Invested In Climate

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 Zulkoski
2:34 – What Is Conduit Capital? Vision and Radical Collaboration
3:48 – Replication as Theory of Change: Paving the Way for Competition
5:23 – Business Model: Non‑Concessionary, Patient, Impact at Scale
6:41 – Introducing Sustainable Credit Partners (SCP) and Mid‑Market CRE
8:09 – The Retrofit Problem: Aging Buildings, Spiking Energy Costs, Brown Discount
10:04 – SCP’s Lending Model: Easier, Cheaper, Faster for Borrowers
11:34 – Underwriting + GreenGen Partnership and Education Role
13:55 – SCP Traction: Origination Targets, Pipeline, Institutional Capital
16:02 – Loan Sizes, Typical Collateral, and Brown Discount Mitigation
16:48 – Three “Superpowers”: Market Familiarity, GreenGen + Climate First Bank, Moody’s
19:53 – Who Else Should Do This? Scaling via Competition and Green CLOs
22:48 – Introducing Climate Transition SPACs and Market Backdrop
23:01 – Rethinking SPACs: Tool for Climate Transition and Valuation Gaps
27:37 – First SPAC: Energy Transition Special Opportunities and Target Sectors
29:48 – Why Regenerative Agriculture Belongs in Climate SPACs
32:19 – Defining the Pioneer Gap vs. Missing Middle/Valley of Death
35:30 – The Pioneer Gap Impact Platform Fund and Alliance Structure
37:50 – Blended Finance Stack: Catalytic, Mezzanine, and Market Capital
39:08 – Why This Is the “Best of Times” for Climate Investing
41:40 – Closing Reflections

Resources Mentioned
Sustainable Credit Partners (SCP)
GreenGen
Moody’s Investors Service
Climate First Bank
C‑PACE (Commercial Property Assessed Clean Energy)
Climate Transition Special Opportunities SPAC
Spring Lane Capital
Pioneer Gap Alliance & Pioneer Gap Impact Platform Fund

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Bob Zulkoski
Jason Rissman

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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 Matters
Bringing 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 partnership
3:35 – LabStart vs. New Energy Nexus focus
4:09 – Guest intros: Deepa (LabStart) & Andrew (New Energy Nexus)
4:46 – Deepa’s background in climate, VC, and CalSEED
6:20 – What LabStart does & “deep climate tech” focus
8:02 – Andrew’s overview of New Energy Nexus global model
9:43 – Programs: bootcamps, grants, CalSEED, and global south focus
11:16 – What it looks like to be a New Energy Nexus entrepreneur
11:54 – Philippines rooftop solar opportunity: Solar Innovation Program
12:48 – Pakistan rooftop solar boom and Climate Innovation Pakistan
13:40 – CalSEED structure and impact in California
13:58 – What it looks like to be a LabStart entrepreneur
14:55 – LabStart Discover and Launch phases
15:54 – Why philanthropy is needed in climate tech innovation
18:36 – Philanthropy in the global south and hyperlocal impact
22:10 – LabStart success story: architect-turned-3D housing founder
24:32 – Additional LabStart founders and outcomes
25:25 – How much philanthropic capital is needed
27:17 – IEA investment gap and catalytic examples from Indonesia
29:43 – Why fund new technologies vs. only deployment
32:06 – How country pathways shape New Energy Nexus engagement
33:02 – California deployment example: ThermoShade
33:58 – Indonesia fishermen & electric motorboats case: Volto Sea
34:51 – Pakistan PakPlug EV charging app
35:22 – What else the ecosystem needs: Andrew on subnational governments
37:34 – What else the ecosystem needs: Deepa on IP & ecosystem gaps
41:02 – Five-year vision & asks: Deepa and LabStart
43:49 – Five-year vision & asks: Andrew and New Energy Nexus
47:26 – Closing thanks from Shereen

Resources Mentioned
Invested in Climate: Climate Philanthropy series
Skyline Foundation
LabStart
New Energy Nexus
Project Drawdown
Jamil Wyne
CalSEED
Solar Innovation Program
Climate Innovation Pakistan
CalTestBed
AusTestbed
ThermoShade
Swap Energy
Xuraya
Volto Sea
PakPlug
Schmidt Family Foundation
Boundless Earth
Atlassian 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 Impact
Activate
Renewables First

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Shereen D’Souza
Deepa Lounsbury
Andrew Chang
Jason Rissman

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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 & Company
02:35 – Kavita’s background and path into climate investing
05:24 – From BlackRock and ESG to climate venture
07:19 – What is MUUS & Company? Climate thesis and focus areas
09:35 – Why critical minerals, materials, and domestic manufacturing
11:30 – Is materials & mining underhyped for investors? Market overview
13:17 – Venture timelines in hardware and industrial innovation
15:13 – Portfolio example #1: Nth Cycle’s critical minerals recycling
18:28 – Mining’s environmental impact and why focus on recycling
20:08 – Portfolio example #2: InventWood as a low‑carbon steel replacement
22:53 – No green premium: solving top pain points in B2B climate tech
23:03 – Where climate capital is flowing vs. where it should go
25:22 – What Kavita has learned from founders through market cycles
29:01 – Common fundraising pitfalls for climate founders
32:20 – Building the capital stack: partners, family offices, and non‑dilutive capital
35:15 – Measuring impact: MUUS’ use of the Crane tool
38:16 – Closing thoughts

Resources Mentioned
MUUS & Company (MUUS)
TIGER 21
Nth Cycle (critical minerals refining & recycling)
Trafigura (metals & commodities trading group)
InventWood (wood-based high‑performance material)
CRANE – Carbon Reduction Assessment for New Enterprises
International Energy Agency (IEA)

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Kavita Patel
Jason Rissman

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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 GoodPower
03:15 – Welcoming Leah Qusba
04:03 – Founding story of Good Power (formerly ACE)
04:44 – From youth education to campaigns and power-building
05:31 – Why rebrand from Action for Climate Emergency to GoodPower
05:49 – Moving from alarm to hope and economic opportunity
07:11 – Core problem: speeding up an inevitable energy transition
08:19 – Shift from “protecting environment” to building clean energy
09:22 – Strategic plan overview & Pillar 1: shifting culture at scale
09:44 – Operating in culture & early bet on the creator economy
11:05 – Lessons from supporting climate-focused creators
13:06 – Surprising creators: rural and agricultural influencers
15:10 – Laying cultural groundwork and de‑politicizing renewables
17:35 – Pillar 2: building political power in the U.S.
19:13 – Climate as a voting issue vs. economic priorities
21:52 – Mobilizing climate‑first nonvoters & social norms of voting
24:46 – Pillar 3: building a “good economy for all”
27:58 – Under the hood: siting and permitting campaigns
31:05 – Beyond core pillars: funding models and nonprofit evolution
33:15 – How listeners can help locally & post‑election accountability

Resources Mentioned
GoodPower
GoodPower Strategic Plan
Environmental Voter Project (We featured CEO Nathaniel Stinnett on Ep #94!)

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Leah Qusba
Jason Rissman

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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 & Backgrounds
06:04 – Why the Climate Capital Reset Project Now?
08:55 – Trend #1: Unprecedented Market Uncertainty
11:13 – Trend #2: AI, Data Centers & the Grid
13:23 – Trend #3: Liquidity Crunch & the Missing Middle
15:42 – Trend #4: Narratives, Labels & Climate Messaging
17:24 – How We Talk About Climate & Climate Investing
19:37 – Theme: ‘Ruthless Pragmatism’ in Climate Capital
24:00 – Shaping Winners Through Consolidation
26:57 – Domestic vs. International: Who Captures the Upside?
27:31 – Blended Finance: Misuse, Scarcity & Focus
30:48 – Examples of Effective Blended Finance
31:56 – Geographic Arbitrage & Emerging Markets
34:37 – Corporates’ Role in Climate Tech & Scale
38:05 – War in the Middle East, Energy Shocks & Resilience
43:24 – New Investment Models & Insurance Innovation
46:24 – Long-Duration, Asset-Heavy Climate Businesses
48:43 – A Narrow Window for a Climate Capital Reset
50:41 – What’s Next for the Climate Capital Reset Project
51:41 – Closing & Call to Action

Resources Mentioned
Climate Capital Reset Project
Builder’s Vision
Intersect Power
Lineage Logistics
Devoted Health
Fervo Energy
Frontier
Microsoft Carbon Removal
PJM Interconnection
ERCOT (Electric Reliability Council of Texas)
USAID (U.S. Agency for International Development)
Bloomberg Philanthropies
ReGen Ventures
More Davidow Ventures (MDV)

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Dan Firger
Will Coleman
Bill Tarr
Jason Rissman

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