The climate transition will require trillions of dollars of investment, but many of the biggest opportunities still face structural financing barriers because our financial system was not designed for a challenge of this scale and complexity. As investors, entrepreneurs, and institutions work to accelerate the transition, there is a growing need for new financial models that can bridge those gaps and unlock capital more effectively.Today, we’re joined by Bob Zulkoski of Conduit Capital, a firm taking a very different approach to climate finance. Rather than building one big fund, Conduit is creating platforms designed to unlock private capital at scale — from financing energy-efficiency upgrades in commercial real estate, to launching climate-transition SPACs, to developing a new blended-finance vehicle aimed at helping impact investment managers bridge what Bob calls the “Pioneer Gap.” Bob calls the model radical collaboration, and the goal is not just to invest well, but to prove new models that others can replicate.On today’s episode, we cover:1:19 – Framing the Climate Finance Challenge and Introducing Bob Zulkoski2:34 – What Is Conduit Capital? Vision and Radical Collaboration3:48 – Replication as Theory of Change: Paving the Way for Competition5:23 – Business Model: Non‑Concessionary, Patient, Impact at Scale6:41 – Introducing Sustainable Credit Partners (SCP) and Mid‑Market CRE8:09 – The Retrofit Problem: Aging Buildings, Spiking Energy Costs, Brown Discount10:04 – SCP’s Lending Model: Easier, Cheaper, Faster for Borrowers11:34 – Underwriting + GreenGen Partnership and Education Role13:55 – SCP Traction: Origination Targets, Pipeline, Institutional Capital16:02 – Loan Sizes, Typical Collateral, and Brown Discount Mitigation16:48 – Three “Superpowers”: Market Familiarity, GreenGen + Climate First Bank, Moody’s19:53 – Who Else Should Do This? Scaling via Competition and Green CLOs22:48 – Introducing Climate Transition SPACs and Market Backdrop23:01 – Rethinking SPACs: Tool for Climate Transition and Valuation Gaps27:37 – First SPAC: Energy Transition Special Opportunities and Target Sectors29:48 – Why Regenerative Agriculture Belongs in Climate SPACs32:19 – Defining the Pioneer Gap vs. Missing Middle/Valley of Death35:30 – The Pioneer Gap Impact Platform Fund and Alliance Structure37:50 – Blended Finance Stack: Catalytic, Mezzanine, and Market Capital39:08 – Why This Is the “Best of Times” for Climate Investing41:40 – Closing ReflectionsResources MentionedSustainable Credit Partners (SCP)GreenGenMoody’s Investors Service Climate First BankC‑PACE (Commercial Property Assessed Clean Energy) Climate Transition Special Opportunities SPACSpring Lane CapitalPioneer Gap Alliance & Pioneer Gap Impact Platform Fund Connect with usBob ZulkoskiJason RissmanKeep up with Invested In ClimateSign up for our NewsletterSubscribe for our Other Future NewsletterLinkedInInstagramIf you like what you hear, subscribe and rate to support the show! Have feedback or ideas for future episodes, events, or partnerships? Get in touch!
Climate philanthropy does far more than fund advocacy and conservation—it bridges critical funding gaps for breakthrough technologies that traditional, financially driven investors often overlook. In this special episode, we continue our ongoing Climate Philanthropy series in partnership with the Skyline Foundation to explore how non-profit support accelerates the climate tech pipeline.Shereen D’Souza (Climate Solutions Portfolio Lead at Skyline Foundation) sits down with two powerhouse CEOs from her grantee portfolio, Deepa Lounsbury of LabStart and Andrew Chang of New Energy Nexus, to discuss what it really takes to move climate innovation from a university lab to global deployment.Why This Episode MattersBringing a "hard tech" climate startup from initial lab concept to commercial scale takes an average of 10 years, and every single step of that journey faces a unique "valley of death." Because scaled deployment looks drastically different depending on the geography, supporting entrepreneurs requires a highly specialized ecosystem.This conversation highlights how philanthropy strategically funds distinct, critical phases of the lab-to-market pipeline to scale viable climate solutions faster.On today’s episode, we cover:0:58 – Why climate philanthropy & Skyline partnership3:35 – LabStart vs. New Energy Nexus focus4:09 – Guest intros: Deepa (LabStart) & Andrew (New Energy Nexus)4:46 – Deepa’s background in climate, VC, and CalSEED6:20 – What LabStart does & “deep climate tech” focus8:02 – Andrew’s overview of New Energy Nexus global model9:43 – Programs: bootcamps, grants, CalSEED, and global south focus11:16 – What it looks like to be a New Energy Nexus entrepreneur11:54 – Philippines rooftop solar opportunity: Solar Innovation Program12:48 – Pakistan rooftop solar boom and Climate Innovation Pakistan13:40 – CalSEED structure and impact in California13:58 – What it looks like to be a LabStart entrepreneur14:55 – LabStart Discover and Launch phases15:54 – Why philanthropy is needed in climate tech innovation18:36 – Philanthropy in the global south and hyperlocal impact22:10 – LabStart success story: architect-turned-3D housing founder24:32 – Additional LabStart founders and outcomes25:25 – How much philanthropic capital is needed27:17 – IEA investment gap and catalytic examples from Indonesia29:43 – Why fund new technologies vs. only deployment32:06 – How country pathways shape New Energy Nexus engagement33:02 – California deployment example: ThermoShade33:58 – Indonesia fishermen & electric motorboats case: Volto Sea34:51 – Pakistan PakPlug EV charging app35:22 – What else the ecosystem needs: Andrew on subnational governments37:34 – What else the ecosystem needs: Deepa on IP & ecosystem gaps41:02 – Five-year vision & asks: Deepa and LabStart43:49 – Five-year vision & asks: Andrew and New Energy Nexus47:26 – Closing thanks from ShereenResources MentionedInvested in Climate: Climate Philanthropy seriesSkyline FoundationLabStartNew Energy NexusProject DrawdownJamil WyneCalSEED Solar Innovation ProgramClimate Innovation Pakistan CalTestBedAusTestbedThermoShade Swap Energy Xuraya Volto SeaPakPlug Schmidt Family Foundation Boundless EarthAtlassian Foundation California Energy Commission (CEC) New York State Energy Research and Development Authority (NYSERDA)Mubadala Investment Company (Abu Dhabi) Australian Renewable Energy Agency (ARENA)International Energy Agency (IEA)Elemental ImpactActivate Renewables FirstConnect with usShereen D’SouzaDeepa LounsburyAndrew ChangJason RissmanKeep up with Invested In ClimateSign up for our NewsletterSubscribe for our Other Future NewsletterLinkedInInstagramIf you like what you hear, subscribe and rate to support the show! Have feedback or ideas for future episodes, events, or partnerships? Get in touch!
Today, we’re diving into a part of the climate transition that doesn’t get nearly as much attention as solar panels, electric vehicles, or AI: the materials, minerals, and manufacturing systems that make modern civilization possible. Steel alone accounts for roughly 7–8% of global greenhouse gas emissions, and the energy transition is driving unprecedented demand for critical minerals, advanced materials, and domestic manufacturing capacity. These sectors offer incredible investment opportunities, and that’s the focus of my guest, Kavita Patel. Kavita is a portfolio manager for venture investment for MUUS & Company (MUUS), the family office of TIGER 21 Founder and Chairman, Michael Sonnenfeldt, and his family.We discuss opportunities ranging from critical mineral recycling to next-generation building materials, what she’s learned investing through the ups and downs of climate tech, and why she believes some of the most compelling opportunities today may be hiding in sectors many investors overlook.We also explore where climate capital is flowing, where it may be underinvesting, and how investors can think rigorously about both financial returns and real-world climate impact.I learned a lot from this conversation, and I think you will too. Here we go. On today’s episode, we cover:01:12 – Introducing guest: Kavita Patel of MUUS & Company02:35 – Kavita’s background and path into climate investing05:24 – From BlackRock and ESG to climate venture07:19 – What is MUUS & Company? Climate thesis and focus areas09:35 – Why critical minerals, materials, and domestic manufacturing11:30 – Is materials & mining underhyped for investors? Market overview13:17 – Venture timelines in hardware and industrial innovation15:13 – Portfolio example #1: Nth Cycle’s critical minerals recycling18:28 – Mining’s environmental impact and why focus on recycling20:08 – Portfolio example #2: InventWood as a low‑carbon steel replacement22:53 – No green premium: solving top pain points in B2B climate tech23:03 – Where climate capital is flowing vs. where it should go25:22 – What Kavita has learned from founders through market cycles29:01 – Common fundraising pitfalls for climate founders32:20 – Building the capital stack: partners, family offices, and non‑dilutive capital35:15 – Measuring impact: MUUS’ use of the Crane tool38:16 – Closing thoughts Resources MentionedMUUS & Company (MUUS)TIGER 21Nth Cycle (critical minerals refining & recycling)Trafigura (metals & commodities trading group)InventWood (wood-based high‑performance material)CRANE – Carbon Reduction Assessment for New EnterprisesInternational Energy Agency (IEA)Connect with usKavita PatelJason RissmanKeep up with Invested In ClimateSign up for our NewsletterSubscribe for our Other Future NewsletterLinkedInInstagramIf you like what you hear, subscribe and rate to support the show! Have feedback or ideas for future episodes, events, or partnerships? Get in touch!
Most people assume the main barrier to clean energy in America is technology or cost. Neither is true anymore. The sun is cheap. The wind is free. The turbines work. What doesn't work is the system we've built around them. Between 70 and 90 percent of renewable energy projects started in the US never reach construction. The ones that survive face a gauntlet of federal reviews, local ordinances, interconnection queues stretching years, and organized opposition campaigns funded by interests that don't want to see the grid change. We're talking about over 2,000 gigawatts of clean energy projects sitting in line waiting to plug into the grid — enough to power the country many times over.Today's guest is doing something about this problem. GoodPower is a nonprofit organization using research, strategic communications, campaigns, and even technology to accelerate the transition to renewable energy around the world. In this conversation, I’m joined by Leah Qusba, GoodPower’s CEO, who has been with the organization for almost 17 years. We spoke about GoodPower's history and evolution, its work in changing culture, building political power, accelerating an economy that works for all, and much more. Leah reflects a fast-growing school of thought — calling it the abundance mindset, after Derek Thompson and Ezra Klein's influential book — that sees future-forward infrastructure as the key to unlocking tremendous economic opportunity. It's a compelling, inspiring perspective that has spread quickly and is already driving real policy and investment. So buckle up and enjoy. On today’s episode, we cover:01:31 – Clean energy bottlenecks & introduction of GoodPower03:15 – Welcoming Leah Qusba04:03 – Founding story of Good Power (formerly ACE)04:44 – From youth education to campaigns and power-building05:31 – Why rebrand from Action for Climate Emergency to GoodPower05:49 – Moving from alarm to hope and economic opportunity07:11 – Core problem: speeding up an inevitable energy transition08:19 – Shift from “protecting environment” to building clean energy09:22 – Strategic plan overview & Pillar 1: shifting culture at scale09:44 – Operating in culture & early bet on the creator economy11:05 – Lessons from supporting climate-focused creators13:06 – Surprising creators: rural and agricultural influencers15:10 – Laying cultural groundwork and de‑politicizing renewables17:35 – Pillar 2: building political power in the U.S.19:13 – Climate as a voting issue vs. economic priorities21:52 – Mobilizing climate‑first nonvoters & social norms of voting24:46 – Pillar 3: building a “good economy for all”27:58 – Under the hood: siting and permitting campaigns31:05 – Beyond core pillars: funding models and nonprofit evolution33:15 – How listeners can help locally & post‑election accountabilityResources MentionedGoodPowerGoodPower Strategic PlanEnvironmental Voter Project (We featured CEO Nathaniel Stinnett on Ep #94!)Connect with usLeah QusbaJason RissmanKeep up with Invested In ClimateSign up for our Invested in Climate NewsletterSubscribe for our Other Future NewsletterLinkedInInstagramIf you like what you hear, subscribe and rate to support the show! Have feedback or ideas for future episodes, events, or partnerships? Get in touch!
Whether or not we want to acknowledge it, we’re in a new era of climate investing. Unprecedented uncertainty, federal policy upheaval in the United States, repeated energy shocks from wars, inflation, high interest rates, a persisting liquidity crunch, the AI data center boom – much has happened, the game has changed and investors are thinking very differently about climate than they did just a few years ago. Three expert climate finance advisors who have worked in climate finance for decades set out to understand what has changed in climate investing. Dan Firger, Will Coleman, and Bill Tarr are highly respected thought leaders and strategic advisors working with large family offices, foundations and prominent climate investors. They teamed up and interviewed over 150 investors and experts to develop Climate Capital Reset Project, a detailed account of the new thinking defining this new era of climate investing. We spoke about the trends reshaping climate finance today, emerging dynamics, recommendations for capital allocators, considerations for philanthropists, and much more. Dan, Will, and Bill’s report will likely be one of the most influential pieces written on climate finance this year. It’s already the basis for closed-door consultations and convenings with prominent investors, and our conversation shed incredible light on the new paradigms already driving climate finance today. On today’s episode, we cover:03:01 – Guest Introductions & Backgrounds06:04 – Why the Climate Capital Reset Project Now?08:55 – Trend #1: Unprecedented Market Uncertainty11:13 – Trend #2: AI, Data Centers & the Grid13:23 – Trend #3: Liquidity Crunch & the Missing Middle15:42 – Trend #4: Narratives, Labels & Climate Messaging17:24 – How We Talk About Climate & Climate Investing19:37 – Theme: ‘Ruthless Pragmatism’ in Climate Capital24:00 – Shaping Winners Through Consolidation26:57 – Domestic vs. International: Who Captures the Upside?27:31 – Blended Finance: Misuse, Scarcity & Focus30:48 – Examples of Effective Blended Finance31:56 – Geographic Arbitrage & Emerging Markets34:37 – Corporates’ Role in Climate Tech & Scale38:05 – War in the Middle East, Energy Shocks & Resilience43:24 – New Investment Models & Insurance Innovation46:24 – Long-Duration, Asset-Heavy Climate Businesses48:43 – A Narrow Window for a Climate Capital Reset50:41 – What’s Next for the Climate Capital Reset Project51:41 – Closing & Call to ActionResources MentionedClimate Capital Reset ProjectBuilder’s VisionIntersect PowerLineage LogisticsDevoted Health Fervo EnergyFrontier Microsoft Carbon RemovalPJM Interconnection ERCOT (Electric Reliability Council of Texas) USAID (U.S. Agency for International Development)Bloomberg PhilanthropiesReGen VenturesMore Davidow Ventures (MDV)Connect with usDan FirgerWill ColemanBill TarrJason RissmanKeep up with Invested In ClimateSign up for our Newsletter (Other Future)LinkedInInstagramIf you like what you hear, subscribe and rate to support the show! Have feedback or ideas for future episodes, events, or partnerships? Get in touch!Share ideas for our newsletter here!