Invested In Climate

There’s been a lot of news in recent years about the risks within carbon markets. Companies buying carbon credits to offset their emissions have struggled with the uncertainty that a carbon project might not reduce as much carbon as they project. A forest could burn or a technology could fail to work properly and the project will underdeliver. Yet, hundreds of billions of dollars are spent on carbon credits, a figure that could grow well into the trillions. Bilal Hussain is targeting this uncertainty in this market by offering insurance through his company Artio. Fun fact: Bilal actually saw the need for insurance while working at Sylvera – a carbon market sourcing and diligence platform and recent guest on our show – when he realized that investors were asking for collateral that no one had. Artio enters early – before the first tree is planted – to help more carbon reducing projects become viable. If you consider the size of the carbon market and the shortage of ways to insure new projects, the opportunity for Artio is quite significant.Bilal makes this complex space rather simple and easy to understand. We spoke about his background, the need for insurance, the risks different types of projects face, the growth he’s anticipating and much more. If you’ve long wondered about the risks of carbon projects, this conversation will shed some light on the space and one approach to unlocking its potential.  On today’s episode, we cover:00:58 — Introduction to carbon market risks and Artio’s approach02:40 — Bilal’s background and transition into carbon insurance04:25 — The creation of Artio and addressing insurance needs in carbon markets07:52 — Artio’s impact on financial and climate markets, and market sizing11:13 — Early-stage risk phases and insurance for carbon projects14:05 — Types of projects Artio insures; afforestation, biochar, rock weathering15:25 — Risk assessment by project type and key differences17:14 — Artio’s market positioning, product traction, and offering insurability assessments to developers20:41 — How Artio’s workshops educate insurers and demonstrate risk modeling22:46 — Case study: How coverage and claims/settlements work in practice27:25 — Market challenges: Standing out in a crowded space, growth ambitions, and automation29:10 — Key surprises about the carbon market and importance of policy31:47 — The role of data transparency and risk assessment in broader climate domains34:59 — Other insurance use cases for managing climate transition risk38:10 — Artio’s roadmap: expanding coverage, supporting developers, and scaling upResources MentionedArtioSylveraMaya ClimateAsia Climate SummitSF Climate WeekCORSIA InsuranceConnect with usBilal HussainJason RissmanKeep up with Invested In ClimateSign up for our NewsletterLinkedInInstagramBlueskyHave feedback or ideas for future episodes, events, or partnerships?Get in touch!

In case you missed it, last week was NY Climate Week. There were well over 1,000 events — from summits with CEO and heads of state, to film screenings, concerts, parties, boat cruises, pitch sessions, hackathons and much more. I tried to sum up my experience at New York climate week in a special episode two years ago. This year, of course, the context was different with a US administration no longer interested in climate, and a lot of green hushing, hand wringing and new language that aims to be less politicizing.To me, one of the most interesting things about NY Climate Week is that it's not the only one. Climate weeks are spreading. San Francisco, Los Angeles, Washington DC, San Diego, Shanghai, Bangkok, Panama City all have climate weeks. There might be dozens more in the works. No city on the planet is immune from the impact of climate, and most cities have thriving ecosystems of organizations, innovators, investors, policymakers, researchers and more working to advance climate solutions and adapt to a changing planet. In this conversation I’m joined by Nishant Mani and Dan Thorman, co-founders of the LA Climate Week. Nishant and Dan saw a need to bring together their community. They volunteered to lead and have built LA Climate Week into a successful example that people anywhere can follow to create their own week of solidarity, learning and action. We talk about their backgrounds, the founding story of LA Climate Week, the impact of the LA wildfires on last year’s event, lessons they’ve learned and much more. So whether or not you were in New York last week, I hope you’ll enjoy this conversation and consider how you can help your local climate community wherever you are. On today’s episode, we cover:1:22 – Recap of New York Climate Week & Spread of Climate Weeks3:43 – Nishant’s Personal & Professional Background6:19 – Dan’s Personal & Professional Background 10:16 – The Origin Story of LA Climate Week14:40 – The Role of Entertainment & Culture in LA Climate Week17:08 – Entertainment Industry’s Role in Climate Movement18:33 – Impact of Wildfires on LA Climate Week24:47 – The Broader Role of Climate Weeks & Local Collaboration27:51 – Lessons Learned from Organizing LA Climate Week32:20 – Evolving the Structure and Infrastructure Involvement33:02 – Measuring Success and Growth of LA Climate Week36:44 – Community Engagement & Accessibility39:32 – Aspirations for the Future: Magic Wand Scenario42:21 – Future Planning and Event Announcement44:14 – Closing Remarks and Call to ActionResources MentionedLA Climate WeekClimate CapitalTerra.doReunionCollidescope FoundationJane Goodall InstituteConnect with usNishant ManiDan ThormanJason RissmanKeep up with Invested In ClimateSign up for our NewsletterLinkedInInstagramBlueskyHave feedback or ideas for future episodes, events, or partnerships?Get in touch!

I’ll admit it’s not often these days that I’m talking to climate leaders, particularly those working on policy, who say it’s an exciting time. This conversation was like a breath of fresh air. It’s not getting the headlines it deserves, but innovation is literally electrifying our country. Sector by sector, state by state, our economy is being transformed by electric technology replacing outdated fossil fuel applications.To elevate and accelerate this wave of innovation, Hawaii State Senator Chris Lee and California Energy Commission Chair David Hochschild have teamed up to launch the Electric Innovation Initiative. The Initiative is starting with an awards event during NY Climate Week, recognizing breakthrough electrification projects with $10,000 cash awards. But beyond this event, the Initiative is a 10-year campaign to showcase innovation, advance learning and shape policy. In this conversation, we go deep into the context of why the Electric Innovation Initiative is needed, what sort of progress is happening at the state level, how states are learning from one another, the many benefits of electrification and much more. I learned a lot in this episode and was thrilled to hear there’s much to celebrate in a still growing electrification movement. On today’s episode, we cover:[03:27] David Hochschild & His Role at the California Energy Commission04:09] Chris Lee & His Energy work as a Hawaii State Senator[05:05] Details of the Electric Innovation Initiative[07:07] State Legislators Collaboration: Sharing best practices and policy replication[09:09] Why electrification progress needs more attention[10:52] State and local responses to federal rollbacks[13:18] Policy Options for States: Connecting policymakers with electrification leaders[15:44] Fast-Tracking Projects: Permitting and financing challenges[17:01] California’s Permitting Reforms: Fast-track permitting for clean energy[18:49] California’s approach to stable, long-term programs[21:01[ Hawai'i’s 100% Renewable Mandate[23:05] Lessons from Hawaii and California: State leadership and policy replication[25:24] Legislator Network: Supporting new lawmakers and advancing innovation[28:54] State and local opportunities despite federal gridlock[32:57] Equity in Electrification: Directing investments to underserved communities[35:27] Vision for 2035: What a fully electrified future could look like[37:27] How listeners can support electrification[39:45] Optimism for the future and bipartisan collaborationResources MentionedElectric Innovation InitiativeCalifornia Energy CommissionHawai'i State LegislatureClimate Week NYCNational Caucus of Environmental LegislatorsConnect with usHawaii Senator Chris LeeCalifornia Energy Commission Chair David HochschildJason RissmanKeep up with Invested In ClimateSign up for our NewsletterLinkedInInstagramBlueskyHave feedback or ideas for future episodes, events, or partnerships?Get in touch!

As you know, with government funding cuts slowing climate progress across the board, philanthropy is more important than ever. Private foundations offer just a drop in the bucket compared to government funding, but they can still play an important role and catalyze other forms of capital. That’s why I’m doing a series of episodes on climate philanthropy. If you have ideas of other foundations that should be part of this series, please reach out through InvestedinClimate.comWe spoke recently with Pisces Foundation President David Beckman on the importance of funding movement infrastructure. Today’s episode considers a totally different perspective. Alex Honnold is perhaps the world’s most famous professional rock climber. He’s also a true climate leader. He decided years ago to donate one-third of his income to address climate change, and he uses his platform to raise awareness and money to help people in remote communities develop solar projects. Alex brings a no-nonsense, pragmatic approach but also one that is deeply compassionate, prioritizing projects that change people's lives.In this conversation, I’m joined by Alex, as well as Emily Teitsworth, Executive Director of the Honnold Foundation. We, of course, talk about Alex’s history, his climbing, and how it’s influenced his climate philanthropy. We go deep into the foundation’s theory of change, some tangible examples of projects they’ve supported, and the broader impact they have in elevating a portfolio of worthy projects for other funders to consider. Alex’s resources are not vast. His dedication runs deep, however, and even with modest resources, he’s been able to support over 100 projects that have impacted thousands of people. I find Alex’s example truly inspiring. And, I hope this episode inspires you to move past the feeling that we sometimes all feel – that our resources or influence are too small to have an impact – and just do what you can.On today’s episode, we cover:[03:48] Alex Discusses Founding the Honnold Foundation[04:13] Alex's Environmental Motivation[06:18] Emily's Background and Journey[08:30] Honnold Foundation's Mission and Strategy[10:10] Reasons for Focusing on Community Solar[12:52] Importance of Community-Led Projects[14:38] Examples of Supported Projects[17:11] Foundation's Focus Areas[19:27] Specific Project Highlights[24:26] Philanthropic Opportunities[26:53] Storytelling and Media Exposure[30:42] Cultural Impact Discussion[35:20] Alex's Perspective on Impact[37:00] Persistence and Motivation in Climate Work[38:43] Alex's Recent Climbing Experience[39:32] Future Plans for the Honnold Foundation[40:24] Closing RemarksResources MentionedHonnold FoundationHonnold Foundation: PartnersCeibo AllianceAdjuntasHonnold Foundation: Featured FilmsConnectAlex HonnoldEmily TeitsworthJason RissmanKeep up with Invested In ClimateSign up for our NewsletterLinkedInInstagramBlueskyHave feedback or ideas for future episodes, events, or partnerships?Get in touch!

In the second installment of our Deep Dive: Missing Middle in Climate Tech series, created in partnership with Spring Lane Capital, we dive deeper into why the “missing middle” is not just a gap; it's a structural issue. We're joined by two of the sharpest minds in climate investing: Francis O’Sullivan, Managing Director at S2G Investments, and Rob Day, Co-Founder of Spring Lane Capital. Together, they explore how early-stage innovation and late-stage deployment are well funded, while the crucial middle phase of scaling is dangerously underserved.We discuss why this gap exists, what solutions are emerging, and how investors are shifting their strategies to meet the moment. If you care about accelerating the climate transition, you’re going to want to listen to this.What You’ll LearnWhy the "missing middle" persists despite surging climate capital overallHow venture capital models can distort scale-up potentialWhat new capital strategies (like development expense financing) are emergingWhy climate investing now enters a “third phase” of full-scale deploymentHow Rob and Francis are rethinking returns and risk for the climate transitionIn today’s episode, we cover:[2:50] Francis' background and journey to S2G[4:36] Rob's career path in climate tech investing[6:30] Spring Lane Capital's founding and investment thesis[9:54] Discussion of the missing middle in climate finance[19:04] Structural challenges in climate investment[25:46] Organizational challenges for institutional investors[33:57] Concrete investment examples[41:37] Explanation of structured investment instruments[44:26] Historical context of climate investingResources MentionedS2G InvestmentsSpring Lane CapitalWorld Resources InstituteInvested in Climate - Missing Middle in Climate Tech Series: The Role of Family Offices with Spring Lane Capital & CREO, Ep #114S2G: 2023 Report - The Missing Middle: Capital Imbalances in the Energy TransitionCREO: 2024 Report - Understanding the Climate Finance GapSolunaConnect with UsJason RissmanRob DayFrancis O’SullivanSpring Lane CapitalWebsite: https://springlanecapital.com/Linkedin: https://www.linkedin.com/company/springlanecapital/ S2G Investment Website: https://www.s2ginvestments.com/Linkedin: https://www.linkedin.com/company/s2g-investments/Invested in ClimateSign up for our NewsletterLinkedInInstagramYoutubeBlueskyHave feedback or ideas for future episodes, events, or partnerships? Get in touch!

The voluntary carbon markets have been a source of curiosity for me. There’s been a lot of hope that the market would mature and offer a reliable way to offset emissions that otherwise could not be eliminated. Reliability has been the problem, however. Not knowing which carbon reduction projects are additive and truly remove or reduce carbon has held this market back, and I’ve been excited to learn about how new technologies will enable the reliability that’s needed. There are many people working on this problem. Dr. Allister Furey, Founder and CEO of Sylvera is one, and I was excited to learn about his company’s approach to removing carbon market bottlenecks and accelerating the investment in carbon projects. As he says it’s a mix of software, data, AI, and analysis that have helped Sylvera work with large clients and unlock enormous investments. Hope you learn as much as I did. Enjoy.On today’s episode, we cover:[03:37] Allister’s background and entrepreneurial journey[05:54] Sylvera's founding and initial business concept[10:42] Exploration of the desert greening concept[11:27] Sylvera's current business offerings[17:10] Sylvera’s progress, reach, and client base[20:24] Corporate climate commitment trends[22:44] Corporate demand for carbon projects[26:12] Policy market expectations[29:07] Climate investor sentiment[30:33] Future outlook for carbon marketsResources Mentioned Sylvera Connect on LinkedInAllister FureyJason RissmanKeep up with Invested In ClimateSign up for our NewsletterLinkedInInstagramBlueskyHave feedback or ideas for future episodes, events, or partnerships?Get in touch!

It’s not yet clear exactly how devasting the loss of federal funding for climate nonprofits and climate tech companies will be, but we know the toll will be high. Beyond the funding freeze, there have also been rumors of other federal action targeting nonprofits in this space. No one knows exactly what will happen, but it’s clear that philanthropy is more important than ever. Philanthropy alone can’t fill the gap left by the government, but it can make a real difference.This episode is the first in a series of conversations we’ll have this year focused on climate philanthropy. We’re starting with not only one of the biggest climate foundations in the U.S., but also one that combines philanthropy with investments designed to catalyze more capital flows to climate. The MacArthur Foundation has long been a leader in using this impact investing approach to improve the ROI for investors seeking market-rate returns. In today’s conversation, we’re joined by MacArthur Foundation’s Director of Impact Investments John Balbach and Program Officer Deborah Philbrick. We spoke about the Foundation's holistic, problem-first approach to climate, what that means for both their philanthropic funding and impact investing, how they’re stepping up to what they see as a civil society crisis, and much more. Lots to learn and think about in this one. Let me know if you have ideas about other foundations to feature in this series. Here we go. On today’s episode, we cover:[02:36] Introductions of John and Deborah[04:21] Overview of MacArthur Foundation's Climate Work[05:52] Climate Solutions Big Bet Details[07:02] Philanthropic Strategy and Theory of Change[08:15] Grantee Examples[10:37] Impact of Federal Funding Freeze[12:55] Strategic Shifts and Foundation's Role[15:57] Climate Philanthropy Landscape[17:04] Sub-national Climate Priorities[18:19] MacArthur's Impact Investing History[20:36] Risk and Return Approach[22:45] Impact Assessment Methodology[25:11] Catalytic Capital Strategies[28:01] Investment Thesis[31:20] Administration's Impact on Investments[33:30] Systemic Transformation DiscussionResources MentionedMacArthur FoundationMacArthur Fellows ProgramMacArthur Foundation: Climate Solutions Big BetJust Transition FundLeague of Conservation Voters Education FundAzolla VenturesEncourage Solar FinanceSunwealthMacArthur Foundation: How We Leverage the ‘Full Continuum’ of Capital to Address the Climate CrisisMacArthur Foundation: Aligning Our Investments With Our Mission, Values, and ProgramsConnect on LinkedInJason RissmanJohn BalbachDeborah PhilbrickKeep up with Invested In ClimateSign up for our NewsletterLinkedInInstagramBlueskyHave feedback or ideas for future episodes, events, or partnerships?Get in touch!

I’ll admit that until recently I knew and thought very little about the potential of Earth observation. It turns out, there’s a huge opportunity here. A report by the World Economic Forum recently estimated there’s almost $4 trillion of potential economic benefit from making better use of the increasingly affordable opportunity to collect and analyze data about our planet. And, the benefit is not just unlocking enormous economic value. Earth observation can help reduce greenhouse gas emissions by more than two gigatons annually through tracking forests, managing wetlands, improving agriculture, and much, much more.To learn about this opportunity, I was pleased to sit down with Dan Hammer. Dan is a truly unique entrepreneur who’s not only able to maintain a systems view of the opportunities around Earth observation but who’s also building a portfolio of organizations to push this ecosystem forward. Between the non-profit Clay, the design and development agency Ode, and Earth observation startup LGND, Dan has his hands full in the quest to use Earth observation to make nature data as ubiquitous and useful as Google Maps. Lots to learn and think about in this episode. Enjoy!On today’s episode, we cover:[03:46] Dan's background & commitment to environmental work[08:04] An explanation of Earth observation[09:15] Scale of Earth observation satellites[09:58] Economic potential of Earth observation[12:23] Specific use cases for Earth observation[14:02] Outcomes and impact of Earth observation[17:11] Potential applications of Earth observation[19:17] Introduction to Clay [22:28] Cost reduction in Earth observation technology[25:31] Discussion of AI energy demands[26:55] Introduction to LGND[31:20] Go-to-market strategy for LGND[32:41] Discussion of ODE design agency[35:11] Vision for Earth observation in 5-10 years[36:50] What else is needed to advance Earth observation technologyResources MentionedClayOdeLGNDGlobal Forest WatchGoogle Earth EnginePritzker Emerging Environmental Genius AwardWorld Economic Forum: Earth ObservationEarth GenomeThe Nature ConservancyMoore FoundationCenter for Global DevelopmentSchmidt FuturesGrantham FoundationRadiant EarthMinderoo FoundationConnect with Dan HammerOn LinkedInConnect with Jason RissmanOn LinkedInKeep up with Invested In ClimateSign up for our NewsletterLinkedInInstagramBlueskyHave feedback or ideas for future episodes, events, or partnerships?Get in touch!