Inevitable

This episode is part of our new Capital Series hosted by Jason Jacobs. This series explores a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we take a deep dive into the world of capital and its critical role in driving innovation and progress. 

Jeff Johnson is managing director at Temasek, where he leads the US-based Sustainable Investing team. Temasek was incorporated in 1974 and is an investment company headquartered in Singapore. 

Supported by 13 offices across nine countries, Temasek owns about $382 billion or US$287 billion portfolio as of March 31st, 2023, mainly in Singapore and the rest of Asia. We have a great discussion in this episode about what the charter of the Sustainable Investing Team is, how Jeff found himself doing the work that he's doing today, what criteria they look for when they make investments, and, of course, how their investments fit into the broader climate tech landscape and the energy transition overall.

Enjoy the show! 

In this episode, we cover: 

• [2:10] An overview of Temasek 
• [4:13] Different lines of business at the firm and where sustainable living sits 
• [8:44] Jeff's background and career history 
• [18:58] The CEO's mindset for Temasek's approach
• [21:44] Jeff's role at the firm 
• [24:22] Lessons he learned about the space and future projections for Temasek's impact 
• [26:26] The balance between thesis-driven investments vs opportunistic ones 
• [33:55] Temasek's direct and fund investments 
• [38:39] The firm's performance measurements and market entry points 
• [46:51] Temasek's role in debt financing 
• [51:07] The types of companies and projects best suited for Temasek's capital
• [56:48] Jeff's response to folks who are worried about the risk of investing in climate tech 
• [58:51] The need for a balance between experience and beginner's mindset in picking winners

Get connected: 

• Jason Jacobs X / LinkedIn
• Jeff Johnson LinkedIn
• MCJ Podcast / Collective

*You can also reach us via email at [email protected], where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on Oct 13, 2023 (Published on Nov 8, 2023) 

Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at [email protected].

Connect with MCJ:

• Cody Simms on LinkedIn
• Visit mcj.vc
• Subscribe to the MCJ Newsletter

*Editing and post-production work for this episode was provided by The Podcast Consultant

Todd Paglia serves as the Executive Director of Stand.earth, an advocacy organization renowned for its strategic communication and research initiatives, challenging both corporations and governments to prioritize the well-being of communities, the environment, and climate. Notably, Stand.earth ranks fourth on Fast Company's 2023 list of innovative nonprofits.

Although Stand.earth has been active since the early 1990s, they came to our attention in a LinkedIn article titled "Climate Groups Call On Health Systems to Divest Fossil Fuel Holdings." This article referred to a report from the Climate Safe Pensions Network, a campaign orchestrated by Stand.earth.

As we've learned more about the organization, we've come to appreciate that Stand.earth embodies a contemporary form of activism, one that leverages data, social media, and virality to drive accountability and achieve tangible results. Enjoy the conversation with Todd as he sheds light on their impactful work.

In this episode, we cover: 

• [02:03]: Introduction to Stand.earth's history and activism approach
• [03:45]: Stand.earth's campaign pushing healthcare systems to divest fossil fuels
• [05:14]: Health impacts of fossil fuels show why healthcare divestment is needed
• [09:12]: Todd's perspective on engaging with fossil fuel companies
• [15:24]: Stand's work exposing who is buying Amazon oil and the banks funding it
• [16:23]: Origins of Stand.earth in 1990s and "War in the Woods" campaign
• [20:09]: Success of viral Starbucks "Cup Monster" and Victoria Secret campaigns
• [27:46]: Causes for recent growth of Stand.earth' staff
• [30:12]: The power of employees in influencing their companies' decarbonization
• [34:11]: Very few big retail brands doing relatively well (IKEA, Maersk)
• [35:15]: Using satellites for instant forest logging transparency
• [37:10]: Empowering local advocates through the Safe Cities campaign
• [40:12]: The "Amazon Prime Polluter" campaign to push Amazon.com for electric last mile delivery electrification
• [43:38]: Todd's lifelong connection to nature as motivation for activism
• [44:49]: How to follow Stand.earth

Get connected: 

• Todd Paglia LinkedIn
• Cody Simms X / LinkedIn
• MCJ Podcast / Collective / Instagram

*You can also reach us via email at [email protected], where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on Aug 31, 2023 (Published on Nov 6, 2023)

Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at [email protected].

Connect with MCJ:

• Cody Simms on LinkedIn
• Visit mcj.vc
• Subscribe to the MCJ Newsletter

*Editing and post-production work for this episode was provided by The Podcast Consultant

This episode is part of our Capital Series hosted by Jason Jacobs. This series explores a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we take a deep dive into the world of capital and its critical role in driving innovation and progress. 

On today’s MCJ Capital Series, we have two guests: Mark Berryman, Managing Director of Impact Investments, and Nick Flores, Managing Director of Impact Investing and Client Advisor for Caprock. 

Caprock is a multifamily office that provides customized, comprehensive and strategic financial solutions for a select number of families and foundations. They advise over $8 billion in assets of which over $2 billion has been allocated to impact investments. Caprock is a founding B corporation, which certifies that they meet the highest standards of verified social and environmental performance, public transparency and legal accountability to balance profit and purpose. 

In this episode, we cover: 

• [2:05] An overview of Caprock
• [3:07] The roles and collaboration between the client advisory and investment research teams at Caprock
• [5:38] Caprock's approach to impact, due diligence and monitoring
• [8:48] The firm's emphasis on privates
• [18:21] Client demand for deeper and more niche impact investment opportunities
• [25:19] How Caprock thinks about return profiles
• [30:51] Criteria for manager and fund selection
• [34:13] Tracking specialists vs generalists
• [38:23] Nick and Mark's concerns and what excites them in the climate space
• [41:35] Caprock's interest in deep tech
• [45:00] Thoughts on first of its kind (FOAK)
• [47:31] Evolution of LP base and barriers holding it back
• [51:31] Continuous learning and knowledge sharing as a key aspect of Caprock's approach to impact investing

Resources mentioned: 

• Caprock's Impact Investment Case Study

Correction: In this episode, Jason mistakenly refers to Caprock as having over $8 billion in assets under management. Caprock advises over $8 billion in assets. 

Get connected: 
Jason Jacobs X / LinkedIn
Mark Berryman LinkedIn
Nick Flores LinkedIn
MCJ Podcast / Collective

*You can also reach us via email at [email protected], where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on Oct 12, 2023 (Published on Nov 1, 2023) 

Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at [email protected].

Connect with MCJ:

• Cody Simms on LinkedIn
• Visit mcj.vc
• Subscribe to the MCJ Newsletter

*Editing and post-production work for this episode was provided by The Podcast Consultant

Elise Joshi, 21, is the executive director at Gen-Z for Change. She first gained widespread attention a few months ago when she interrupted a White House press conference being held by Press Secretary Karine Jean-Pierre. In the viral video, a visibly nervous Joshi asked about the Biden administration's approval of ConocoPhillips' $8 billion Willow Pipeline project in Alaska, despite over 1 million young people requesting President Biden halt the project. The video has been viewed tens of millions of times across news outlets and shows.

In this episode, Elise makes the point that the Biden administration has done many wonderful things for climate, including the Inflation Reduction Act. However, she noted that for many young people, Biden's climate record will be defined by Willow. The months-long Stop Willow movement was significantly influential across social media. She pointed out that in Biden's first two years, the Bureau of Land Management approved more oil and gas permits than during Trump's first two years, despite Biden's pledge and executive order to halt federal land drilling. This highlights the need to incentivize renewables and electrification while weaning the economy off fossil fuels. For many, progress on the latter has seemed lacking.

Elise and Cody have an insightful conversation about these climate policy dynamics and her work at Gen-Z for Change. It's an exciting discussion that provides perspective on how she believes millions of young people view current climate policies.

In this episode, we cover: 

• [03:30]: Elise's personal journey to climate advocacy starting in high school
• [06:10]: Origins and evolution of Gen-Z for Change during COVID
• [08:32]: Elise's role growing from member to executive director of Gen-Z for Change
• [10:04]: Tools and activist techniques used by Gen-Z for Change
• [13:26]: The viral Stop Willow campaign against Arctic oil drilling
• [15:20]: Gen-Z for Change's role in amplifying the Stop Willow movement
• [18:47]: Messaging that resonates most with young people on climate
• [22:57]: Elise's recounting of the moment she stood up to Biden's Press secretary 
• [26:42]: Critique of Biden climate policy as too focused on carrots vs sticks
• [31:06]: Hopes for bolder climate platform and Green New Deal in 2024
• [33:33]: Gen-Z for Change's focus on bottom-up organizing for 2024 elections
• [34:30]: Distrust of the current system and political candidates among Gen-Z 
• [39:01]: How to support Gen-Z for Change
• [39:44]: Distinction between 502(c)(3) and 501(c)(4) 
• [41:00]: Open resources created by Elise to educate people on climate issues
• [42:34]: Parting words on public transit and reducing car dependency 

Get connected: 

• Elise Joshi X / LinkedIn
• Cody Simms X / LinkedIn
• MCJ Podcast / Collective / Instagram

*You can also reach us via email at [email protected], where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on Sep 29, 2023 (Published on Oct 30, 2023)

Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at [email protected].

Connect with MCJ:

• Cody Simms on LinkedIn
• Visit mcj.vc
• Subscribe to the MCJ Newsletter

*Editing and post-production work for this episode was provided by The Podcast Consultant

Peter Light is the CEO and Co-founder of Lumen Energy. Lumen Energy's software enables commercial real estate portfolio managers to identify the optimal clean energy mix for their buildings, then deploy via their marketplace. Lumen's Auto PPA product automatically generates power purchase agreements via software, eliminating the drudgery of bespoke underwriting. 

In this conversation, Peter notes that many companies want to improve portfolio emissions for competitiveness but don't know where to start or invest in building-by-building analysis.  He explains how energy responsibilities vary by lease and tenant type, and touches upon the motivation behind pursuing clean energy projects, all while drawing from his extensive experience in the clean energy sector.

In this episode, we cover: 

• [02:38]: Peter's perspective on addressing climate problems
• [05:37]: His background in clean energy
• [14:44]: How he met his Lumen co-founder Dave through the MCJ community
• [18:22]: Overview of difference in energy billing structures by building type
• [20:43]: Increasing demands from investors and tenants to decarbonize buildings
• [28:45]: Key actors in commercial real estate decarbonization
• [30:00]: Lumen’s customer base
• [37:32]: Details of Lumen's financial modeling software for buildings
• [40:05]: Lumen's use of public data to provide initial analysis for customers
• [41:45]: The company's AutoPPA product for streamlined PPAs across portfolios
• [47:39]: Lumen's Series A and current priorities

Get connected: 

• Peter Light LinkedIn
• Cody Simms X / LinkedIn
• MCJ Podcast / Collective / Instagram

*You can also reach us via email at [email protected], where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on Oct 6, 2023 (Published on Oct 26, 2023)

Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at [email protected].

Connect with MCJ:

• Cody Simms on LinkedIn
• Visit mcj.vc
• Subscribe to the MCJ Newsletter

*Editing and post-production work for this episode was provided by The Podcast Consultant

Chris Hook is the Global Sustainability Strategy Lead at Uber. 

Earlier this summer, Uber’s CEO, Dara Khosrowshahi, wrote a piece on Uber's corporate blog where he outlined a wide array of product features, partnerships, and initiatives at Uber designed to reduce emissions and waste from their footprint, including pulling Uber Eats into their sustainability roadmap for the first time.

It's an interesting challenge. Famously, Uber doesn't own any cars on the road. The individual drivers do. And with Uber Eats, they don't own the restaurants on their platform or control what choices they may make around packaging and waste. They just dispatch drivers for food delivery. It would be easy for Uber to say that the emissions generated via their platform are not their problem, and yet they've done the opposite.

Uber also has a lot of influence. They're able to use their scale to negotiate better EV rental, lease or purchase rates for drivers or better pricing on compostable packaging for restaurants. They're also a leverage point in introducing new products to people. They estimate that over 30 million riders to date have had a chance to experience riding in an EV via Uber, many of whom did so for the first time.

Many folks tried EVs first by renting one via the partnerships that Uber has formed with leading rental companies and almost universally they enjoyed driving EVs more and it works out economically for them. And some, not all, have really done the math on that. We’re grateful to Chris for joining us and hope you enjoy this conversation.

Have any questions for Chris? He’s spent the last decade working with businesses and institutions on sustainability topics. Join Chris for a special Ask Me Anything session on November 1, 2023 in the MCJ member Slack! Details here.

In this episode, we cover: 

• [4:20] Chris' background and his journey to working at Uber
• [9:00] Uber's sustainability commitments and company culture
• [13:20] Challenges of reducing emissions and waste from Uber's platform
• [16:45] Uber's efforts to make EV adoption more accessible and affordable for drivers, including partnerships with car manufacturers, rental companies, and financing providers
• [25:04] The Uber Green rider experience
• [27:17] The importance of charging infrastructure and the need to make it more convenient and affordable for drivers
• [33:02] Rider incentives
• [35:27] Sustainability efforts for Uber Eats
• [29:49] Opportunities for startups to help Uber in their mission

Get connected: 

• Chris Hook LinkedIn
• Cody Simms X / LinkedIn
• MCJ Podcast / Collective / Instagram

*You can also reach us via email at [email protected], where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on Oct 4, 2023 (Published on Oct 23, 2023)

Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at [email protected].

Connect with MCJ:

• Cody Simms on LinkedIn
• Visit mcj.vc
• Subscribe to the MCJ Newsletter

*Editing and post-production work for this episode was provided by The Podcast Consultant

Shreya Mishra is the CEO and Co-founder of SolarSquare, a venture-backed startup dedicated to driving the growth of residential rooftop solar installations in India. In late 2022, they successfully secured a series A funding round led by Elevation Capital, with participation from Lowercarbon Capital and others.

In this episode, Shreya and Cody discuss the elements necessary for market adoption of rooftop solar in India, including consumer sentiment, financing options, permitting, government subsidies, net metering policy, system maintenance, and even the form factor of the panel installation setup itself, due to the unique nature of many Indian rooftops. And she recounts the ways in which SolarSquare is supporting or innovating in each of these areas. She's building an ambitious company and we enjoyed learning about the Indian context surrounding rooftop solar.  This is a big topic, and this episode covers a lot of ground.  

In this episode, we cover: 

• [01:48]: Shreya's journey from fashion tech founder to solar entrepreneur
• [04:07]: How Shreya learned the ins and outs of the solar industry 
• [07:22]: The evolution and key inflection points of the Indian solar market
• [11:33]: India's policies for residential solar
• [13:46]: How India is streamlining processes with a National Solar Portal
• [16:31]: The permitting process for homeowners with a solar setup
• [21:50]: Sectors and regions with the highest solar adoption rates
• [25:43]: How SolarSquare addresses challenges unique to the Indian market, including roof architecture, cyclone risk, and lack of professional solar service providers
• [28:03]: A deeper dive on SolarSquare's modular prefabricated solar pergolas
• [35:59]: The emergence of financing options for residential solar in India
• [43:08]: SolarSquare's staffing and focus on operational excellence over marketing 
• [46:07]: The role of large corporate players in the solar market 
• [48:34]: SolarSquare's financing history
• [52:02]: How India's economic growth is driving increased electricity consumption and Shreya's vision for the future
• [55:10]: SolarSquare is hiring!

Get connected:

• Shreya Mishra LinkedIn
• Cody Simms X / LinkedIn
• MCJ Podcast / Collective / Instagram

*You can also reach us via email at [email protected], where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on Oct 3, 2023 (Published on Oct 19, 2023)

Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at [email protected].

Connect with MCJ:

• Cody Simms on LinkedIn
• Visit mcj.vc
• Subscribe to the MCJ Newsletter

*Editing and post-production work for this episode was provided by The Podcast Consultant

This episode is part of our new Capital Series hosted by Jason Jacobs. This series explores a diverse range of capital sources and the individuals who drive them. From family offices and institutional LPs to private equity, government funding, and more, we take a deep dive into the world of capital and its critical role in driving innovation and progress. 

Rebecca Carland serves as the Chief Investment Officer at Builders Asset Management, where she leads a growing impact-oriented team investing globally across public and private markets. Builders Asset Management is the asset management team at Builders Vision, which is Lukas Walton's family impact platform that offers versatile philanthropic and investment tools to people and organizations building a more humane and healthy planet. 

Jason and Rebecca have a great discussion in this episode about Rebecca's journey to doing the work that she does, her work at Builders Asset Management, how that fits in to the overall Builders Vision umbrella, and where Builders Vision fits into the broader clean energy transition. Enjoy the show! 

In this episode, we cover: 

• Introduction to Builders Vision and its asset management arm
• Rebecca's background and journey to impact investing
• The role of market forces in driving change and the need for collaboration
• Builders Vision's focus areas: renewable energy, sustainable food and agriculture, and healthy oceans
• The shift from family office to impact platform
• Builders Asset Management's mandate 
• The importance of ESG integration and standardization
• The gap between venture and infrastructure investment and the need for more capital in the missing middle
• Challenges and opportunities of company net-zero commitments
• The launch of Builders Vision's inaugural impact report

Get connected: 

• Jason Jacobs X / LinkedIn
• Rebecca Carland LinkedIn
• MCJ Podcast / Collective

*You can also reach us via email at [email protected], where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on Sept. 22 (published on Oct. 18, 2023) 

Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at [email protected].

Connect with MCJ:

• Cody Simms on LinkedIn
• Visit mcj.vc
• Subscribe to the MCJ Newsletter

*Editing and post-production work for this episode was provided by The Podcast Consultant

This episode of My Climate Journey features two guests: Tobias Ruckstuhl, Managing Partner at Persistent, and Bim Adisa, CEO at Beacon Power Services, which is a climate tech company providing data and software solutions for Africa's power sector.

Bim joined the MCJ pod previously for an in-depth episode on Beacon in February 2021. If you're interested in a deeper dive on his business in particular, check out that episode from the archives.

In today's conversation, we talk about the evolution of the startup funding landscape in Africa and the sources of capital that are available, the geographic startup hubs that are growing across the continent, the role model companies that are emerging, and the advice that Bim and Tobias have for founders looking to build in Africa.

Africa is huge, and the diversity of business needs, policy environments, economic mobility, capital availability and opportunity varies greatly from country to country. But in general, there's a sense of rising tides floating all boats in Africa at present, and the numbers seem to back this up. While global venture capital funding has seen significant year-over-year declines of 50% or more according to Crunchbase, VC funding in Africa is up slightly according to recent reports, accounting for $6.5 billion in financings in 2022. The capital stack also looks quite different than in the US and Europe.

In this episode, we cover: 

• [03:38]: Overview and mission of Beacon Power Services
• [07:49]: Tobias's background and his work with Persistent
• [11:21]: Persistent's investments, exits, and locations
• [13:04]: How Bim and Tobias connected
• [15:50]: Bim's experience with the fundraising process and growth after Persistent's investment
• [18:17]: Overview of venture funding and climate tech startups in Africa
• [23:42]: Breakdown of the capital stack available to African startups
• [30:41]: Evolution of the venture market and examples of active venture funds investing in African climate tech
• [33:53]: Geographic hubs of entrepreneurship across Africa
• [39:14]: Challenges specific to the Francophone Africa market
• [41:12]: Bim's advice for foreign and local founders building in Africa
• [43:54]: What sectors are currently booming and Persistent's criteria for evaluating new climate tech sectors
• [48:52]: Leading climate tech companies in Africa that can inspire founders
• [51:25]: Balancing urgency and realism in deploying climate solutions at scale
• [53:31]: Persistent's LP fundraising process and investor priorities

Get connected: 

• Bim Adisa LinkedIn
• Tobias Ruckstuhl LinkedIn
• Cody Simms X / LinkedIn
• MCJ Podcast / Collective / Instagram

*You can also reach us via email at [email protected], where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on Sep 14, 2023 (Published on Oct 16, 2023)

Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at [email protected].

Connect with MCJ:

• Cody Simms on LinkedIn
• Visit mcj.vc
• Subscribe to the MCJ Newsletter

*Editing and post-production work for this episode was provided by The Podcast Consultant

This episode is part of our Skilled Labor Series hosted by MCJ partner, Yin Lu. This series is focused on amplifying the voices of folks from the skilled labor workforce, including electricians, farmers, ranchers, HVAC installers, and others who are on the front lines of rewiring our infrastructure.

David Holtzclaw is the founder and principle of Transduction Technologies, a small engineering firm based out of Omaha, Nebraska that provides science analysis, testing, and energy consulting services to residential and small commercial clients. In this episode, we are talking about weatherization and home energy efficiency.

David and his team perform a number of services including energy evaluations, duct leak testing, ventilation testing, pressure mapping, combustion testing, infrared imaging and cost benefit analysis of implementing renewable energy systems as a whole. We discuss how the home energy efficiency market has grown over the past few decades, the top things you can do to your home to improve your energy efficiency, and both the tail and headwinds the IRA bill is bringing to consumers and contractors alike in Nebraska.

In this episode, we cover: 

• [03:11]: Origin of home energy auditing in the 1980s and creation of ResNet
• [05:29]: Home Energy Score (HES) for existing homes, Home Energy Rating System (HERS) for new homes
• [07:23]: ResNet's relationship with BPI (Building Performance Institute)
• [09:04]: Emergence of the first energy code for new construction, the IECC (International Energy Conservation Code)
• [11:17]: The impact of high interest rates on the demand for energy audits
• [14:47]: David’s transition from aerospace and NASA to founding an energy efficiency company
• [20:43]: An overview of his customer base
• [24:27]: The main culprits of an energy-inefficient home
• [29:45]: David's approach to customizing homes during the design process
• [32:11]: Insights into mechanical ventilation
• [34:30]: How upfront investments like triple pane windows pay off
• [38:50]: Why cheaper heat pumps may be pushed over better models with the IRA
• [42:08]: The impact of politics on state energy efficiency funding
• [49:22]: Advice and cautions for listeners planning to electrify and weatherize their homes.

Get connected: 

• David Holtzclaw LinkedIn
• Yin X / LinkedIn
• MCJ Podcast / Collective / Instagram

*You can also reach us via email at [email protected], where we encourage you to share your feedback on episodes and suggestions for future topics or guests.

Episode recorded on Aug 17, 2023 (Published on Oct 12, 2023)

Enjoyed this episode? Please leave us a review! Share feedback or suggest future topics and guests at [email protected].

Connect with MCJ:

• Cody Simms on LinkedIn
• Visit mcj.vc
• Subscribe to the MCJ Newsletter

*Editing and post-production work for this episode was provided by The Podcast Consultant