Energy efficiency is the "first fuel" of the energy transition—but how do we finance it at scale? In this TBLI Radical Truth Podcast, we are joined by Jonathan Maxwell, CEO and Founder of Sustainable Development Capital LLP (SDCL). As one of the world's most experienced investors in low-carbon solutions, Jonathan provides a masterclass on mobilizing capital for the infrastructure of the future.

We've reached a decisive moment for climate finance. Jonathan moves past theory to discuss the reality of distributed energy, retrofits, and the specific tools needed to make efficiency an investable and urgent asset class.

What You'll Learn:

• Scaling the Transition - What it really takes to move capital into low-carbon infrastructure at the speed and scale the climate crisis demands, beyond policy announcements and into actual project pipelines
• The Efficiency Opportunity - Why retrofits and distributed energy are the keys to a resilient grid, delivering immediate emissions reductions while strengthening energy security and reducing costs
• Post-2025 Climate Finance - Hard-won insights into what is actually working in the current policy landscape, which financing mechanisms succeed, and where capital deployment continues to face barriers
• Data-Driven Investing - How SDCL turns energy savings into measurable, scalable returns by quantifying efficiency gains, structuring investable assets, and proving financial viability of low-carbon infrastructure
• Making Efficiency an Asset Class - Moving energy efficiency from niche projects to scalable institutional investment by standardizing metrics, reducing transaction costs, and creating secondary markets
• Distributed Energy's Role - How distributed energy resources transform modern economies by decentralizing power generation, increasing resilience, and enabling rapid deployment of renewable capacity

Key Timestamps:

• 0:00 – Why Energy Efficiency is the "First Fuel"
• 3:50 – Breaking down the SDCL investment model
• 9:15 – Moving capital from policy to pipelines
• 16:40 – The role of Distributed Energy in a modern economy
• 24:20 – Lessons learned from the 2025 climate finance shift
• 32:10 – Making energy efficiency a scalable asset class

Why This Matters:

Everyone talks about renewable energy—solar, wind, batteries. But the fastest, cheapest path to emissions reduction is using less energy in the first place. Energy efficiency is the "first fuel": it reduces demand, cuts costs immediately, and doesn't require building new generation capacity.

Yet efficiency remains underfinanced. Jonathan Maxwell, who has spent decades mobilizing capital for low-carbon infrastructure through SDCL, explains why: fragmented projects, measurement challenges, and lack of standardization make efficiency harder to finance than utility-scale renewables.

This conversation reveals how to overcome these barriers through data-driven investing, standardized contracts, and creating investable asset classes from energy savings. For institutional investors, project developers, and policymakers, Jonathan offers a strategic roadmap for scaling the energy transition through efficiency and distributed energy.

About Jonathan Maxwell:CEO and Founder, Sustainable Development Capital LLP (SDCL). One of the world's most experienced investors in low-carbon solutions and energy efficiency infrastructure. Expert in climate finance, distributed energy, and scaling institutional investment in the energy transition.

About TBLI Radical Truth Podcast:TBLI Radical Truth Podcast explores practical solutions for financing the energy transition and climate infrastructure at scale.

Part of TBLI Group—the world's leading ESG and impact investing network for 25 years.

Learn more: https://www.tbligroup.com

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