What is climate growth investing?

William Craig, Investment Director

Greg Wasserman, CFA, Head of Private Climate Investing

2026-02-26T12:30:00-05:00 | S1:E15 | 26:22

The views expressed are those of the speaker(s) and are subject to change. Other teams may hold different views and make different investment decisions. For professional/institutional investors only. Your capital may be at risk.

Episode notes

In this episode of InvestorExchange, Greg Wasserman, head of private climate investing, examines how the climate opportunity set has evolved since clean tech 1.0. He discusses the shift from capital-intensive hardware toward scalable growth businesses and why he believes cross-sector expertise is critical to underwriting in this expanding market.

1:45 – Greg’s two decades in climate investing
4:15 – Defining climate investing
5:45 – Far beyond clean tech 1.0
10:15 – Climate risks versus opportunities
12:15 – Wellington’s investment platform
13:55 – Deglobalization, supply chains, and labor shifts
17:15 – AI, data centers, and automation
19:50 – The value of sector expertise
22:00 – Partnering with founders

Transcript

Greg Wasserman: There's all sorts of angles to invest in things that might not be obvious as climate solutions that just make everything we do more efficient. That could be more efficient manufacturing, more efficient transport, logistics, food ecosystems. How businesses think about their risk as they plan their infrastructure. And so there's just so many broad solutions out there that really get me excited because the opportunity set is just way bigger than what most people naturally think about.

Will Craig: Over the past decade, extreme weather has cost the global economy more than 2 trillion US dollars. And the costs keep rising. In 2024 alone, it's estimated that global natural catastrophes inflicted $368 billion of economic losses, of which roughly three quarters were not insured. A new generation of companies are leveraging innovation, technology, and a deeper understanding of climate risk to develop climate solutions. For investors, it is an increasingly vast addressable market, and it’s one with unique risks and opportunities. Hello, and welcome to the Investor Exchange. My name is William Craig, platform leader for Wellington's private equity platform. Joining me today is the head of private climate investing at Wellington, Greg Wasserman. Greg manages the firm's private company investment activity in companies developing climate solutions. And there's no better person to help us navigate the investment opportunities and risks across mitigation, adaptation, and the infrastructure in between. Welcome to the show, Greg. It's great to have you.

Greg Wasserman:Good to see you, Will.

Will Craig: I've touched briefly on your role at Wellington, but before we explore that further, tell us a bit about your background and how you ended up at the head of Private Climate Investing at Wellington.

Greg Wasserman: So I've been a private investor for my entire career, so 25 years. And I've been doing climate for about 20 of that. And it really goes back to my first job out of college when I was at Goldman Sachs. I spent my first eight years there. And after about five years, I was bored investing in distressed finance companies, which is what I was doing at the time. And in 2005, the US government launched their first incentives for renewables, which is kind of what created climate investing as a thing. And my business decided to create a new alternative energy venture investing team. So they asked a few of us from the business to go move over to do that. And so I did that, and that was really started my climate journey. And I've been investing in climate almost the entire time since. And so, Goldman Sachs, I spent a bunch of years with the Clinton Foundation, where I ran President Clinton's global solar initiative. Then eight years as a partner at Generation, which is Al Gore and David Blood's investment firm in London. And then a short detour doing blockchain investing back when blockchain was in the early days of becoming an interesting emerging tech. And then joined Wellington back in the beginning of 2021 to build out our private climate investing platform.

Will Craig: What drew you to Wellington? You have an impressive resume with some very high-profile firms. What was unique about the opportunity at Wellington to build this platform?

Greg Wasserman: I think for me it's really the mix between investment edge and the ability to build something. Just having had a long career in the space and deep network, I've always been interested in the idea of building something myself. But that's just tricky. And complicated. And I always wonder what the investment edge is. And what really struck me about Wellington was a lot of strength in the climate side, but not a passed down vision on exactly what climate investing needed to be at Wellington on the private side. And so it was an opportunity for me to help frame that and decide what it should be and go after it that way. And then on the investment-edge side, really just the insights that we have from our public side and the partnership and collaboration we have with our other private investors, I think just give us a very substantial edge in our ability to find companies, to diligence them, to win competitive deals, add value to portfolio companies afterwards, which to me all wraps up the investment edge. And so it's really the combination of all of that that that drew me here.

Will Craig: I want to provide maybe some background for listeners that aren't as familiar with some of the cycles that climate investing has been through. Over the past few decades, I think there have been a variety of approaches to the space, ranging from physical infrastructure to hardware and more recently, software. How do you define the opportunity set? And as you look forward to over the next 5 to 10 years, where do you see the most compelling opportunities in the future?

Greg Wasserman: At a high level, I think climate investing is all about investing in things that are helping to solve the challenge of climate change, and that can be anything that helps address the underlying cause of climate change, which is carbon emissions. So anything that helps reduce emissions or prevent emissions or deal with them in some sort of way. But also things that deal with the effects of climate change, which is extreme weather. We’re seeing just ever-increasing heat, storm, drought, fire, flood. Every time you turn on the news, there's always something new to talk about. And so anything that deals with the effects of climate change, we also think are part of climate solutions. And so, broadly speaking, I think that's what climate investing means. And over the years that I've been involved, the space has evolved. It really touches everything. And so there's equity, there's debt, there's infrastructure. And so there's a lot of different ways for people to invest around the idea of climate solutions. Our focus is really around growth companies. Companies that are developing solutions that solve these problems, not early-stage tech, not building something in the lab and hoping that it works. Our approach is really focused on things that work today and are proven in the market, proven that people will buy it. And just scaling from there. That tends to be the interesting sweet spot where our expertise jives well with Wellington strengths and really helping companies grow from there.

Will Craig: Given your background, it's fair to say you've seen a couple cycles in climate investing. Let's transport back to the 2006 to 2011 timeframe, what is, maybe commonly known as clean tech 1.0. And at the time, a variety of venture capital firms, I think, looked at the opportunity as a very big market and a very interesting investing opportunity. About approximately $25 billion of capital was invested to fund clean energy technology, and I think the outcomes were objectively mixed. As you look to the future and compared to the past, how do you differentiate today's private climate investing landscape versus clean tech 1.0?

Greg Wasserman: I think back in the clean tech 1.0 days, there were a whole bunch of emerging, big categories of climate solutions, a lot of them around renewables. It was solar. It was wind, fuel cells, early days of batteries. Just these big pockets of opportunity. And the technology was very, very expensive. Solar was multiples the cost of what it is today. Same with all the other technologies. And so, the early days of clean tech 1.0 were really about taking those technologies that were much more expensive than the market commodity or electricity or whatever that they were trying to compete with. And how do you get it down the cost curve with tech development? And knowing that the market wouldn't buy it on its own, it needed government support and/or a mix of people buying things for a green premium. So, saying, I know this is more expensive or I know it is worse, but I'll buy it because I want to be green. And so just the really early days of clean tech were all about companies trying to get their technology down the cost curve. And relying quite heavily on government subsidies and regulations and green premiums to get there. And it just obviously takes a huge amount of capital to scale that. A lot of companies won't make it down the cost curve. A lot of times what we see with technologies are there might be ten different approaches to a specific technology. One or two of those win and get down the cost curve. Everything else kind of falls away. And so I think you saw a lot of that with the early days of clean tech, where you just found what the winning technology was for solar and for battery chemistries with just traditional lithium ion. And they scaled down the cost curve, but a lot of other things failed.

And so the capital intensity really caught up with investors back then. Because to your point as you said, a lot of the early investors were venture funds. And venture funds are just not set up to invest in things that are very capital intensive. That need a ton of capital for building manufacturing, and you have to build manufacturing before you can even sell product. And so just a lot of those venture investors back then were making very capital intensive investments without really understanding it. And so I think you just saw a lot of those companies fail. But what's critical is the key technologies made it through. So solar came down the cost curve. Batteries came down the cost curve. Wind came down the cost curve. And they've now gotten to the point today that they're cost-competitive; sometimes even cost-advantaged versus the incumbents, which is what's creating sort of the latest opportunity that’s interesting.

Will Craig: As you think about that, and I like the way you framed it with capital intensity versus maybe today's landscape, that you're finding opportunities that are less capital intensive. Is there a consideration around the required amount of policy support in both cases? You alluded to it on clean tech 1.0, that these companies, these technologies needed a lot of support to get off the ground. Is that still the case today, or are you seeing companies that perhaps are more asset light flourishing and competing without additional support policy or otherwise?

Greg Wasserman: There’s definitely a mix in the market. As I think there should be, right? There's a lot of technologies that should stand on their own and just be market driven and deploy that way. And then there's always people trying to build newer ways of doing things that are unproven and are expensive and need some support. And so if I think about that split, renewables generally work on their own in the market. There's still some tax incentives from the government, but generally renewables work and they're faster to deploy than building a gas plant to meet some of the data center needs and things like that. And so a lot of those just work on their own. And there's a way that you can still invest in that and just keep finding ways to deploy those better, faster, cheaper. Enablers, data layer software, robotics, all things around that. And then there's a part of the climate space that still needs the incentives, because they're trying to do something very disruptive. I think about people building nuclear fusion reactors and trying to get the hydrogen economy going and things like that. And so I think it's great that you have innovation on both sides of that. And different investors can focus on different areas where it makes sense for their capital. We obviously focus on the first one, not the second one needing the strong regulatory support. But I think it's great that people are trying to invent new things and trying to leverage what's out there in order to make it happen.

Will Craig: So to summarize, maybe one or two areas you're concerned about and then maybe one or two areas that you're really excited about when you look across opportunities for the landscape.

Greg Wasserman: I don't know if I'd say I'm concerned about it, but there's just there's never ending noise in the market. I think that people always look at climate generally or think about things like renewables. And I think there's an association of some of the things we talked about in the past, that these just don't make sense. They're too expensive. They need policy and regulation. And I just don't think that's true anymore. And so part of it's just the space and a lot of these use cases dealing with noise around that. So that's one thing that concerns me, but I think there's just something we continue to navigate through. And then what's happening with the actual climate concerns me. The world is not acting quickly enough to decarbonize. I think that's pretty clear. And, just ever increasing, again, the fires and the storms and the droughts and everything that we mentioned, just the severity and the frequency of those just keep going up. And then, part of what excites me is, the opportunity set is really big. And just my initial framing that it's anything that helps reduce emissions or build resilience to weather. There's the obvious stuff which we've talked about, which is renewables and solar and batteries and things like that. But carbon emissions and efficiency and resilience to extreme weather touch pretty much everything that we do. And so, there's all sorts of angles to invest in things that might not be obvious as climate solutions that just make everything we do more efficient. That could be more efficient manufacturing, more efficient transport, logistics, food ecosystems. How businesses think about their risk as they plan their infrastructure. And so there's just so many broad solutions out there that really get me excited because the opportunity set is just way bigger than what most people naturally think about.

Will Craig:Broad is a great word to use and move on with because you mentioned earlier Wellington's broader investment platform and the opportunities that you're describing to me seems like a very broad opportunity set with a variety of areas you could look at for investment. So how do you leverage Wellington's broader investment platform in your search for opportunities across the entire space?

Greg Wasserman: One of the things I always like to say is climate is not a sector. Clean tech is a sector. It's the things we talked about before. But climate is really not. And the world of climate solutions breaks down into pieces of pretty much every sector out there. It’s specific pieces of energy. It's specific pieces of food. It's specific pieces of agriculture. It's parts of manufacturing. It's parts of the supply chain and logistics ecosystem, slices of enterprise software, not the whole space, but parts of it. Construction. And so it's really just the collection of these slices of pretty much every sector out there. And it's really hard to be an expert in all of that. And if you wanted to cover all those spaces standalone, it's very hard to do that. I think that's why we see a lot of other climate investors that we know have dedicated approaches where they only focus on the energy transition or they only focus on food. For our team within Wellington, we have the ability to leverage our public analysts that cover pretty much every sector out there across the public markets. And so, we can look at the food ecosystem, but only focus on the specific points, because when it gets down to a specific nuance that requires very targeted expertise, we might know enough to be dangerous, someone internally has that expertise. They know the incumbents, they know the market ecosystems, they know the distribution channels. And so we can just really leverage that expertise as, as part of our coverage of the opportunities in the space.

Will Craig: I imagine that's helpful as we shift here to macroeconomic and policy considerations, because certainly true that in a world marked by globalization and divergence in climate policy, how do these dynamics influence how you think about the climate opportunities set?

Greg Wasserman: I think they have huge impacts and it creates both opportunity and challenges depending on where you're focused. For us, it's more opportunity than anything. If you look at everything happening with deglobalization and geopolitics right now, you're seeing rapid onshoring, you're seeing companies and manufacturers and consumers having to navigate an ever-evolving sort of tariff ecosystem. You're seeing a huge amount of supply chain fragmentation. As things deglobalize, your supply chain changes, who your manufacturers are changes, and they splinter, who your suppliers are, start changing again. That also gets influenced by things like tariffs. And so there's just a lot of change in the market around all those things that drives a huge amount of opportunity. Because if your supplier base and your manufacturer base is evolving very quickly, it's very hard to keep track of that. And if you need visibility for tariff reasons or transparency or sustainability or other reasons, it's just really hard to know that. And all of a sudden there's interesting software platforms out there that let you see not just who your supplier base is, but who their suppliers’ suppliers’ suppliers’ are. So you can look several chains back, make sure you know where everything's coming from, make sure you're compliant, sustainable, you're getting the best prices. But also, you can rapidly evolve if you need to. And so, we've talked about needing to evolve for things like tariffs, but also if there's a climate event somewhere and a crop gets wiped out or there's a storm and your shipping logistics need to navigate through that storm, and it means things will be late and you have to reroute things. Tons of opportunities for just software to help provide that visibility and flexibility. And so that's one huge area, I think, related to everything happening with deglobalization and geopolitics, that we're seeing pop up as interesting opportunities. And then the second one I would touch on is labor. Just generally from a demographic perspective, I think there's been increasing labor challenges where you know there's just tightness in the labor force for certain jobs. You can't find people. There's been well, sort of publicized shortages of that that's relevant for something like energy transition. There's shortages of electricians, there are shortages of HVAC engineers. And the labor market just is facing increasing challenges from things like immigration policy and all that stuff that's just causing tightness in the market. And so how does the market navigate that? And there's tons of interesting tech solutions that we see coming up to solve that. Some of that's focused on what I'll sort of call labor enablement. How do you take workers and help them be more productive? And so if you are an electrician, you might spend half your time designing a system, half your time installing the system. If you can use AI to help you design the system faster, you can now spend more of your time installing systems, which means you can install more things. The other way you deal with labor tightness in the market is you automate things. And we're seeing robots rapidly deploy in manufacturing. We're seeing drones used for inspections. So you don't always have to send people on site. There's obviously things like autonomous vehicles that we've talked about forever. But you can now go get one in San Francisco. They're driving around New York now. And so all that stuff's becoming quite real and commercially deployed. And I think it's interesting tech solutions to solve some of the labor challenges. And anytime you have the tech solution opportunity you know translates to an interesting investment opportunity.

Will Craig: You mentioned AI, and that topic certainly permeates investment discussions on a daily basis. How do you think about that in terms of impacting the climate investing universe?

Greg Wasserman: Yeah, it's obviously the big the big never-ending topic that we spend a huge amount of our brain share on along with everybody else. There's a lot of angles that are relevant for people focused on the climate space. One that everyone obviously talks about, that's a big one, is just the data center buildout that's happening related to AI. And so a massive amount of capital expenditure going into building data centers. The pace that people want to build these is much faster than the market can actually build them. And we don't have enough transmission capacity. And there's just like a tightness in the supply/demand for data center compute. Just from the general compute side. How do you make sure that's efficient? If you're building a data center, you can power it with solar and batteries faster than you could get it connected to the grid and faster than you get a gas turbine right now. And so, it's interesting that just fully on its own, the market's driving to the more sustainable solution because it's easier to deploy right now. But everything just related to the data center build is a huge focus. We're seeing huge opportunities around just this concept of flexible grid keeps coming up. Somebody that wants to build a data center for AI might not be able to go to the utility and get a connection to guarantee 24/7 power for that data center. That might take them years. But if the data center agrees, like, hey, on 12 hours’ notice for a 30-minute period of time, I'm willing to cut my power usage from the grid. And if I'm willing to do that, will you, utility and grid operator permit my build faster? And that lets me get to market faster. Now you need the tech to actually do that. That might involve throttling up some batteries to fill in that time period.

And then just more broadly, AI is touching everything. So many people focus on when they use the term AI, they're generally referring to generative AI. It's all the AI platforms that everyone's using to help them with research and tweak their writing and write code and all those things.

There's also a huge secondary bucket of AI that we call physical AI that's related to robotics and drones. Where these things are operating in real time, and you have robots that are now out doing everything from construction to washing dishes and drones that can inspect assets and bridges or there's even drones that can go do maintenance on wind farms and sharpen the blades if it's needed. And there's a whole ecosystem of opportunity around that that we think is super exciting.

Will Craig: So Greg, for a generalist like myself, it is becoming increasingly apparent to me, at least, that these are our businesses that are exceptional. They are focused on a large addressable market that is growing. What am I missing as a generalist? What is behind the scenes that a sector expert, somebody who's experienced in the space, understands that may provide you with a unique perspective as you evaluate these companies?

Greg Wasserman: I think it really goes back to what I was talking about before that climate's not a sector. It's specific slices of all these other sectors, and they just require a ton of expertise. You know, when I think about, just to pick one example, energy transition and some of what I was talking about before with this concept of data centers and how you make the grid more flexible. And you know that translates all the way down to residential, right? As residential, as homes electrify and people are adding EV chargers and batteries to their homes, and everything becomes a bit more dynamic. And it really just takes very specific expertise to understand those use cases. Because in that example, you need to understand the grid, how the grid works, just the electricity ecosystem and how that dynamic plays, how businesses and residences interact with the utility and rate cycles, which are regulatory driven or have a lot of regulatory complexity. And so everything we look at, there's just these very specific nuances in the space that just require you to have specific expertise. And for me as a climate investor, because electrification and the grid challenges that come along with that are such a big area, we've built expertise over the years that a generalist energy investor just won't have in those specific things. And that's true just across everything we look at. When it comes to the manufacturing ecosystem and keeping your equipment up and running efficiently or the supply chain dynamics we talked about before, they're just very specific use cases. And so, being a specialist that just laser focuses on those things just gives you an edge to better understand them and the underlying trends and what might make a more interesting investment versus not, compared to a generalist that's not an expert and figuring that out as they go.

Will Craig: We’ve spent a lot of time talking about how to evaluate companies and in the climate space, how you leverage Wellington's broader platform. If we step to the other side, post-investment, how do you find yourself engaging with companies that you decide to partner with? What is the value-add that you're bringing to these companies?

Greg Wasserman: Yeah, that's the fun part. The whole job's fun, but it's most fun working with the companies once, once we've invested and helping them do their thing. There's a lot of different angles to it. So we partner with our founders and just, help them, we don't try to get involved operationally day to day in the business. Our whole approach is back founders that know what they're doing. And help them do their thing. And sometimes that's being a thought partner with the founder, right? Because they're always thinking about new opportunities they see, new market expansions. As you grow, should we be expanding into something new right now? If we do expand, should it be a same product, new geography or same geography, new product? How do you think about that? How do we think about our capital and financing? So a lot of it's just thought partnership with the founders. A lot of it is how can we bring the Wellington ecosystem to add value to our companies? Sometimes that's sharing insights about what's happening in the market with our founders. You know, our founders see what they see on the ground. If you think about a Wellington public analyst, they're seeing the sector from a much different level, much, much higher view, from the large incumbent perspective. And so it's different than what our founders see. And so sometimes sharing those insights turns out to be really valuable for our founders, because it gives them a more rounded view than they have from their sort of fully on the ground perspective. A lot of it comes from introductions. Companies always want, introductions to potential customers, introductions to partners, you know, introductions to talent. They might be looking to add a CTO or sales person. Many times, as our companies grow, they're looking to evolve their board, and they might want to add an independent that has specific sector experience or specific functional expertise. And so we can help introduce people from our network across that. And part of the benefit of being here is it's not just the network my team has, but you combine it with the network of the firm and the rest of our privates platform, plus our public side, which again, has a different perspective than most private investors would have, and different relationships and insights. It just comes to we think a quite interesting combined package on you know just how we can partner with our companies over time.

Will Craig: I think that's a great note to end on. We started the episode with some pretty sobering data points on climate change. But as you've said, I think there are a lot of reasons for optimism in the form of the climate solutions that these companies are developing and that you're focused on investing in. So thank you for joining us on InvestorExchange. That's Greg Wasserman, head of private climate investing at Wellington. Greg, thanks again for being here.

Greg Wasserman: Always fun to see you, Will.

Views expressed are those of the speaker(s) and are subject to change. Other teams may hold different views and make different investment decisions. For professional/institutional investors only. Your capital may be at risk. Podcast produced February 2026.

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