We’re back with the third installment in our Missing Middle in Climate Tech series, created in partnership with Spring Lane Capital. If you haven’t yet heard the earlier episodes, head to our website for conversations exploring research from CREO and S2G on the financing gap facing climate tech companies caught between early-stage venture and large-scale project finance. And if you have ideas for future series or want to explore a partnership, we’d love to hear from you—reach out via our site (investedinclimate.com/contact).

In this episode, we’re joined by Jason Scott, Partner and Entrepreneur in Residence at Spring Lane Capital, and Mark Berryman, Partner at Capricorn Investment Group. Capricorn is one of the OGs of sustainable investing, with over two decades of leadership in the space and more than $12 billion in assets under management. This conversation brought together two distinct perspectives: a large, established asset allocator and a nimble firm specializing in project finance and growth-stage venture capital.

Mark, recently named LP of the Year by Impact Capital Managers, offered nuanced insights into the challenges and opportunities of bridging the missing middle. Jason’s decision to bring him into the conversation sparked a rich dialogue on what it will take to close this critical funding gap. Lots to unpack and learn in this one. Enjoy!

• [03:08] Series recap and context on the “Missing Middle"
• [07:03] Mark’s background & experience in climate investing
• [11:09] Mark’s perspective on the "missing middle" & its evolution
• [14:08] Why mid-sized funds are suited to fill the climate financing gap
• [17:45] Capricorn’s approach to climate portfolios & supporting the ecosystem
• [21:46] What Mark looks for in emerging fund managers
• [25:07] Building a fully climate-aligned portfolio & impact reporting
• [28:45] Where to categorize Spring Lane’s investment approach
• [32:10] The need for more innovative, category-defying climate funds
• [33:33] Macro context: tariffs, market volatility & long-term climate investing trends
• [41:33] Three-to-five year outlook for climate investing & the missing middle
• [44:15] Industry consolidation & future innovations
• [46:34] Closing remarks

• Spring Lane Capital
• Capricorn Investment Group
• The Role of Family Offices with Spring Lane Capital & CREO, Ep #114
• Rethinking Climate Finance with Spring Lane Capital...

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.com

We 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.

• [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 Remarks

• Honnold Foundation
• Honnold Foundation: Partners
• Ceibo Alliance
• Adjuntas
• Honnold Foundation: Featured...

In this Deep Dive series on Climate Philanthropy, I’m exploring the wide range of ways that foundations are stepping up to support climate progress, especially amid federal rollbacks and inconsistent commitments from large companies. Philanthropic capital is tiny in comparison to government and corporate budgets, but it can still be a helpful tool – especially if wielded strategically.

Let's set some context: In the United States, there are over 30,000 environmental nonprofits. It's a wildly diverse field with organizations of all sizes and countless focus areas. Since the 1970s, they’ve saved millions of lives through environmental protections that have cleaned our air, water, land, buildings, factories, and products.

Many are struggling with funding cuts and staff shortages, and too often they compete for attention and resources.

Foundations provide funding to these organizations, but they can also play a more fundamental role: building movement infrastructure that bolsters the power and influence of the entire field.

That, argues Pisces Foundation President David Beckman, is a priority that deserves more attention and support. David is a friend whom I’ve had the pleasure of working with over the years. When it comes to investing in movement infrastructure, I can’t think of anyone else who brings the nuance and insight David has gained through a career-long focus on advancing the environmental movement. We talk about his background as an National Resources Defense Council attorney, his role in helping start the Pisces Foundation, the entreprenuerial nature of his work, what movement infrastructure is, what he’s learned about investing in it, the importance of late night cookies in building relationships, the need for a meta narrative, the work of the Pisces Foundation, super pollutants, what business people and young people should know about the environmental movement, and much more.

• [03:49] David's Background and Career Path
• [05:37] Founding of Pisces Foundation
• [07:56] State of the Environmental Movement
• [09:41] Strategic Posture and Movement Influence
• [11:44] Collective Work and Movement Infrastructure
• [15:08] Social Entrepreneurship in Philanthropy
• [17:29] Collaborative Field Building Insights
• [19:49] Late Night Cookies and Building Relationships
• [22:31] Meta Narrative in Environmental Movement
• [25:32] Discussion on Environmental Regulations
• [28:25] Pisces Foundation's Strategic Evolution
• [31:33] Super Pollutants Overview
• [33:40] Impact of DC Politics on Philanthropy
• [35:48] Advice for Business Community
• [37:13] Advice for Young People
• [39:04] Current Inspirations

• Pisces Foundation
• National Resources Defense Council
• Sierra Club
• Blue Sky Funders Forum
• Mosaic Funders Collaborative
• Hewlett Foundation
• “Abundance” by Ezra Klein and Derek Thompson
• U.S. Environmental Protection Agency