Climate Money is back! In the Season 2 premiere, host Susan Su breaks down BloombergNEF's bombshell report: global energy transition investment hit $2.3 trillion in 2025 — a new all-time record and the fourth consecutive record year.

But the real story isn't the headline number. It's what's inside it.

Over half of that $2.3T — a massive $1.2 trillion — was debt. That's a 15:1 ratio of debt to equity issuance, and it tells us two things: climate tech is maturing fast enough to attract risk-averse lenders at scale, and the original cleantech 1.0 equity investors were right.

Susan unpacks what $2.3 trillion actually buys (77 Manhattan Projects, 13 Marshall Plans, 85% of global military spending), why debt is the signal every VC should be watching, and the one number that keeps her up at night — a dangerous mismatch between accelerating debt markets and a shrinking equity pipeline that could bottleneck the next generation of climate innovation.

This season on Climate Money, we're tracking all things debt: where the capital is flowing, where the gaps are, and what founders and lenders on both sides of the table are seeing on the ground.

Topics covered:

• BloombergNEF Energy Transition Investment Trends 2026
• The 15:1 debt-to-equity pipeline ratio
• Why cleantech 1.0 was right
• Deutsche Bank, TotalEnergies/Google, and SkyNRG's non-recourse milestone
• The equity bottleneck and compounding mismatch
• Private capital replacing government-labeled debt

Read the full analysis on Substack: climatemoney.substack.com