☀️ Next 1,000 climate unicorns | $1.1 billion for climate tech VC | Why networking is not sleazy
Plus, Leo D's new climate mockumentary, power of trust to grow your business faster, and finding your tribe
Good morning, y’all.
Sorry, no small talk this week. My creamy coffee is getting cold. :)
Hope you enjoy this week’s 3-minute read!
Cheers,
Chris
🦄 Larry Fink: “The next 1,000 unicorns will be startups that help the world decarbonize and make the energy transition affordable for all consumers.”
You might remember Larry Fink as the Executive Director of the world-famous environmental NGO “We Hug Trees.”
Oh, wait, different Larry.
This one is the chief at BlackRock, the world’s largest asset manager. Something like $10 trillion, but I lose track.
In this CNBC piece, he says three more things worth remembering:
#1
“We focus on sustainability not because we’re environmentalists, but because we are capitalists and fiduciaries to our clients.”
If you need a refresher, Investopedia defines a fiduciary as “a person or organization that acts on behalf of a person or persons and is legally bound to act solely in their best interests.”
Interpretation?
His investors’ best interests = Investing in solutions to the low-carbon future
He’s aware that “more than $4 trillion has been invested in sustainable technology.”
Larry also said that:
#2
“Most clean energy solutions are more expensive than their incumbents, and that’s a problem.”
But that’s not exactly correct.
See the following report for confirmation via our earlier newsletter.
Pages 3-4 in Levelized Cost of Energy Analysis (LCOE) (version 15) from Lazard
Finally, he toned it down further by saying:
#3
“It will not happen overnight. We need to pass through shades of brown to shades of green. It is not possible or practical to turn the spigot off on natural gas immediately. [And any technology or policy that makes energy costs more expensive for the poorest and most vulnerable populations globally will lead to] “greater polarization around climate change” [and will also be detrimental to progress]."
Justice matters.
Cost matters.
And, speed matters.
We can move faster than this.
Sh*t, we’ve put a man on the freakin’ moon. We’ve beaten back polio and countless other diseases. We’ve boosted cereal grain output by almost 300%+ in the 1960’s Green Revolution.
So, we’ve got this, right?! (He says while quivering between fear and hope.)
(Shout out to Alex Roetter, General Partner at Moxxie Ventures, for this pep talk during our chat last week!)
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Finally, I needed a thumbnail for this newsletter, so happy rainbow unicorns in ‘da house!
💸 Do you need more audacious investor capital?
Then consider the Deep Decarbonization Frontier Fund from Energy Impact Partners (EIP) as a new potential source.
“With a target of $350 million, the fund has already received commitments for more than $200 million from both new and existing EIP investors.”
Their portfolio includes:
Form Energy (disruptively cheap multi-day energy storage)
Electric Hydrogen (industrial-scale, renewable-powered hydrogen production)
Nitricity (zero-emissions nitrogen fertilizer)
Carbon America (point-source carbon capture) — Shout out to CEO Scott Frazier, a member of our Climate CEO Mastermind peer group programs at Entrepreneurs for Impact
Zap Energy (economic nuclear fusion)
Boston Metal (steel produced from electricity, not coal)
Sublime Systems (zero-carbon cement)
Here’s one more audacious climate investor to know.
Yes, I’ve covered Lowercarbon Capital and their $800M fund before. But you can appreciate why I like them.
🌌 Leo, you scared us with this movie.
Now, will it work? Will the analogy in Hollywood form catalyze more climate action?
The Netflix summary of the movie — “Don't Look Up.”
“Two astronomers go on a media tour to warn humankind of a planet-killing comet hurtling toward Earth. The response from a distracted world: Meh.”
Sound familiar?
As the trailer says:
Based on events.
That haven’t happened.
Yet.
Think: Sci-fi + comedy + real-life dread + mockumentary.
I laughed and cried.
And it made me want to double down on my efforts.
Final thought:
In the face of a global catastrophe, we are all very insignificant in the scheme of 100+ billion people that have ever lived on Earth and a few trillion planets in the Milky Way alone. (Sorry, Mr. ego).
But…
We can also each be very significant, too. (Insert cheesy music.) But perhaps only if we try to be a laser and not the sun. (I can hear my teenagers now, “Dad, that is so cringe.”)
🧑🏽🤝🧑🏽 Networking is sleazy. Or is it?
Perception
Throwing business cards out to anyone that has a free hand
Slicking your gelled hair back and talking as fast as possible
Being as shallow as a puddle
Reality
Finding your people, your tribe
Seeing how you can help them get what they want
Aligning on a common mission that defies business and geographic boundaries
In this blog — Networking Must-Do's: Before, During and After the Meeting — the ever-delightful VC investor Amy Francetic shows us how to do networking the right way.
And if you want to hear more from Amy —
Check out our Entrepreneurs for Impact podcast together.
⛰️ Are you trustworthy?
If you care about tackling climate change through a fast-growing business, then you should be.
In short form:
Business moves at the speed of trust.
A big thanks to several CEOs in our Climate CEO Mastermind peer groups for this nugget.
In longer form:
“Trust always affects two measurable outcomes: speed and cost. When trust goes down—in a relationship, on a team, in a company, in an industry, with a customer —speed decreases with it. Everything takes longer. Simultaneously, costs increase.” - Stephen M.R. Covey
That’s all, folks.
Make it a great week, because it’s usually a choice.
— Chris
👏 P.S. “Hey, you are really crushing it this week. Nice job.”
How’s that 10-day “give a compliment” challenge coming along (from last week’s newsletter)? Short. Simple. Super effective.
—
Dr. Chris Wedding
Founder and Chief Catalyst, Entrepreneurs for Impact
The Only Private Executive Mastermind Community for CEOs, Founders, and Investors Fighting Climate Change
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Thanks to James Lee and Unsplash for the cute unicorn photo. :)