner and all sorts of investments by brands, emissions are still increasing.
To learn about this problem and get an inside look at the efforts to address it, I caught up with two old friends, Jason Kibbey and Evan Wiener.
Jason was the founder of the Sustainable Apparel Coalition and more recently a technology company called Worldly that helps businesses track their supply chains. Evan is a sustainability expert at McKinsey & Company who previously worked at Nike and H&M.
These guys know the fashion industry inside and out. We talked about the state of sustainability in the apparel industry, the challenges of competitive and pricing pressures, the role of legislation, the opportunity for startups, the questionable authenticity of corporate sustainability aspirations, what needs to change, and much more.
This is an industry that simply needs to change dramatically, and I learned a lot about how we might get there. Let’s go.
In today’s episode, we cover:[03:07] Backgrounds of Jason Kibbe and Evan Wiener[08:19] Environmental and Societal Impact of the Apparel Industry[11:11] Progress and Challenges in Sustainability Efforts[16:16] Role of Regulation and Industry Response[25:31] Opportunities for Startups and Innovation[37:33] Consumer and Investor Roles in Sustainability[42:50] Reconciling Optimism with Industry Challenges[44:51] Conclusion and Final Thoughts
Resources MentionedCascale (formerly Sustainable Apparel Coalition)WorldlyMcKinsey & Company
Connect with Jason Kibbey and Evan WienerConnect with Jason on LinkedInConnect with Evan on LinkedIn
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If you’re an avid listener, you might know I’m always interested in learning about ways we might improve financial markets for climate ventures. Improving the flow of capital can, of course, be incredibly impactful in helping more climate solutions scale successfully. So I was really excited when I learned about Open Road and the important role they’re playing by offering bridge loans to promising companies.
Ok, maybe bridge loans don't sound that sexy to you? Think of it this way: if you’re an entrepreneur, what could be worse than running out of money? How about running out of money when you already have significant funding lined up just not yet in-hand. The sad truth is that this happens all the time – companies go under because they simply can’t keep paying salaries or buying supplies while they wait for financing to arrive. That’s the financing gap that Open Road has been addressing for over 10 years. In this conversation with Open Road CEO Caroline Bressan we talked about her background in impact investing, Open Road’s history, how their loans have unlocked 10 times the amount of capital, their climate portfolio, and more.
In today’s episode, we cover:[03:08] Caroline’s background & role before Open Road[04:09] Learning from Calvert that shaped Caroline[05:13] Open Road, how did it start & the problem it's aiming to address[06:46] Financing gaps related to climate: The valley of death & the missing middle[08:37] Investment reach & focus in Sub-Saharan Africa[10:31] Finding & selecting portfolio companies[12:21] The type of impact Open Road has had[13:24] The need for bridge funding beyond what is provided[15:23] Open Road’s repayment rate[17:39] How much of lending has gone to energy, ag & other climate-related companies[21:01] Types of businesses Open Road has supported[26:30] What’s next for Open Road
Resources MentionedOpen Road
Connect with Caroline BressanConnect with Caroline on LinkedIn
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After a summer of record heat waves, I’m sure we’re all grateful for air conditioning. And we know, it’s not just about comfort or productivity, but with extreme heat, being able to cool buildings keeps people safe. Yet, it comes at a cost: air conditioning today is responsible for about 3% of global greenhouse gas emissions and demand is set to triple by 2050.
Maybe you’re thinking that heat pumps are the answer and will come to the rescue? They’re certainly an important part of the solution, but until electric heat pumps are plugged into a grid that is fully powered by clean energy, efficiency matters a great deal. Enter Mojave HVAC. Their liquid desiccant technology can cut the energy needed for cooling commercial spaces by 30-50%. For today’s conversation, I’m joined by Mojave Founder & CEO Phil Farese. We spoke about Phil’s past and how he learned about the economics of energy efficiency, Mojave’s business model, technology, and its potential role in keeping us cool without overheating the planet. Here we go.
In today’s episode, we cover:[03:01] Phil’s background & what led him to founding Mojave HVAC[05:07] Mojave & the problem that they’re solving[07:24] The limitations of heat pumps [10:36] Focusing on efficiency & using less energy for our HVAC needs[13:53] How Mojave’s technology was developed & where the business is at [16:04] Mohave’s target market & how sales are progressing [17:21] Other insights on Mohave’s product [18:21] The overall opportunity for business & impact[19:42] Emissions savings through technology adoption[20:25] Drivers of demand for Mohave’s product[22:26] The pros & cons of the liquid desiccants debate[25:37] Mohave’s next milestone & the biggest challenges[26:41] Blind spots in addressing climate change & buildings[29:27] Today’s climate innovation ecosystem & how it needs to improve
Resources MentionedMojave HVAC
Connect with Phil FareseConnect with Phil on LinkedIn
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We’re weeks away from a historic election. It’s one that will decide the course of climate action in the United States at a pivotal moment, a moment when we can’t afford to slow down or send mixed signals abroad. And, it’s an election that all expect to be decided by just tens of thousands of voters.
These are all facts that I’m sure you know already.
Here’s what you probably don’t know: millions of environmentalists don’t vote. These are people who list the environment and climate change as their number one most important issue – and getting just 1-2% of them to vote could easily decide the election.
This is the premise and work of the Environmental Voter Project. They’re a nonpartisan nonprofit organization, not focusing on a particular party, but instead focusing on protecting the environment simply by getting environmentalists to the polls. I learned a lot from my conversation with EVP Founder and Executive Director Nathaniel Stinnett. We talked about the difference between voter preferences and priorities, who these non-voting environmentalists are, and what actually works in getting them to vote. The answer to that riddle and much else in this episode might surprise you.
In today’s episode, we cover:[03:18] What's at stake in the 2024 election?[04:40] The implications for climate[07:14] How local elections influence environmental policy[08:56] Public sentiment on the environment[11:13] The distinction between voter preference & voter prioritization[13:28] The lack of voter turnout among environmentalists[15:06] Why aren’t environmentalists voting[20:21] Fossil fuel PR campaigns [21:24] Environmental Voter Project & what they’re doing to engage[23:55] The most resonant, persuasive, helpful message to motivate behavior change[27:31] Measuring EVP’s impact [30:00] What is EVP hoping to achieve this year [32:49] The sensitivity analysis for EVP
Resources MentionedEnvironmental Voter Project
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If you believe the climate transition is creating trillions of dollars of opportunity, then backing public companies whose business models are centered on that transition and whose growth will be driven by it seems an almost obvious approach.
That’s exactly what Heather Beatty and ScopeFour Capital are doing, and I was excited to hear what they’re learning and the opportunities they see.
In this conversation, we talk about Heather’s background and how she came to found ScopeFour after decades in institutional investing.
We talk about their approach, their portfolio, and the opportunities they’re excited about. We talk about the election, how it's influencing their investing in the short term, and the potential long-term implications. We talk about green hushing the resilience of corporate climate action, and much more. Lots to think about in this one. Here we go.
In today’s episode, we cover:[2:45] Heather’s background & what got her interested in climate [5:50] The founding of ScopeFour[7:54] Why aren’t we investing by following science & research[9:48] ScopeFour & what they’re aiming to do[11:32] What’s unique about ScopeFour[13:49] What to say to naysayers of climate investing[15:22] Specific examples of investments ScopeFour has made[17:06] Exciting spaces and opportunities right now for climate investing[18:45] What can be done to encourage faster adoption of climate tech[21:08] Tying emissions reductions to the size of an opportunity[23:24] Climate risk as a factor in investment decisions[24:58] The short-term & long-term impacts of the upcoming election[29:35] What we know about Kamala Harris’ interest in climate
Resources MentionedScopeFour CapitalProject DrawdownInvested in Climate: Every job is a climate job with Project Drawdown, Ep #37EnphaseABBNexans
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I’m always excited to talk to climate investors who have been around for a bit, those who were investing during the Cleantech 1.0 phase, saw the ups and the downs, and have stuck through to our current climate tech boom. Some of the challenges that the earlier era of cleantech investing saw – like high capex and long payback periods – are still relevant today, and experienced investors offer nuanced insights into current opportunities and what the future might hold.
I was thrilled to talk to Greg Wasserman. Greg started investing in clean energy almost 20 years ago at Goldman Sachs. I’ll let you hear the twists and turns of his background directly from him, but suffice to say he fits the bill of someone who’s worn multiple prestigious hats to finance climate solutions. Greg recently closed a new $385 million climate fund at Wellington Management, one of the world’s largest independent investment management firms with over $1 trillion AUM.
We talk about Greg’s journey, how climate investing has changed, what he’s currently excited about, opportunities for the future, and much more.
In today’s episode, we cover:[3:03] Greg’s background & what got him interested in climate investing[5:30] Greg’s experience at Goldman Sachs[6:54] Greg’s experience at the Clinton Foundation[9:47] Greg’s experience at Generation Four Investment Management[13:53] Wellington & what it’s known for[15:19] Wellington’s Climate Fund[17:42] Leveraging resources & resources for Wellington’s fund[20:20] The state of climate investing[22:32] Interesting innovations & where the fund is focused[24:40] The influence of blockchain technology in climate solutions[26:28] Measuring impact of the fund[29:14] Wellington’s investment in Orennia[31:54] Wellington’s investment in SPAN[34:56] What’s coming in the next 5-10 years for climate investing
Resources MentionedWellington ManagementOrenniaSPAN
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It’s a sad truth that many companies are struggling or failing to meet their sustainability targets. Sensitive to anti-ESG pressure, interest rates, and other macro factors, many are also holding back from making new commitments. Currently, less than 10% of the Fortune Global 500 has a net zero commitment in place.
Amidst this context, it's all the more important to shine a light on the companies that have made ambitious targets and that are working hard to achieve them.
IBM is one such company. They began disclosing their CO2 emissions 30 years ago, and since 2010, they’ve cut emissions by nearly 70%. That’s not to say their path is without challenges. They’ve made a big bet on AI, which of course drives up energy usage dramatically.
To understand IBM’s sustainability strategy and progress, I was pleased to sit down with IBM Chief Impact Officer Justina Nixon-Saintil. Justina is a member of NationSwell, the executive membership network where I work. We talked about Justina’s background and role, the main focus areas for sustainability at IBM, some of their successes and challenges, how AI factors into the mix, their sustainability accelerator program, and much more.
If you’re interested in how big companies think about the climate crisis and how they can make a difference, there’s a lot to enjoy this episode. Here we go.
On today's episode, we cover:[3:23] Justina’s background & what led her to her current role at IBM[6:06] Justina’s role, responsibilities & things she’s thinking about everyday[8:59] The pillars & priorities of IBM's sustainability strategy[10:29] The approach to influencing those stakeholders[12:46] Challenges being faced and the gap between companies & their targets[14:36] Challenges in reaching your decarbonization goals[16:19] AI & sustainability[19:31] IBM Sustainability Accelerator: Focus areas & what’s new[22:44] Organizations that have joined the accelerator & how they’re benefiting[25:07] The struggles & challenges that organizations are facing[27:23] Other climate tech spaces where Justina sees an opportunity for AI[28:09] IBM SkillsBuild: About the program & priorities[32:25] Advice for addressing climate change & other environmental challenges today
Resources MentionedIBM Impact: EnvironmentIBM Sustainability AcceleratorIMB SkillsBuild
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Hedge funds aren’t exactly known for contributing to climate progress or other ESG goals for that matter. So I was surprised to learn about Corbin Capital, a firm that aims to leverage the activist strategies of hedge funds not just to generate market-exceeding returns for their clients, but to advance environmental and social objectives.
There are trillions of dollars invested in hedge funds that can make a difference in this all-hands-on-deck moment. So why not think about how hedge fund tools can help accelerate decarbonization and other environmental priorities?
To learn more about this opportunity and how Corbin Capital is pursuing it, I sat down with their Director of Sustainability Courtney Birnbaum. I learned a lot about hedge fund tactics, and the opportunity to invest in transition commodities, carbon markets and more. Lots to learn through this one – enjoy!
In today’s episode, we cover:[2:47] Courtney’s path to working on climate & sustainability[4:37] Corbin Capital & Courtney’s role there[7:59] What is a hedge fund & how is it different than other investment vehicles[9:23] The history of hedge funds & factors that have made them successful[11:27] Why today is a good moment for hedge fund investing[13:18] Uncertainty creating opportunities for hedge fund investing[15:31] Influencing transformational change through hedge funds[17:52] Examples of success stories[20:29] Thinking about criticisms around lack of transparency[22:13] What makes Corbin unique[23:19] Climate opportunities for Corbin investors & the impact they’re aiming to have[25:59] Litigation finance[27:23] How hedge funds can play a role in decarbonization[28:16] How hedge funds can play a role in the carbon markets & carbon credits[30:28] Short selling as a strategy for improving corporate sustainability[33:57] How do finance needs to change to better tackle today's climate crisis
Resources MentionedCorbin Capital
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We know we need to be investing trillions of dollars annually into the climate transition. Venture capital is just a small slice of the pie, but there’s simply no time to slow down its contribution to advancing climate solutions.
In 2023, however, climate tech venture funding dropped 30% to $32 billion. Whether this was a temporary slowdown caused by high interest rates and the macro environment, or the new normal, will make a big difference.
Recently, I’ve been thrilled to start hearing about funds that are closing new and significantly bigger rounds.
One such firm is Clean Energy Ventures. They just raised their second fund, which is three times the size of their first, and I was pleased to get to hear the details from Clean Energy Ventures’ Co-Founder and Managing Partner Temple Fennel. Temple’s been investing in climate tech since 2017 and has held fast to focusing on companies that can reduce emissions by multiple gigatons. In today’s conversation, we hear how Temple got started in climate tech investing and what he seeks in an investment. We hear about some of his portfolio companies, the changes he’s seeing in climate investing and much more. Lots to learn in this one – enjoy.
In today’s episode, we cover:[03:02] Temple’s path & how he decided to focus on climate investing[7:54] Clean Energy Ventures’ investment thesis & what makes them unique[11:38] Expectations, assumptions & surprises from the first fund[14:25] Rebound Technologies, their business potential & climate mitigation opportunity[17:40] Aqua Membranes & why Clean Energy Ventures invested[19:51] Other examples of what Clean Energy Ventures is interested in[23:03] The second fund & the focus this time around[25:52] The Simple Emission Reduction Calculator: Emissions reduction & the causality for financial return[27:33] The process of raising capital today [30:42] The current state of the capital market for climate[32:36] Change in SBTI rules around offsetting & talk on decarbonization mandates[34:49] What needs to happen to get company leadership onboard for making near-term commitments to technologies that will drive their decarbonization[36:11] How investors are acting differently & outlook[37:45] Other interesting investment areas with opportunity
Resources MentionedClean Energy VenturesRebound TechnologiesAqua MembranesOXCCUNoon EnergyClean Energy Ventures’ Simple Emissions Reduction CalculatorS2G Report: The Missing Middle: Capital Balances in the Energy Transition
Connect with Temple FennellConnect with Temple on LinkedIn
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After two years of waiting, the SEC finally came out with its new climate disclosure rules. As expected, it was met with a mix of celebration, disappointment, criticism, and lawsuits. The suits came from those who felt the rules went too far and from those who felt they don’t go far enough.
Disclosure rules are critical to ensuring companies are taking climate change seriously. They ensure investors can consider a company’s climate risks as well as their progress in cutting emissions.
Beyond the SEC, Europe and California’s rules are also influencing corporate action in profound ways.
To understand what’s been happening and what’s likely to happen next, I caught up with Steven Rothstein. Steven is the Managing Director of the Ceres Accelerator for Sustainable Capital Markets. He’s been working for years to align financial markets to climate goals and is a well respected expert on this topic. We talked about the history of disclosures, why they matter, the recent SEC rule change, the reaction it sparked, what’s coming next, and much more. I always learn a lot from talking to Steven and I’m sure you will too. Enjoy.
In today’s episode, we cover:[03:07] Stephen's role at Ceres accelerator[03:25] The Accelerator’s work & capital market change[05:02] History of early climate reporting[06:58] Disclosure requirements in Europe and CSRD[10:29] California law coverage of private companies [11:06] Ceres' role in California climate laws[13:23] Why SEC rule took two years[15:07] The importance of Scope 3 SEC inclusion[16:29] SEC rule may evolve over time[18:00] Legal challenges to rules and regulations[20:47] Continuing climate preparations[23:15] Balancing reporting and climate action[27:19] The importance of interim targets [29:56] Election impact on climate progress[31:45] Developing transition plans and data analysis[35:13] Actions listeners can take
Resources MentionedCeres Accelerator for Sustainable Capital Markets
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If you think of Mastercard as simply a piece of plastic that enables you to buy stuff, you’re not seeing their vast network of businesses, their billions of customers, or the potential influence they have on consumer behavior.
There have been countless efforts over the years to encourage consumers to shop more sustainably, but when it comes to the reach and data savvy that Mastercard brings, it’s a whole different ballgame.
I’ve known Mastercard’s Chief Sustainability Officer Ellen Jackowski for many years, and I was delighted to sit down with her to understand Mastercard’s sustainability strategy.
We talk about Ellen’s background and approach to leadership, the current moment in sustainability, Mastercard’s effort to encourage sustainable consumption at scale, how they’ve spread sustainability goals across their entire company, and much more.
Ellen is a widely respected thought leader in corporate sustainability and this conversation offers a peek inside an ambitious and very challenging effort to create real impact. Mastercard is a NationSwell member and we’ll soon share a summary of this conversation as part of NationSwell’s Sustainability Next series. Enjoy!
In today’s episode, we cover:[02:13] Ellen’s background & passion for sustainability [04:14] Ellen’s role at Mastercard[06:13] Present moment in sustainability - trends & concerns[08:13] The reach of Mastercard’s network[10:58] Sustainable consumption as a systems problem[12:29] Areas of opportunity & challenge[14:00] The Priceless Planet Coalition video drop[15:32] Mastercard’s carbon calculator[16:50] Influencing large emitting purchases[17:32] Promoting sustainable consumption around the world & US[18:52] The biggest challenge in reaching net-zero goals[21:00] Best ways to organize sustainability leaders[23:24] Tackling Scope 3 emissions[26:08] Mastercard’s Priceless Planet Coalition[27:53] Mastercard’s Community Pass Platform[29:21] Mastercard’s Start Path in Solidarity[30:52] How Ellen’s thinking in leadership has evolved[33:18] Resources to stay informed on sustainability[34:22] What else needs to change
Resources MentionedMastercard: Priceless Planet CoalitionNationSwell: Next SeriesMastercard: Carbon CalculatorMastercard: Community PassMastercard: In SolidarityOutrage and OptimismProject Drawdown
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Earthshot Ventures isn't just any climate tech venture firm. Having grown out of the Elemental Excelerator, one of the biggest and best-reputed accelerators in the industry, Earthshot is deeply rooted in the early-stage ecosystem. And it turns out there's something else that sets them apart.
Managing Partner Mike Jackson has a knack for coaching founders on what he thinks of as the art and science of fundraising. We're joined today by Mike and Earthshot Partner Ramsay Siegal to hear about their firm, approach, portfolio, and outlook on the market. We dive deep into Mike's insights to helping founders raise money. We talked about non-dilutive project financing and hard-to-abate sectors, the opportunities AI is bringing to climate tech, several of their portfolio companies, and much more. If you're interested in early-stage climate investing, or startups, there's lots to learn in this one. Hope you enjoy. Here we go.
In today’s episode, we cover:[02:47] Mike’s background & experience[04:52] Ramsey’s background & expertise[07:51] The relationship between Earthshot VC & Elemental Excelerator[09:39] Earthshot’s investment thesis, what they’re interested in & what sets them apart[12:22] Earthshot’s network[14:13] Mike’s approach to fundraising & coaching the portfolio[17:54] Fundraising tips and tricks for founders[22:17] Earthshot’s success stories[24:38] How is AI showing up[30:41] Investing in hard-to-abate sectors and Kanin Energy[33:06] Kanin Energy's business model and non-dilutive funding[38:15] Earthshot’s commitment, DEI & tips for achieving a diverse portfolio[42:38] Outlook & opportunities for climate tech investing
Resources MentionedEarthshot VenturesElemental ExceleratorMitra ChemKanin EnergyGenerate CapitalWestly Group
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Connect with Jason RissmanOn LinkedInOn Twitter
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We know that motivating homeowners to invest in energy efficiency retrofits and home upgrades is hard. Energy efficiency might not sound glamorous, but across the US, retrofits can actually cut our residential energy usage in half.
That’s why when I met Scope Zero CEO Lizzy Kolar, I was excited to learn about her company’s novel way of motivating home upgrades. What Lizzy and her co-founder realized is that our homes are now workplaces.
And, with employers having to account for emissions for remote workers, they now have an incentive to help homeowners invest in upgrades. Enter the Carbon Savings Account (CSA). Modeled after FSAs and HSAs, the CSA can scale quickly and help millions of homeowners across the US to begin investing in upgrades they’ve been putiing off.
In this episode, we hear about Lizzy’s background, the founding story of Scope Zero, the problems they’re trying to solve, the best home upgrade investments, how the home upgrade ecosystem has been evolving, and much more. This is a fast and to-the-point episode. Hope you enjoy it.
In today’s episode, we cover:[03:02] Lizzy’s background, what sparked her interest in climate & founding Scope Zero[05:50] Key needs that Scope Zero is addressing[07:17] The HSA model & how it works[08:24] How the HSA model translates to climate action[09:20] How someone might use the money they put in a Scope Zero account[10:15] What holds homeowners back from making investments[11:40] Evidence that consumers will invest in CSAs[12:23] The benefits of government incentives - Inflation Reduction Act[12:53] What home upgrades should be prioritized[14:43] The benefits of a Scope Zero CSA for employers[16:34] ROI for employers[17:53] CSAs in practice & the response[18:27] How far along is Scope Zero & the growth plan[19:44] Scope Zero’s total addressable market & opportunity[20:27] Quantifying impact in terms of emissions reduced & environmental benefits[21:06] Tracking the impact of CSAs using dashboards & data[21:44] Customers’ access to a partner vendor network[22:14] How the ecosystem surrounding home upgrades is evolving[23:08] How Scope Zero is financed & raising funding[23:47] Opportunities for aligning interests & motivating change
Resources MentionedScope ZeroTomKat Center for Sustainable Energy - StanfordCaltech Rocket FundCollaborative Fund
Connect with Lizzy KolarConnect with Lizzy on LinkedIn
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We know that addressing climate change will take trillions of dollars of investment. According to the Climate Policy Institute, we’ll need to spend over $10 trillion annually for decades. and we only just exceeded $1 trillion for the first time in 2022.
I’ll confess, I find these big numbers hard to conceptualize and I’m always glad for more nuanced ways to break them down. That’s why when I saw Oxford’s Climate Tech Initiative’s recent report, I reached out to one of its authors Jamil Wyne. The Oxford report builds on recent climate finance data by asking almost 150 climate investors, entrepreneurs, and policymakers what they're seeing. It's a snapshot from inside climate tech that identifies gaps, promising opportunities, and five recommended changes for climate finance. In this interview, Jamil and I cover all that and more. We go far beyond just talking about the numbers and I think you’ll appreciate the global perspective and ability to zoom in and out that Jamil and the Oxford report brings. Enjoy.
On today's episode, we cover:[01:15] Introduction to the Oxford Climate Tech Initiative’s report & Jamil[02:31] Jamil’s portfolio & what's been energizing[04:19] How Climate Tech Initiative’s report got started[06:20] Growth & breakdown of climate finance investments[10:02] The mismatch in climate investing[12:43] Investor interest in transportation[15:20] Under investment in heavy industry, built environment & adaptation[17:41] The best investment opportunities within the energy sector[20:39] Overview of recommendations from the report [22:31] Growing climate funding recommendation[23:06] The role of governments & corporations[25:27] Building talent & workforce pools for climate[28:27] Focusing on solutions for vulnerable communities[30:30] Funding for adaptation[33:20] What is Riffle Ventures[36:08] Climate Tech Boot Camp, who it’s for & how it’s changed[41:27] Future projects & initiatives
Resources MentionedOxford’s Climate Tech InitiativeThe Climate Tech Opportunity ReportRiffle VenturesClimate Tech Bootcamp
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At the center of climate progress are scientists. They’re developing new technologies with which we can build a new, more sustainable global economy. Moving inventions from a lab to startup companies to scaled products, however, takes more than science.
Research scientists had long lacked a support structure to help them build successful businesses. That’s where Activate came in. Founded in 2015 at the Lawrence Berkeley National Laboratory, Activate is a fellowship program that has helped almost 200 science fellows create companies that have now collectively created about 2,000 jobs and have raised about $1.5 billion.
To learn more about Activate’s important work, we’re joined today by Activate CEO Cyrus Wadia. Cyrus brings a unique background spanning time in the Obama Administration, academia, Nike, and Amazon. We talk about how Activate works, lessons they’re gathering across climate tech verticals, examples of companies emerging from their fellowship, opportunities, gaps, and much more. I’m a big fan of the work Activate is doing and I’d guess you’ll soon be too. Enjoy.
In today’s episode, we cover:[3:13] Cyrus’ background & career journey[6:01] Activate & the problem that its aiming to solve[9:47] The ideal Activate Fellow[12:38] The support that Fellows get & how the Fellowship works[14:25] Activate’s achievements[16:41] Success stories & companies that have emerged from the Fellowship[20:02] What's coming & gaps[22:20] Examples of where friction is lower for climate tech to scale[26:35] Applications of AI [31:54] The involvement of corporate partners & how they can show up[34:36] How else do we need to change our approach to addressing climate change
Resources MentionedActivateSublime SystemsCalWaveFervoProject RedNoon EnergySoneraLawrence Berkeley National LabCyclotron Road
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