When you do see potentially a new administration coming in that doesn't seem to be as pro-climate change avoidance as the current administration, what does that mean in terms of your thesis? Sometimes you're investing in this space. Well, first and foremost, we're long-term investors. I think all of venture capital is an industry where we'll spend sometimes 12 or 15 years building a company before it reaches the public markets. That's three presidential administrations. So we worry less about what's going to happen in one administration or another. We try to focus more on bringing these breakthrough technologies to market. Some of the ones that have backed that we all know about, Beyond Meat, for example, there are multiple rounds there. What is the new area of innovation in climate change, and how is it being spearheaded from a generative perspective, for example? Well, with climate, there's a lot of unsolved problems. We need better battery technologies. We

need more renewable energy to power all of our air data centers. And the thing that we're excited about is using AI to solve these unsolvable problems. We call it generative science, and it's an idea of instead of using large language models trained on the Internet, we're backing teams that are building large science models, trained in areas like chemistry, biology, and physics. And those generative science A.I. systems can actually output or generate new scientific breakthroughs. James I was writing this morning in the Tech daily newsletter about the idea that there are lots of venture capitalists that backed Harris because they felt she was the better candidate in the context of climate, the work of the Inflation Reduction Act. But there are others out there that basically see staying power. They would cite data on installation, still capacity of renewable energy sources, the hiring in those fields. You said you're a long-term investor. How closely would you track those

datasets over the next four years? Well, there's a lot to be optimistic about with climate, and particularly with the Inflation Reduction Act. There's a lot of fear and uncertainty that that Trump 2.0 administration is going to somehow repeal that. And I share those concerns. However, there's data to be optimistic. If we look at the 200 plus billion that has already been deployed out to states, 165 billion have gone to red states. So more than three times what blue states have received. That means in states like Georgia and North Carolina and Tennessee, we have new electric battery and electric vehicle plants coming online. That's good green jobs in red states. That's Christmas for climate tech. James, how focused should everyone be on nuclear and how important is it for you? It's funny, nuclear has really had a change of heart, I think, with investors and with environmentalists. As we look at the needs of our energy

grid. We're going to have to double the number of electrons in the US grid to power electric vehicles and Bitcoin mining and data centers. And obviously, we want those electrons to be green. We don't want more coal plants; we don't want more natural gas plants. And so, to deliver that much power, we need, I think, two big areas. One is geothermal, which we're investing in, and the other is nuclear.

Climate Change Investing Under Trump 2.0

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Climate Change Investing Under Trump 2.0

Climate Change Investing Under Trump 2.0

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