Invested In Climate

Earthshot Ventures isn't just any climate tech venture firm. Having grown out of the Elemental Excelerator, one of the biggest and best-reputed accelerators in the industry, Earthshot is deeply rooted in the early-stage ecosystem. And it turns out there's something else that sets them apart.

Managing Partner Mike Jackson has a knack for coaching founders on what he thinks of as the art and science of fundraising. We're joined today by Mike and Earthshot Partner Ramsay Siegal to hear about their firm, approach, portfolio, and outlook on the market. We dive deep into Mike's insights to helping founders raise money. We talked about non-dilutive project financing and hard-to-abate sectors, the opportunities AI is bringing to climate tech, several of their portfolio companies, and much more. If you're interested in early-stage climate investing, or startups, there's lots to learn in this one. Hope you enjoy. Here we go.

• [02:47] Mike’s background & experience
• [04:52] Ramsey’s background & expertise
• [07:51] The relationship between Earthshot VC & Elemental Excelerator
• [09:39] Earthshot’s investment thesis, what they’re interested in & what sets them apart
• [12:22] Earthshot’s network
• [14:13] Mike’s approach to fundraising & coaching the portfolio
• [17:54] Fundraising tips and tricks for founders
• [22:17] Earthshot’s success stories
• [24:38] How is AI showing up
• [30:41] Investing in hard-to-abate sectors and Kanin Energy
• [33:06] Kanin Energy's business model and non-dilutive funding
• [38:15]  Earthshot’s commitment, DEI & tips for achieving a diverse portfolio
• [42:38] Outlook & opportunities for climate tech investing

• Earthshot Ventures
• Elemental Excelerator
• Mitra Chem
• Kanin Energy
• Generate Capital
• Westly Group

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• Connect with Ramsay on LinkedIn

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We know that motivating homeowners to invest in energy efficiency retrofits and home upgrades is hard. Energy efficiency might not sound glamorous, but across the US, retrofits can actually cut our residential energy usage in half. 

That’s why when I met Scope Zero CEO Lizzy Kolar, I was excited to learn about her company’s novel way of motivating home upgrades. What Lizzy and her co-founder realized is that our homes are now workplaces.  

And, with employers having to account for emissions for remote workers, they now have an incentive to help homeowners invest in upgrades. Enter the Carbon Savings Account (CSA). Modeled after FSAs and HSAs, the CSA can scale quickly and help millions of homeowners across the US to begin investing in upgrades they’ve been putiing off. 

In this episode, we hear about Lizzy’s background, the founding story of Scope Zero, the problems they’re trying to solve, the best home upgrade investments, how the home upgrade ecosystem has been evolving, and much more. This is a fast and to-the-point episode. Hope you enjoy it.

• [03:02] Lizzy’s background, what sparked her interest in climate & founding Scope Zero
• [05:50] Key needs that Scope Zero is addressing
• [07:17] The HSA model & how it works
• [08:24] How the HSA model translates to climate action
• [09:20] How someone might use the money they put in a Scope Zero account
• [10:15] What holds homeowners back from making investments
• [11:40] Evidence that consumers will invest in CSAs
• [12:23] The benefits of government incentives - Inflation Reduction Act
• [12:53] What home upgrades should be prioritized
• [14:43] The benefits of a Scope Zero CSA for employers
• [16:34] ROI for employers
• [17:53] CSAs in practice & the response
• [18:27] How far along is Scope Zero & the growth plan
• [19:44] Scope Zero’s total addressable market & opportunity
• [20:27] Quantifying impact in terms of emissions reduced & environmental benefits
• [21:06] Tracking the impact of CSAs using dashboards & data
• [21:44] Customers’ access to a partner vendor network
• [22:14] How the ecosystem surrounding home upgrades is evolving
• [23:08] How Scope Zero is financed & raising funding
• [23:47] Opportunities for aligning interests & motivating change

• Scope Zero
• TomKat Center for Sustainable Energy - Stanford
• Caltech Rocket Fund
• Collaborative Fund

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We know that addressing climate change will take trillions of dollars of investment. According to the Climate Policy Institute, we’ll need to spend over $10 trillion annually for decades. and we only just exceeded $1 trillion for the first time in 2022. 

I’ll confess, I find these big numbers hard to conceptualize and I’m always glad for more nuanced ways to break them down. That’s why when I saw Oxford’s Climate Tech Initiative’s recent report, I reached out to one of its authors Jamil Wyne. The Oxford report builds on recent climate finance data by asking almost 150 climate investors, entrepreneurs, and policymakers what they're seeing. It's a snapshot from inside climate tech that identifies gaps, promising opportunities, and five recommended changes for climate finance. In this interview, Jamil and I cover all that and more. We go far beyond just talking about the numbers and I think you’ll appreciate the global perspective and ability to zoom in and out that Jamil and the Oxford report brings. Enjoy.

• [01:15] Introduction to the Oxford Climate Tech Initiative’s report & Jamil
• [02:31] Jamil’s portfolio & what's been energizing
• [04:19] How Climate Tech Initiative’s report got started
• [06:20] Growth & breakdown of climate finance investments
• [10:02] The mismatch in climate investing
• [12:43] Investor interest in transportation
• [15:20] Under investment in heavy industry, built environment & adaptation
• [17:41] The best investment opportunities within the energy sector
• [20:39] Overview of recommendations from the report
• [22:31] Growing climate funding recommendation
• [23:06] The role of governments & corporations
• [25:27] Building talent & workforce pools for climate
• [28:27] Focusing on solutions for vulnerable communities
• [30:30] Funding for adaptation
• [33:20] What is Riffle Ventures
• [36:08] Climate Tech Boot Camp, who it’s for & how it’s changed
• [41:27] Future projects & initiatives

• Oxford’s Climate Tech Initiative
• The Climate Tech Opportunity Report
• Riffle Ventures
• Climate Tech Bootcamp

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At the center of climate progress are scientists. They’re developing new technologies with which we can build a new, more sustainable global economy. Moving inventions from a lab to startup companies to scaled products, however, takes more than science. 

Research scientists had long lacked a support structure to help them build successful businesses. That’s where Activate came in. Founded in 2015 at the Lawrence Berkeley National Laboratory, Activate is a fellowship program that has helped almost 200 science fellows create companies that have now collectively created about 2,000 jobs and have raised about $1.5 billion. 

To learn more about Activate’s important work, we’re joined today by Activate CEO Cyrus Wadia. Cyrus brings a unique background spanning time in the Obama Administration, academia, Nike, and Amazon. We talk about how Activate works, lessons they’re gathering across climate tech verticals, examples of companies emerging from their fellowship, opportunities, gaps, and much more. I’m a big fan of the work Activate is doing and I’d guess you’ll soon be too. Enjoy.

• [3:13] Cyrus’ background & career journey
• [6:01] Activate & the problem that its aiming to solve
• [9:47] The ideal Activate Fellow
• [12:38] The support that Fellows get & how the Fellowship works
• [14:25] Activate’s achievements
• [16:41] Success stories & companies that have emerged from the Fellowship
• [20:02] What's coming & gaps
• [22:20] Examples of where friction is lower for climate tech to scale
• [26:35] Applications of AI 
• [31:54] The involvement of corporate partners & how they can show up
• [34:36] How else do we need to change our approach to addressing climate change

• Activate
• Sublime Systems
• CalWave
• Fervo
• Project Red
• Noon Energy
• Sonera
• Lawrence Berkeley National Lab
• Cyclotron Road

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If you’re listening to this podcast you’ve probably heard of the Sierra Club. It’s one of the largest environmental organizations in the United States, with about 4 million members and a history of advocacy going back to 1892.

But what do you know about the Sierra Club Foundation? It’s a $200m organization that, as you’d guess, supports the Sierra Club. It also takes on ambitious initiatives to leverage its resources to protect the environment, transform the energy system, and more. One of those initiatives focuses on shifting trillions of dollars out of the fossil fuel economy. It’s a good example of the level of ambition of these organizations.

To learn more, I sat down with Dan Chu and Pedro Henriques Da Silva. Dan is the Executive Director of the Foundation. Pedro is the Director of the Shifting Trillions Program. We had a fascinating conversation about the history, role, and accomplishments of both organizations, the goals and strategy of the Shifting Trillions program, being a 21st-century fiduciary, the upcoming election, and much more. This episode will push your thinking about the role of the Sierra Club and environmental organizations more generally. Enjoy. 

• [02:54] Background on Sierra Club
• [05:15] Sierra Club’s history & how the Foundation and Club are different
• [06:56] Size & funding of the organizations
• [08:09] Focus issue areas, how they are decided & how they inform capital allocation
• [10:23] Sierra Club Foundation & its broader role
• [12:37] The Shifting Trillions program & what it’s aiming to solve
• [13:54] The Foundation’s three roles & what it’s doing
• [18:21] How the roles of the Club & Foundation are distinct
• [22:36] What progress has been achieved so far with Shifting Trillions
• [23:57] Exciting goals being pursued
• [25:29] Progress & achievements that Dan has seen during his tenure
• [29:58] The state of the U.S. environmental nonprofit field
• [32:32] Support for climate through philanthropy
• [36:02] The importance of this election from an environmental perspective
• [39:02] Harnessing climate for young voter turnout

• Sierra Club
• Sierra Club Foundation
• Shifting Trillions
• ImpactAlpha Article by Pedro: Fiduciaries have a duty of care to their investors and to the world

• Connect with Dan on LinkedIn
• Connect with Pedro on LinkedIn

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I know it’s wintertime for many of you, but that doesn’t mean we can ignore how cities around the world are heating up and how air conditioning is a growing contributor to climate change. 

Air conditioning is responsible for about 4% of global greenhouse gas emissions. Today, about 20% of electricity used in buildings and about 10% of global electricity use comes from operating air conditioners. With cities heating up and more people able to afford this technology, air conditioning emissions are expected to double by 2030 and triple by 2050.

To understand this problem and some promising solutions, I sat down with Matthias Roth and Ran Roth. Matthias is a Professor of Geography and Urban Climatology at the University of Singapore. Ran is the Founder of Sensibo, a startup that’s using data and AI to improve the efficiency of air conditioners around the world. No family relation between the two Roths, but a shared interest in how cities are heating up and what we can do about it. We talk about urban heat islands, how cities are responding, the growth of air conditioning, Sensibo’s solution to making them smarter and more efficient, what else needs attention, and much more. Wherever you are, warm up and stay cool with this episode. Enjoy. 

• [03:25] Matthias’ background & focus
• [05:10] Ran’s background & insights into his work
• [07:13] The impact of a heating planet on cities
• [10:28] Why cities heat up more than their surroundings
• [12:36] How cities are tackling urban heat challenges
• [14:20] Unpacking air conditioners' impact on climate
• [17:48] Sensibo's solution to growing AC issues
• [20:42] Sensibo's customers & scale
• [21:52] Impact metrics - saving energy on a large scale
• [23:35] The global rise in demand for air conditioning
• [25:24] Sensibo's role in curbing AC's environmental impact
• [27:54] Sensibo’s unique features - geofencing and more
• [29:32] The crucial role of AI in Sensibo's vision
• [31:22] High-tech excitement & limitations
• [36:12] Identifying gaps in current climate discussions

• University of Singapore
• Sensibo 

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• Connect with Ran on LinkedIn

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We all know that companies around the world are working to reduce their emissions and, hopefully, achieve net zero. But what does it take to set up a sustainability program? What are the steps in the process? What are the considerations along the way? And who are the partners one might work with? 

Most of this work happens behind closed doors, but sharing insights from corporate sustainability journeys can accelerate progress.  

That’s why Atlassian, a technology company with a real commitment to addressing climate change, decided to open up their own process and share what they learned in a really clear and straightforward playbook.

To learn more, I sat down with Atlassian Chief Sustainability Officer, Jess Hyman. Full disclosure: Jess is a member of NationSwell, the executive membership network and advisory, where I get to support impact and sustainability leaders like Jess. In today’s conversation, we walk step-by-step through Atlassian’s sustainability journey – from getting started, building internal buy-in, finding the right vendors, partners, and reporting protocols for reducing Scope 1, 2, and 3 emissions, to reporting on progress as well as setbacks, and much more. 

Whether or not you’re a corporate sustainability leader, this episode will help you understand what companies around the world are actually doing to address climate change. Enjoy.

• [3:03] Jess’ background & path to sustainability work
• [4:21] Jess’ work at Business for Social Responsibility (BSR) & what she learned
• [6:09] What is Atlassian & their core products
• [6:44] Why Atlassian decided to share their sustainability journey
• [8:34] The process of going to leadership to develop the report
• [9:57] What is a materiality assessment & learnings
• [11:57] Atlassian’s sustainability goals, what it took to develop & share them
• [13:55] Sustaining internal collaboration
• [16:15] Atlassian’s goal to reach net zero by 2040
• [18:15] Scope 1, 2, and 3 emissions & how they show up for Atlassian
• [19:30] The Science Based Targets initiative (SBTi) approval process
• [22:00] Learnings around decarbonizing buildings
• [23:40] What are Virtual Power Purchase Agreements (VPPAs) 
• [25:51] Engaging suppliers to reduce emissions
• [28:37] Transparency, accountability & reporting
• [30:21] Addressing Work-From-Home (WFH) electricity
• [31:49] What is the Sustainable Aviation Buyers Alliance (SABA)
• [34:24] What are residual emissions & how is Atlassian dealing with them
• [36:00] The quality of offsets
• [37:06] Reporting protocols & learnings
• [38:56] Building executive buy-in for uncomfortable levels of ambition

• Atlassian
• Atlassian Sustainability Report
• Atlassian’s Climate Story & Guide: Don’t #@!% the Planet
• Atlassian Team Playbook
• RE100
• Science Based Targets initiative
• Sustainable Aviation Buyers Alliance
• Sustainability Accounting Standards Board
• Business for Social Responsibility

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What do you think of when you think about advertising and its role in climate change? I’ll confess the first thing that comes to mind is the fossil fuel industry’s multi-billion dollar campaign to discredit climate science, deliberately confuse the public, and delay climate action. 

But, of course, like every industry, advertising has a role to play in accelerating climate progress. Advertising creatives have storytelling skills that can help distill complex information, shift attitudes, and accelerate the adoption of climate solutions. At a more basic level, the narratives that capture our attention and gain currency in our collecting thinking play a powerful role in influencing corporate agenda, policymaking, and voters. So don’t count advertising out. 

Today, I’m joined by Blake Harrop, President of Wieden+Kennedy Amsterdam. Whether or not you know it, you’re familiar with Wieden+Kennedy’s work. They’re a small creative firm with a big reputation, and they’ve been doing some genuinely interesting climate-related work. In our conversation, we talk big picture about the advertising industry and how it needs to evolve, and also what we can all learn from European countries’ effective climate communication. We also get specific and talk about some of Wieden+Kennedy’s recent projects and how they demonstrate advertising’s potential as a climate ally. 

Lot’s to learn about and ponder if you listen with an open mind. Here we go. 

• [3:19] Wieden+Kennedy history & what it's known for
• [4:32] Why does advertising matter?
• [7:22] Should we be lauding the ad industry?
• [8:55] How the ad industry rewards success & opportunity to change perception
• [10:28] Wieden+Kennedy as a B Corp & what it means for their commitment to climate
• [13:06] Would Wieden+Kennedy work with fossil fuel companies in the future?
• [15:10] Working with Fortescue Future Industries & Google in Germany
• [19:16] Working with Orsted (Fmr. DONG Energy) & Corona
• [25:31] The pros & cons of sustainability as a selling point
• [30:10] Lessons on communicating climate change
• [33:23] The importance & urgency of climate action
• [36:22] Nuclear energy as a dream campaign from a climate perspective
• [39:43] A role for all of us to be advertisers for climate engagement

• Wieden+Kennedy
• B Lab
• Clean Creatives Pledge
• W+K & Fortescue Future Industries: The Power of Now
• W+K & Google DE: Every Decision Counts
• W+K & Ørsted: The Power of Wind
• W+K & Ørsted: Hello to a Better Future
• W+K & Corona: Oceans Week
• W+K & Corona: The Fish
• An Inconvenient Truth
• Yale Program on Climate Change Communication

• Connect with Blake on LinkedIn

• On LinkedIn
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It feels fitting to start 2024 talking about the big numbers, the big climate financing gaps we face and ways to fill them. 

We know that addressing the climate crisis requires trillions of dollars of investment. It’ll need to come from government, corporations, and big finance, but there’s another stakeholder with an important contribution. Private philanthropic foundations have important roles to play too, particularly in helping communities that might otherwise be left behind and in using philanthropic capital as a catalyst. By de-risking investments and taking concessionary returns, philanthropy can unlock hundreds of billions of dollars of needed investment. 

Today, we’re joined by Elizabeth Yee, who oversees Rockefeller Foundation’s global programs, including its recent $1 billion commitment to climate change. I’ve gotten to work with the Rockefeller Foundation in a variety of partnerships over the years, and I’ve been impressed by how they recognize their ability to take a lead and help accelerate fields. Of course, it’s interesting to remember the Foundation was initially funded by Standard Oil founder John D Rockefeller, something that Liz and I discuss in our conversation. In recent years, the Foundation has demonstrated real commitment to climate leadership. And even in the weeks following this interview, the Foundation announced that it will pursue a net-zero emissions target for its $6 billion endowment, making it the largest private US foundation to pursue a net-zero endowment to date. 

Liz and I talk about the Foundation’s history in climate philanthropy, two different programs with billion-dollar plus commitments, how it works to catalyze other funding, the intersections of energy, food, health and economic opportunity and much, much more. Lots to learn and think about in this one. Here we go.

• [3:43] Elizabeth's background and history working on climate, along with her current role
• [7:15] Key elements of the Rockefeller Foundation's Climate Commitment 
• [9:23] The Foundation's divestment from fossil fuels in its endowment and details about the Global Energy Alliance for People and Planet
• [12:23] Reasons behind the significant commitment to climate and the timing of such a commitment
• [13:58] Overview of the billion-dollar commitment, including the main pillars and distribution across different climate priorities
• [16:35] The theory of change behind the Foundation's climate initiatives
• [19:36] The types of partners needed for the success of the initiatives
• [21:17] Influencing ideas and narratives
• [22:43] Selection process and priorities for initial grantees.
• [25:07] Grantees: Climate Mayors, C40, and the Urban Sustainability Directors Network
• [27:12] Insights into the Invest in Our Future Initiative and its significance
• [28:22] Grantees: Makerere University School of Public Health and University of the West Indies
• [30:32] Success for the foundation in committing significant resources to climate
• [32:00] The message for other investors or foundations considering a similar commitment
• [33:27] Elizabeth's outlook and hopefulness despite the existing financing gaps

• Rockefeller Foundation
• Press Release: The Rockefeller Foundation Commits Over USD 1 Billion To Advance Climate Solutions
• Rockefeller Foundation: 100 Resilient Cities
• Global Energy Alliance for People and Planet
• IKEA Foundation
• Bezos Earth Fund
• Press Release: The Rockefeller Foundation Announces Over USD 11 Million Towards Climate Solutions
• Climate Mayors
• C40
• Urban Sustainability Directors Network
• Invest in Our Future

• Connect with Elizabeth on LinkedIn

• On LinkedIn
• On Twitter

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Happy New Year. It is the beginning of 2024 and I am excited to work along side you to achieve a greater future for our planet.

On this preview episode I give you a glimpse into the upcoming topics of 2024.