In this episode, James talks with Shanu Mathew, Senior Vice President at Lazard, where he co-leads a U.S. sustainable equity strategy. With a background in traditional finance and a passion for climate and sustainability, Shanu blends data-driven investing with macro-level insight into energy and technology transitions.

They explore how Shanu’s career evolved from M&A banking to managing portfolios at the intersection of sustainability, power, and AI. The conversation ranges from the transformation of ESG investing, to the macroeconomic impact of AI on energy demand, and how public markets are trying to keep up with private innovation in data infrastructure. Shanu also unpacks what’s real (and what’s hype) in the current AI-capex boom.

• The evolution of ESG investing into a bottom-up, alpha-first approach
• Why AI is driving unprecedented power demand and reshaping energy markets
• The "chip to grid" value chain and where public market opportunities lie
• Physical bottlenecks like land, power, and permitting—and how they impact AI deployment

If you want a deeply informed view on how capital markets are adapting to the climate-tech and AI megatrends, this episode is a must-listen.

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