ESG is under fire. Some say it’s “good for the brand” but not foundational to the strategy. Others call it flat-out fraud.So I wanted to find out:Is ESG in venture capital just a PR exercise, or can it actually create value?To unpack this complex topic, I invited Damien Didier, Head of ESG at Daphni, a French VC firm with over €500M AUM and one of the funds that truly walks the talk.And I’ll be honest: I used to see ESG as a box-ticking exercise.But after this conversation, I left convinced that when done right, ESG can improve startup performance, strengthen returns, and unlock real impact.We covered:What ESG really means in VC (and why most people get it wrong)Their framework to assess ESG in early-stage startupsWhy asking for too much ESG data too early is a mistakeHow ESG ties into margins, exit premiums, and long-term value…and more!***References:Daphni - https://www.daphni.com/Damien Didier - https://www.linkedin.com/in/damien-didier/ESG Toolbox - The ESG Toolbox by daphniTime4 - A New Fund to Change the Game!Les Déterminés - https://www.lesdetermines.fr/Live4Good - https://www.live-for-good.org/HEC IncubatorsIncluded VC - https://www.included.vc/***In this episode, we cover:(00:00) Introduction(00:41) ESG in Venture?(10:24) Is ESG relevant at pre-seed?(13:14) The S of ESG(23:04) Implementing ESG(28:55) The Future of ESG in VC(31:50) Fire Questions 🔥***What’s next?👀This was the last episode before we launch a new format and brand. Stay tuned! 👋***Leave a review✨Apple Podcasts - https://shorturl.at/HIDcg Spotify - https://shorturl.at/yDTfR This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit climateventuresvco2.substack.com
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35:46
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35:46
Is Venture Capital the Right Tool for Climate Innovation?
Sir Ronald Cohen is not your average climate investor. In 1972, he co-founded one of Europe’s first VC funds, which became Apax Partners, now with €80B+ deployed in private equity and venture capital.At 60, he had a realization:“I didn’t want my epitaph to read: ‘He delivered a 30% annual return.’ I had always known that life should have a greater purpose.”Since then, he’s spent two decades reimagining what finance can be, and asking what it should become. And so I asked him: Is venture capital the right instrument to solve climate change?***In this conversation:Why risk–return–impact outperforms traditional investingHow impact accounting could reshape global portfoliosWhy public markets are shrinking (and what that means for climate exits)How to measure impact in dollars, not just KPIs…and much moreWhether you’re an investor, founder, or just curious about the future of finance, this is one you won’t want to miss.***Links:Sir Ronald CohenImpact (Sir Ronald’s Book)***Episode guide:(00:00) Introduction(01:23) The case for impact VC(09:23) Fund structures and patient capital(16:40) What makes a company truly impactful?(24:04) Portfolio rotation is coming(33:28) This will change all of finance(35:12) Closing: Are you optimistic? This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit climateventuresvco2.substack.com
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35:51
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35:51
Is Climate Adaptation VC-Backable?
Brought to you by:Accelerating Impact - an independent non-profit advancing impact finance by mobilizing capital toward sustainable development and running free accelerator programs for emerging fund managers (ICFA, ISFA). Join for expert coaching, training, financial support, and a strong peer community. Contact them here.***Climate change is no longer a scientific forecast. It's a daily reality for many people in the Global South.Crops are failing, cities are flooding, and wildfires are becoming the norm.Yet, only a fraction of climate finance goes toward climate adaptation solutions.Why does adaptation remain so drastically underfunded?And what does it take to invest in adaptation?To unpack this complex topic, today we are joined by Timothy Rann, Managing Partner at Mercy Corps Ventures. Timothy has led over 70 investments in emerging markets with one goal: to build real climate resilience where it matters most.***What we discussed:Adaptation vs mitigation: why we need bothWhy adaptation finance lags despite a $300B funding gapThe missed opportunities for global investorsInvestment case studies with Pula and MeridiaThe role of governments, regulations, and public goods… and more!***References:Mercy Corps VenturesLinkedIn - Timothy RannPula (agricultural insurance)Meridia (farm data & traceability)Wasoko (supply chain resilience)***In this episode, we cover:(00:00) Introduction & Sponsor(01:57) Adaptation vs. Mitigation(11:39) The Case for Adaptation(18:20) Investment Strategies in Adaptation(25:57) The Social Mission of VC?(34:49) Investing in Adaptation(47:31) Can You Make Money in Climate?(49:52) Fire Questions 🔥***Who’s next?👀Next week, I’ll be joined by the Head of Sustainability at Daphni to unpack the role of ESG in venture capital. Too often dismissed as box-ticking, ESG can actually be a powerful framework for building resilient, future-proof startups. Stay tuned to learn more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit climateventuresvco2.substack.com
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50:27
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50:27
Is Waste The New Gold?
Can circularity deliver on both carbon reduction and financial performance?Today, we’re joined by Nic Gorini, Managing Partner at Spin Ventures, a fund dedicated to the circular and regenerative economy. In this episode, Nic reframes circularity as a path to business efficiency, not just environmental good. Forget the “waste = trash” mindset. Circularity is about designing smarter systems that cut costs, increase profit, and reduce environmental impact. As Nic puts it: “Less carbon, more profit.”Still have doubts? Vinted, Back Market, Vestiaire Collective are all worth $1B+. If you’re a founder building with efficiency in mind or a VC looking to stay ahead of the curve, this episode is packed with insights.***Where to find Nic & Spin:Spin Ventures: Spin Ventures Ltd.House of Circularity: The House of CircularityLinkedIn: Nic Gorini***In this episode, we cover:(00:00) Introduction(01:20) Less Carbon, More Profit(07:23) The Three Pillars of Circularity(17:38) VC Guide to Circularity(24:04) Are Consumers Ready?(28:33) Can Generalists Play?(31:26) Deep Tech + Circularity?(34:51) Fire Questions 🔥***Who’s next?👀Next week, I’ll be speaking with someone who has backed 60+ founders in emerging markets, where climate resilience isn’t optional, it’s survival. We explore why VCs often overlook adaptation, and why that’s a missed opportunity for impact and returns. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit climateventuresvco2.substack.com
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34:13
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34:13
Is AI Killing the planet?
Artificial Intelligence is seen as a critical tool for solving climate change. We talk about optimizing grids, accelerating material discovery, and predicting extreme weather.But can AI really help us solve the climate crisis faster than it contributes to it?Today I’m joined by three sharp thinkers in the world of climate:- Hampus Jakobsson: founding partner at Pale Blue Dot and a bullish believer in AI for climate- Pippa Gawley: founding partner at Zero Carbon Capital and a cautious observer of the AI hype- Matteo Turchetta: co-founder and CTO at KoraLabs and PhD in AI for sustainable agriculture from ETH ZürichTogether, we answer the question: Is AI a good thing for the climate?***We talk about: Why adding “AI” to your pitch won’t save a climate startupHow smaller, smarter models could reduce emissionsWhether climate data is good enough to train real solutionsWhen AI crosses the line from helpful to harmfulHow small AI wins might unlock massive physical world impactWhen regulation makes sense, and when it stifles innovation… and more!***Where to find Hampus, Pippa & Matteo:Hampus | Pale Blue Dot | The DropPippa | Zero Carbon CapitalMatteo | KoraLabs***Timestamps:(00:00) Introduction (01:30) AI Solution Categories (03:57) Investor Skepticism (06:54) Practical Use Cases (12:30) Data Quality Matters (17:17) Environmental Impact of AI (23:05) Solving Real Problems (33:57) Accelerating Dirty Industries (40:05) Responsible Use of AI (46:06) Key Takeaways***Other episodes you might like: - How Climate Startups Get Their FIRST Investor***Sign up for my free newsletter: - VCo2 | The Climate Investing Podcast | Hugo Rauch | Substack This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit climateventuresvco2.substack.com
VCo2 helps you become a better impact investor and climate tech entrepreneur. Each episode dives into what’s working in climate tech investing, with insights from top investors shaping the future. Subscribe to learn how to build and invest in impact startups. 💚 climateventuresvco2.substack.com
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