Roger Spitz

📈Thanks to carbon markets, volumes and abatement could grow 10x, and costs go down by 4%. 💡Anyone who understands economics will probably think "Duh!". 💰Trade is good! But this is not news. In the early 19th century, English economist David Ricardo explained the virtues of trade as a mechanism to reduce GLOBAL costs and benefit both sides of the trade (I buy from you because it is cheaper for me than doing it myself, and yet, because you are good at what you sell, you can still make a profit!). 🌍 As important: a lot of money will flow from rich polluters to poor rural people in developing countries. 💡I repost because many in the world of climate and nature conservation needs a reminder on the benefits of markets.

5

Defense and climate adaptation and resilience overlap more than you think. This graphic from BloombergNEF is about the clearest articulation of the connection between physical risks and second order impacts like state collapse and various economic stressors. Not things we want to think about, but the consequence of slower progress on climate mitigation is that all of these things become more likely, more quickly. https://lnkd.in/gCdDijXX

30

1 Comment

Navigating the 'Valley of Death' in Climate Tech Climactic's launch of the Material Scale hybrid fund is a timely move, especially for climate tech startups in the apparel sector. This initiative not only provides necessary capital but also bridges critical operational gaps. At ElevenX Capital, we believe supporting innovation in sustainable solutions is key to fostering long-term value. How do you think hybrid funding models can impact the growth of startups in challenging sectors? #investing #innovation #venturecapital #entrepreneurship

2

2 Comments

The conflict in the Middle East could lead to higher prices at the pump; emissions planning beyond Trump is proving tricky for companies; EU to tell member states to back the bloc's low-carbon manufacturing—in the latest Sustainable Business newsletter. https://lnkd.in/eik9rae6

9

State of California continues to lead on climate action, including climate disclosure, mandated for 4,000+ companies, including most of S&P500 https://lnkd.in/gDDbfA2w

3

#California leads by example! 🌎📈 With the passing of Senate Bills 253 and 261, thousands of companies are now required to disclose their greenhouse gas emissions and climate-related financial risks. This is a game-changer for #sustainability and #ESG. 🚀 Here’s what sustainability leaders need to know: 💠 SB 253 🧾 targets companies with over $1 billion in revenue, mandating the disclosure of Scope 1, 2, and eventually Scope 3 emissions. 💠 SB 261 💰 applies to companies with over $500 million in revenue, requiring them to report on climate-related financial risks. 💠 The stakes are high! 🎯 These new laws will require robust data management and transparent reporting, making compliance a top priority. This is where companies like Sustaira become essential. 💡 The transition to a sustainable, accountable future requires AI-driven solutions that can handle complex ESG data and streamline reporting to meet these new, stringent regulations. 🔗 ⬇️ Check out the article below for more insights! #ESG #Sustainability #ClimateAction #CorporateResponsibility #Sustaira #SB253 #SB261 #California #ClimateTech #GreenFuture 🌳

3

1 Comment

🌍 A Novel Climate Technology Collaboration to Quicken Industrial Decarbonization in Asia and the Middle East Great news! The Future Industries Partnership, a three-year philanthropic initiative, was launched by Founders Factory, RMI's Third Derivative, and HSBC to accelerate the deployment of climate technologies in some of the most emissions-intensive industries in the world, including chemicals, steel, cement, and iron. Even though Asia and the Middle East are experiencing rapid industrial growth, heavy industry climate tech solutions are still underfunded, accounting for only 10% of climate venture capital and 3% of global climate investment. The goal of this program is to alter that. What makes the initiative special? - 18 months of specialized assistance for startups in climate technology - Access to worldwide corporate partners, capital, and expertise devoted to creating deployable, bankable solutions - Headquartered in Singapore, a growing hub for green innovation Source: RMI #ClimateTech #Decarbonization #IndustrialTransformation #Asia #MiddleEast #GreenInnovation #NetZero #FutureIndustries #StartupEcosystem #Sustainability #ClimateFinance

20

3 Comments

ISS's Green Light for AstroNova's Board Overhaul: A Turning Point for Shareholder Activism? This is a classic governance arbitrage: "For shareholders, this vote is not merely procedural—it's a referendum on whether the company can pivot from underperformance to value creation. "AstroNova's troubles are manifold. Over the past year, its total shareholder return (TSR) has plummeted by over 50%, a stark decline that ISS attributes to governance failures and mismanagement. At the heart of the issue is the MTEX acquisition, a $18.6 million deal that backfired spectacularly. Within a year, AstroNova wrote off $13.4 million of its value, discontinuing 70% of MTEX's products. ISS lambasted the board for calling this debacle a “minor setback,” noting that the acquisition exacerbated financial risks by doubling the company's debt while failing to deliver promised synergies. "Compounding these issues is the board's lack of independence. Four of six directors have served 7–14 years, raising red flags about institutional rigidity. Two of them—Richard Warzala (lead independent director since 2020) and Mitchell Quain—face ISS's explicit recommendation to withhold votes due to ties to the CEO and poor oversight. "ISS's support for Askeladden's nominees is pivotal. The firm rarely wields its influence so overtly, but in this case, it deemed board refreshment “warranted to improve independence and oversight.” The GOLD proxy card proposes five new directors, including Samir Patel, AstroNova's largest shareholder, and Jeff Sands, a turnaround specialist. ISS highlighted Patel's “deep understanding of the business” and Sands' ability to address operational inefficiencies. "A board overhaul could unlock substantial value. Askeladden's nominees bring expertise in turnaround (Sands), cross-cultural management (Boyd Roberts), and liquidity optimization (Ryan Oviatt). Their 60-day action plan—including margin improvements and cost controls—could stabilize cash flows, while longer-term strategic reviews might identify assets ripe for monetization." Note how everything with the proposed new board lines up directly with improving the performance of AstroNova, i.e. the initiatives, the directors selected with expertise relative to the initiatives and a large sophisticated shareholder with clear incentives. #corporategovernance #boardsofdirectors #performance #governancearbitrage #shareholderactivism https://lnkd.in/grH-TQi7

2

How can artificial intelligence accelerate the climate transition—without worsening the problem it’s trying to solve? A new study by Nicholas Stern, Roberta Pierfederici et al. (npj Climate Action, 2025) offers one of the most robust, quantified answers to date. The authors identify five key channels through which AI can drive emissions reductions: – transformation of complex systems (e.g. energy grids, mobility, urban planning), – acceleration of green technology discovery, – behavioural nudges and consumer engagement, – advanced climate modelling for policy, – improved adaptation and resilience mechanisms. Using a bottom-up approach, they estimate that AI could reduce global emissions by 3.2 to 5.4 GtCO₂e annually by 2035—just by acting in three sectors: electricity, meat and dairy, and light vehicles. This is greater than the projected emissions increase from all AI-related data centre activity. This analysis also highlights that AI’s greatest climate value lies not in marginal efficiency gains, but in accelerating the market adoption and system integration of low-carbon solutions. However, the paper also makes a strong case for strategic public intervention. Without governance and direction, AI risks deepening energy use, widening global inequalities, and reinforcing short-term optimisation over long-term resilience. The central message: AI is not just a tool—it’s a lever of climate transition. But real impact will require governments to treat it as a public good, not just a market opportunity. Full paper (npj Climate Action, 2025): https://lnkd.in/e6fTn9-s #AI #ClimatePolicy #NetZero #GreenGrowth #Sustainability #DigitalTransition #PublicAction #SystemChange

14

1 Comment

Very excited to share my latest piece from Forbes, focusing on the business case for climate adaptation. Many thanks is due to Benjamin Zehr (Reciprocal), Tamer El-Raghy (Acumen Resilient Agriculture Fund (ARAF)), Alina Truhina (The Radical Fund) and Emilie Mazzacurati (Tailwind) for lending their time and insights for this article. If anyone is developing a fund, studio, accelerator, etc. focusing on climate adaptation, I would love to hear from you. Here's the TLDR: - We need to meticulously build the business case around climate adaptation. For years we rarely talked about adaptation because it would constitute “giving up”. After-all, why adapt to a warming planet when renewable energy, electric vehicles and carbon capture technologies can limit global warming? - However, as the planet becomes hotter, and staying below the 1.5 C threshold is less likely, we have to adapt. But the adaptation funding gaps are enormous, over 300 BN annually according to some, and potentially over 1 TN according to others. - There is no single explanation for the gap, but we know at least a few key reasons: 1) Adaptation tends to be highly localized, so finding one-size fits all approaches that can scale globally can be a challenge in investors' eyes. 2) Pipelines of adaptation-focused companies are nascent and still growing in many parts of the world; 3) Perceived low returns on investment - many investors still think adaptation solutions are public goods, which yield low or no returns; 4) Impact measurement hurdles - unlike mitigation, there is no single "north start" or success indicator for adaptation. So how do we start building a business case? 1) First, we have to educate the market. For a while we did not discuss adaptation, so there is a time lag we are fighting against. Many people when they hear "climate investment” and “climate technology” still think of energy and mobility. 2) Second, we need to think beyond venture capital - many different types of capital need to be used to fund adaptation - grants, debt, ETF's, etc. 3) Third, we need to be comfortable with not having a single metric that represents adaptation impact. Just as adaptation solutions are often highly-localized, many will have a unique theory of change. 4) Fourth we need to look at new company building models like venture studios/builders. We need to make sure we're building a pipeline that not only attracts investors, but is sustainable and durable, standing the test of time. 5) Fifth, we need to know where demand will be most predictable and bankable. For example, large corporates will likely have growing demand for adaptation solutions. 6) Lastly, we may need to stop using the term “adaptation” as an asset class or business vertical. Adaptation has far too many dimensions and use cases to be lumped under one heading. Many thanks again to the amazing experts who lent their time here, and would love to hear any and all comments!

173

25 Comments

From Scarcity to Scale: The New Economics of Energy | prepared by Oxford Institute for Energy Studies This report analyzes the profound shift underway in #globalenergyeconomics, moving from a long-standing paradigm of resource scarcity to one increasingly defined by abundance, scalability, and system complexity. Framed against the accelerating deployment of #renewabletechnologies, #electrification, and #digitalenergymanagement, the study investigates how #energymarket structures, investment logic, and geopolitical dynamics are being reshaped. The central question it addresses is how policymakers and market actors can adapt economic thinking to govern an energy system no longer limited by finite extraction, but by integration, intermittency, and infrastructural constraints. Key findings indicate that renewable energy sources, particularly solar and wind, have shifted from cost-heavy and marginal to cost-competitive and central—accounting for more than 70% of new global capacity additions in 2023, with solar generation costs declining by over 85% in the last decade. This abundance, however, creates new scarcities: grid flexibility, storage capacity, and coordination across #decentralizedenergysystems. The report highlights that the #economics of scale now hinge less on fuel supply than on system intelligence, #capital efficiency, and policy coherence. For example, countries that align regulatory frameworks with dynamic pricing and digital grid investments are realizing up to 40% efficiency gains in balancing supply and demand. In contrast, #fossilfuel-dependent economies face rising stranded #asset #risks and declining marginal returns. Additionally, the report notes that #energysecurity is no longer purely a question of national reserves, but of technological sovereignty and interconnection resilience. In summary, the report concludes that the energy transition requires a conceptual transition—from managing scarcity to optimizing abundance within complex, integrated systems. Future energy economics will prioritize adaptability, interoperability, and systemic resilience over volume extraction or monopolistic control. The new energy era belongs to those who rethink value creation not in terms of commodities alone, but in how energy is produced, stored, shared, and governed across a networked, low-carbon world.

27

1 Comment

Glad to see Evan Coleman of MIT Energy and Climate quoted in this The Wall Street Journal article about automation in the voluntary #carbon market. As he points out, there is a need for more transparency of automation approaches in order to increase confidence in their outcomes. Fortunately, his project with Sherrie Wang on the use of #machinelearning for hyperspectral remote sensing of #soil organic carbon, funded by the MIT Climate & Sustainability Consortium (MCSC), is developing an open data platform that will demonstrate transparency in this field.

63

3 Comments

𝐂𝐚𝐫𝐛𝐨𝐧 𝐩𝐫𝐢𝐜𝐢𝐧𝐠 𝐫𝐞𝐯𝐞𝐧𝐮𝐞𝐬 𝐞𝐱𝐜𝐞𝐞𝐝𝐞𝐝 $𝟏𝟎𝟎 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟒 (The World Bank’s 2025 annual State and Trends of Carbon Pricing report) Over half of this revenue generated for public budgets was earmarked for environment, infrastructure, and development projects, representing a slight increase from previous years. The report—𝐒𝐭𝐚𝐭𝐞 𝐚𝐧𝐝 𝐓𝐫𝐞𝐧𝐝𝐬 𝐨𝐟 𝐂𝐚𝐫𝐛𝐨𝐧 𝐏𝐫𝐢𝐜𝐢𝐧𝐠 𝟐𝟎𝟐𝟓—notes that there are now 80 carbon pricing instruments in operation worldwide, a net increase of five over the past year. The World Bank’s annual State and Trends of Carbon Pricing report is aimed at providing an up-to-date overview of existing and emerging carbon pricing instruments around the world, including international, national, and subnational initiatives. It focuses on identifying key developments relating to all forms of direct carbon pricing – emissions trading systems, carbon taxes, and carbon crediting mechanisms. The report shows that all large middle-income economies have now either implemented or are considering direct carbon pricing, with emissions trading systems (ETSs) accounting for most of the new and planned instruments. With more countries implementing or expanding carbon taxes and ETSs, around 28% of global greenhouse gas emissions are now covered by a carbon price in economies representing nearly two-thirds of global economic output. This includes around half of global emissions from the power and industrial sectors. Coverage in other sectors is lower, with agricultural emissions not yet priced. #CarbonPricing #EmissionsTradingSystems #CarbonTaxes https://lnkd.in/eNhwHjpM

2

While headlines often focus on setbacks, there’s a powerful story of resilience and innovation unfolding across regions: 𝗨𝗻𝗶𝘁𝗲𝗱 𝗦𝘁𝗮𝘁𝗲𝘀 California’s landmark climate disclosure laws: SB 261 (climate-related financial risk) and SB 253 (GHG emissions) have been upheld in court, clearing the way for implementation. Companies with revenues over $500M must publish their first climate risk reports by January 1, 2026, signaling a strong commitment to transparency and investor confidence. This is a major step toward embedding climate risk into financial decision-making. 𝗔𝘀𝗶𝗮 The Science Based Targets initiative (SBTi) reports a 227% surge in companies setting both near-term and net-zero targets in just 18 months. Asia leads this charge with 134% growth, driven by markets like China (+228%), Japan, and Thailand. Industrials, Consumer Discretionary, and Materials sectors are at the forefront, proving that climate ambition is becoming a core business strategy across supply chains. Despite regulatory adjustments and legal challenges, the global trajectory is clear: sustainability is not retreating. Businesses that act now to integrate climate goals into strategy will be the ones to thrive in the low-carbon economy. How is your organization preparing for these shifts? CEMAsys.com | ESG Today | Sustainability Magazine #Sustainability #ClimateAction #ESG #CSRD #SBTi #SB261 #NetZero

20

2 Comments

What if the rarest element of all was trust? Gracelin Baskaran and Meredith Schwartz use ten metrics including government support, infrastructure quality, energy cost, research intensity and political stability to rank ten countries as rare earth processing hubs. The United States leads with a score of 2.7 out of 3 backed by multibillion dollar Department of Defense investments, loans and guaranteed prices that aim to boost magnet output from 1 000 to 10 000 tons by 2035. Australia, Saudi Arabia and Canada follow each pairing strategic reserves with fiscal incentives and streamlined regulations. The authors argue that only a coordinated network of partners supported by European recycling know-how, Brazil’s large deposits of heavy rare earths and Japan’s deep sea pilot projects can chip away at China’s roughly 90 percent share of refining capacity and build a resilient mine to magnet supply chain. That proposed network appears asymmetrical. The United States is leading most of the investment in refining and separation facilities while US tariffs on graphite, nickel and specialty alloys create uncertainty for Canada, Brazil and European partners. Ottawa faces duties on graphite and tellurium. Brasília was hit with a 50 percent levy on nickel and manganese, materials central to electric vehicle and magnet production effective August 6 2025 . The United States also imposed a baseline 10 percent duty on high tech alloys imported from the EU under its reciprocal tariff framework . These measures undermine joint investment and may push raw material suppliers toward other blocs or domestic processing plants. Meanwhile China’s Belt and Road financed projects across the Global South secure the mines and materials that feed those processing facilities even as Beijing controls roughly 90 percent of global rare earth refining . Europe focuses on writing regulatory frameworks and the United States on a mix of subsidies and tariffs but both risk ceding strategic influence in the Global South to China’s project backed expansion. Economically these tariffs raise input costs and deter the long-term financing that midstream facilities demand. Geopolitically they risk pushing key suppliers into China’s orbit and undermining the multipolar resilience the report envisions. In this fragmented environment as Washington effectively goes it alone how can Western processing hubs reliant on long term trust, stable trade relations and shared technical standards take root when short term trade measures and split policy approaches threaten the very partnerships they require? #geopolitics #rareearths #supplychains #tradepolicy #globalpartnerships #strategy Center for Strategic and International Studies (CSIS) Gracelin Baskaran, PhD Meredith Schwartz

11

Proud moment! EG Capital contributed to United Nations Environment Programme Finance Initiative (UNEP FI)’s newly launched Adaptation & Resilience Impact Measurement Toolkit, helping the finance industry measure what really matters: whether adaptation finance is delivering resilience in the real world. A critical milestone for scaling credible private capital into adaptation, and building stronger, more climate-resilient economies.

27

We have a new paper out on "Estimating the climate impacts of hydrogen emissions in a net-zero US economy". Main takeaway: hydrogen emissions (from leaks, purging, etc.) have a non-zero impact on global warming potential, but in net-zero scenarios those emissions are much smaller than other residual emissions in the system. This work was led by Ansh Nasta Derek Wissmiller Chris Moore Esther Goita at GTI Energy with additional contributions from me Emily Beagle Webber Energy Group and published in IOP Publishing Progress in Energy. Please check it ou! And if this topic is of interest, please check out the 2nd annual HEX@TEX (Hydrogen Emissions eXchange at Texas) conference later this year. #FutureOfEnergy #Hydrogen #HydrogenEmissions #NetZero CC: Walker Department of Mechanical Engineering, The University of Texas at Austin The LBJ School of Public Affairs Cockrell School of Engineering, The University of Texas at Austin https://lnkd.in/g84HuuJC

76

3 Comments