Invested In Climate

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.

• [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

• Open Road

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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.

• [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

• Mojave HVAC

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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.

• [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

• Environmental 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.

• [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

• ScopeFour Capital
• Project Drawdown
• Invested in Climate: Every job is a climate job with Project Drawdown, Ep #37
• Enphase
• ABB
• Nexans

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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.

• [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

• Wellington Management
• Orennia
• SPAN

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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.

• [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

• IBM Impact: Environment
• IBM Sustainability Accelerator
• IMB 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!

• [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

• Corbin 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. 

• [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

• Clean Energy Ventures
• Rebound Technologies
• Aqua Membranes
• OXCCU
• Noon Energy
• Clean Energy Ventures’ Simple Emissions Reduction Calculator
• S2G Report: The Missing Middle: Capital Balances in the Energy Transition

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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. 

• [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

• Ceres 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!

• [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

• Mastercard: Priceless Planet Coalition
• NationSwell: Next Series
• Mastercard: Carbon Calculator
• Mastercard: Community Pass
• Mastercard: In Solidarity
• Outrage and Optimism
• Project Drawdown

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