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.

• 00:58 — Introduction to carbon market risks and Artio’s approach
• 02:40 — Bilal’s background and transition into carbon insurance
• 04:25 — The creation of Artio and addressing insurance needs in carbon markets
• 07:52 — Artio’s impact on financial and climate markets, and market sizing
• 11:13 — Early-stage risk phases and insurance for carbon projects
• 14:05 — Types of projects Artio insures; afforestation, biochar, rock weathering
• 15:25 — Risk assessment by project type and key differences
• 17:14 — Artio’s market positioning, product traction, and offering insurability assessments to developers
• 20:41 — How Artio’s workshops educate insurers and demonstrate risk modeling
• 22:46 — Case study: How coverage and claims/settlements work in practice
• 27:25 — Market challenges: Standing out in a crowded space, growth ambitions, and automation
• 29:10 — Key surprises about the carbon market and importance of policy
• 31:47 — The role of data transparency and risk assessment in broader climate domains
• 34:59 — Other insurance use cases for managing climate transition risk
• 38:10 — Artio’s roadmap: expanding coverage, supporting developers, and scaling up

• Artio
• Sylvera
• Maya Climate
• Asia Climate Summit
• SF Climate Week
• CORSIA Insurance

• Bilal Hussain

The vast majority of my interviews have focused on innovations, investing and advocacy related to climate mitigation – that is, what we can do to cut greenhouse gases and minimize the rise in global temperatures. What we do or don’t do now, will have lasting consequences and it is climate mitigation that is driving the transformation of the global economy. So it’s not surprising that mitigation dominates climate investing.

Adaptation and resilience, meanwhile, focus not on limiting or reversing climate change but rather on improving quality of life in a warmer world. Adaptation ventures receive only a small fraction of climate investments, but rising temperatures are creating tremendous demand for a new category of products. In a joint report by Boston Consulting Group (BCG) and Temasek, it’s estimated that between $500 million and $1.3 trillion could be spent annually by 2030 on technologies that help people adapt to a changed climate.

That’s the opportunity Darren Clifford is targeting with a new fund called Adapt[us]. Darren has worked for two decades on new markets as a founder, consultant at McKinsey & Co, and as an angel investor, and I found his perspective on the climate adaptation market to be packed with nuance and insight. We spoke about his background, three different categories of adaptation tech, the unique challenges they face, how they’ll make the future more livable, and much more.

• [02:45] Darren’s Background & Career Journey
• [06:39] Why Focus on Climate Adaptation?
• [08:07] Insights from Angel Investing & Supporting Founders
• [12:14] Why Adaptation is Underfunded; Adapt[us] Fund Overview
• [16:19] Challenges in Scaling Adaptation Solutions
• [17:31] Adapt[us] Fund: Focus & Stage, Why For-Profit
• [18:53] Measuring Impact & Third-Party Well-being Validation
• [23:10] Market Segmentation: Resilience, Repair & Recovery, Demand Adaptation
• [25:38] Market Size and Investment Allocation
• [27:50] Business Model Challenges for Adaptation Startups
• [30:23] Concrete Examples of Target Companies
• [32:59] Adapt[us] Venture Building Approach & Founder Support
• [36:42] The Venture Builder/Capital Model: Criteria & Structure
• [38:27] Norwegian Talent & Global Competitive Advantages
• [41:03] Building a Movement, Not Just a Fund
• [42:06] Short-Term Goals for Adapt[us] & Team Building
• [44:41] Closing Remarks

• Adapt[us]
• BCG x Temasek Report: The Private Equity Opportunity in Climate Adaptation and Resilience
• Toronto Climate Week
• GIC Report: Sizing the Inevitable Investment Opportunity: Climate Adaptation
• WRI Study: Strengthening the Investment Case for Climate Adaptation: A Triple Dividend Approach

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.

• 1:22 – Recap of New York Climate Week & Spread of Climate Weeks
• 3:43 – Nishant’s Personal & Professional Background
• 6:19 – Dan’s Personal & Professional Background
• 10:16 – The Origin Story of LA Climate Week
• 14:40 – The Role of Entertainment & Culture in LA Climate Week
• 17:08 – Entertainment Industry’s Role in Climate Movement
• 18:33 – Impact of Wildfires on LA Climate Week
• 24:47 – The Broader Role of Climate Weeks & Local Collaboration
• 27:51 – Lessons Learned from Organizing LA Climate Week
• 32:20 – Evolving the Structure and Infrastructure Involvement
• 33:02 – Measuring Success and Growth of LA Climate Week
• 36:44 – Community Engagement & Accessibility
• 39:32 – Aspirations for the Future: Magic Wand Scenario
• 42:21 – Future Planning and Event Announcement
• 44:14 – Closing Remarks and Call to Action

• LA Climate Week
• Climate Capital
• Terra.do
• Reunion
• Collidescope Foundation
• Jane Goodall Institute

• Nishant Mani
• Dan Thorman
• Jason Rissman