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Or maybe you want to go electric? Because yes, they are different.

Have you given much thought to the inner workings of your stove? Me neither. Your home probably came with one already installed, and so long as you can turn it on, boil some water and simmer up a sauce, perhaps that’s reason enough not to second guess it.
But if you’re cooking with gas, we’re here to let you know that, culinary connoisseur or not, there are undeniable benefits to switching to either electric or induction cooking. First and foremost, neither relies directly on fossil fuels or emits harmful pollutants such as nitrogen dioxide into your home, making the switch integral to any effort to decarbonize your life — not to mention establish a comfortable living environment. Second, both electric and induction are far more energy efficient than gas.
“So on a gas range, about 70% of the heat that is generated from the gas goes into your kitchen,” DR Richardson, co-founder of the home electrification platform Elephant Energy, told me. “So it's very inefficient. You get hot. The handle gets hot. The kitchen gets hot. Everything gets hot, except your food. And it takes a really long time.” With an electric or induction stove, you can boil water faster and heat your food up quicker, all while reducing your home’s carbon footprint.
Convinced yet? If you’re reading this guide, we sure hope you’re at least intrigued! But even after you’ve decided to make the switch, confusion and analysis paralysis can still loom. Are your needs better suited to electric or induction? Will expensive electrical upgrades be required? How will this impact your cooking? And where are all the stove stores, anyway? So before you start browsing the aisles and showrooms, let’s get up to speed on all things stoves… or is it ranges? You’ll see.
Friday Apaliski is the director of communications at the Building Decarbonization Coalition, a nonprofit composed of members across various sectors including environmental justice groups, energy providers, and equipment manufacturers, seeking alignment on a path towards the elimination of fossil fuels in buildings.
DR Richardson is a co-founder of Elephant Energy, a platform that aims to simplify residential electrification for both homeowners and contractors. The company provides personalized electrification roadmaps and handles the entire installation process, including helping homeowners take advantage of all the available local, state, and federal incentives.
It depends on the cookware you currently own, but you will almost certainly need to replace some items. Induction stoves work with pots and pans that are made of magnetic materials like cast iron and stainless steel, but not those made of glass, aluminum, or copper. You can check to see if your cookware is induction compatible by seeing if a magnet will stick to the bottom, or if the induction logo is present on the bottom.
Everyone has their own affinities, but what we can tell you is that both traditional electric stoves and newer induction stoves are more energy efficient than gas stoves, and when it comes to temperature control, induction stoves are the clear winner. They allow you to make near instantaneous heat adjustments with great precision, while gas stoves take longer to adjust and are less exact to begin with.
Cooking on a new stove will undoubtedly come with a learning curve, what with all the new knobs and buttons and little sounds to get used to. Many cooks are used to relying on the visual cue of the flame to let them know how hot the stove is, but now you’ll be relying on a number on the screen, instead. Especially if you go with induction stove, be assured that you’ll be in good company among some top chefs.
This is indeed a key question — more on this one below.
If you don’t know already, it’s not too hard to find out. When you turn on the stovetop, is there fire? That, folks, is a gas stovetop. It will have a gas supply line that looks like a threaded pipe that connects to the back of the appliance. Gas stovetops are tricky to clean, not particularly sleek, and most prevalent in California, New Jersey, Illinois, Washington DC, New York, and Nevada.
If you have an electric range, the stovetop will be flat with metal coils either exposed or concealed beneath a ceramic glass surface. The coils will glow bright when they’re on. Electric ranges plug directly into 240-volt outlets (newer versions have four prongs, older ones have three), with a cord that looks like a heavy vacuum plug or a small hose. Electric stovetops are always paired with electric ovens — this is the setup that the majority of Americans already have according to the Energy Information Administration.
“So if you have an electric range and you like it, that's wonderful. You should keep it. But generally, when we're talking about transitioning from a gas experience to something else, induction is a much more analogous cooking experience,” Apaliski said.
If you have an induction range, it was probably a very intentional choice! According to a 2022 Consumer Reports survey, only about 3% of Americans have an induction range or cooktop, so big ups if you’re a part of that energy efficient minority. But if you just wandered into a new home and are wondering if it’s got the goods, you might have to turn on the stove to tell. Unlike an electric stovetop, you won’t see the cooking area glow because the surface isn’t actually getting hot, only the cookware is. Induction stoves also plug directly into 240-volt outlets.
But wait! There’s a chance you’re cooking with both gas and electric on a dual-fuel range. The telltale sign will be if your range connects to both a gas supply line as well as a 240-volt outlet (remember that plug?). But if it’s difficult to determine what’s going on back there, here’s what else to look out for: A metal device at the bottom and/or top of the oven’s interior that glows bright when the oven is on indicates that it’s electric! Sometimes these heating elements will be concealed, though. In that case, look for telltale signs of gas: An open flame when the oven is on or a visible pilot light when off. Newer gas stoves might not have either, but rather use an electronic ignition system that you can hear fire up about 30-45 seconds after turning on the oven. If you’re still confused, there’s always your user manual! (You kept that, right?)
If you’re going from an all-gas range to electric or induction and your stove is located on a kitchen island, for example, this could make installing the necessary electrical wiring more complex. It’s something to ask potential contractors about when you get to that stage.
Whenever you add a new electric appliance to your home, there’s the possibility that you’ll need to upgrade your electric panel to accommodate the new load. A new panel can cost thousands of dollars, though, so you’ll want to know ahead of time if this might be necessary. First, check the size of your current electric panel. You can find this information on your main breaker or fuse, a label on the panel itself, or your electric meter.
According to Rewiring America, if your panel is less than 100 amps, an upgrade could be necessary. If it’s anywhere from 100 to 150 amps, you can likely electrify everything in your home — including your range — without a panel upgrade, although some creative planning might be needed (more on that here and below, in the section on finding contractors and installers). If your panel is greater than 150 amps, it’s very likely that you can get an electric range (as well as a bevy of other electrical appliances) without upgrading.
As of now, federal incentives for electric and induction ranges, cooktops, and ovens are not yet available. But Home Electrification and Appliance Rebates programs, established via the Inflation Reduction Act, will roll out on a state-by-state basis over the course of this year and next, with most programs expected to come online in 2025. These rebates could give low- and moderate-income houses up to $840 back on the cost of switching from gas to electric or induction cooking.
While many details have yet to be released, it’s important to note that qualifying customers won’t be required to pay the full price and then apply for reimbursement — rather, the discount will be applied upfront. Once the program becomes available, your state will have a website with more information on how to apply. If you’re cash-strapped today, it could be worth waiting until the federal incentives roll out, as rebates will not be retroactively available.
Many states and municipalities already have their own incentives for electric appliance upgrades though. Unfortunately, there’s currently no centralized database to look these up, so that means doing a little homework. Check with your local utility, as well as your local and state government websites and energy offices for home electrification incentives. If you happen to live in California or Washington state, you can search for local incentives here, via this initiative from the Building Decarbonization Coalition. The NODE Collective is also working to compile data on all residential incentive programs, so keep checking in, more information is coming soon!
Assuming you currently have a gas stove or a dual fuel range, this is the first big choice you’ll have to make. For customers interested in upgrading from electric to induction, let this also be your guide, as an induction stove is indeed the higher-end choice. Here are the main differences between the two:
Electric
Induction
*According to Rewiring America
** According to this paper
Heatmap Recommends: Spring for the induction stove if you can. Not only will it provide a superior cooking experience, but it’s safer too. Induction stoves only heat up magnetic pots and pans, so if you touch the stove’s surface, you won’t get burned. Most will also turn off automatically if there’s no cookware detected.
“Induction is definitely the upgrade in basically every sense, if you can afford it. Induction is a way better cooking experience. It's got way more fun heating and cooking control. It's much more energy efficient. It's much faster,” said Richardson.
If you’re curious about what it’s like to cook with an electric or induction stove, you can buy a standalone single-pot cooktop for well under $100; it will plug straight into a standard outlet. Additionally, Apalinksi says that many libraries (yes, libraries!) and utilities allow residents to borrow an induction cooktop and try it out for a few weeks, completely free of charge.
New electric and induction ranges and cooktops will only be eligible for forthcoming federal incentives if they’re certified by Energy Star, a joint program run by the Environmental Protection Agency and the DOE that provides consumer information on energy efficient products, practices, and standards. You can check out what models of ranges and cooktops qualify here. But to get a handle on the actual look and feel of various options, you should try and find a showroom or head to a large retail store.
“Go to your local big box retailer, whether it's a Home Depot or Best Buy or Lowe's, they tend to have a bunch of models on the floor. Their representatives can talk to you about all the different options out there. But you have to research a little bit ahead of time, otherwise they're going to point you to the latest gas appliance,” said Richardson.
If you learn that making the switch is going to entail particularly cumbersome electrical upgrades, Apaliski said there are some innovative companies such as Channing Street Copper and Impulse Labs that make induction ranges and cooktops that plug into standard outlets. They’re much pricier than your standard range, but if you can afford it, one could be right if you’re looking for plug-and-play simplicity and sleek design.
“So this is great, for example, if you are a renter, or if you are someone who has limited capacity on your electrical panel, or if you are someone who has one of these kitchen islands that is just impossible to get a new electric cord to,” Apaliski said.
If you buy your new range or cooktop from a big box retailer, they’ll typically haul away your old appliance and deliver and install the new one for you at either low or no cost. Don’t assume this is a part of the package, though, and be sure to ask what is and isn’t included before you make your purchase.
But if you’re moving from an all gas range or cooktop to an electric or induction range or cooktop, the complicated part isn’t the installation process, it’s everything that must come before. That includes capping and sealing the gas line for your old stove (this is a job for a plumber) and installing the requisite electric wiring to power your new stove (this is a job for an electrician).
As noted, making the switch could also mean a costly electric panel upgrade. You should ask potential electricians about this right away, as well as about creative solutions that would let you work with your existing panel. If you’re running out of space, you could buy a circuit sharing device like a smart splitter or a circuit pauser, which would allow multiple loads, such as an EV charger and your stove, to share a circuit, or ensure that specific appliances are shut off when you’re approaching your panel’s limit. Richardson recommends getting opinions from a couple different electricians, seconding the idea that if your panel is 100 amps or more, an upgrade is likely not necessary.
Above all, you should make sure that the gas line and electric work is taken care of before the stove installer comes to your home. Richardson said that occasionally, retailers will provide plumbing and electrical services as an add-on option, so it never hurts to ask. But most likely you’ll be sourcing contractors and compiling quotes on your own. If you don’t already have a go to person for the job, ask friends, family, and neighbors for references. Google and Yelp reviews are always there too.
New electric ranges do not usually come with a power cord. You must purchase your own power cord prior to installation.
Once you get time on the calendar with a trustworthy, knowledgeable and fair-priced plumber and electrician, it’s time to schedule the installation of your new range or cooktop. And after that it’s time to metaphorically fire up those resistive coils or electromagnetic fields and make yourself an electrified meal for the ages.
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Environmental advocates initially opposed SunZia and CHPE, but they love the two transmission projects now.
Over the past few years, I’ve become convinced that the United States will never decarbonize its economy — or renovate its aging electricity sector — without building new, large-scale power lines. There is some good news on that front this month: Two major new transmission projects opened or are about to open, each connecting major cities to abundant sources of zero-carbon electricity.
The first is the Champlain Hudson Power Express, known by its happy-go-lucky initials CHPE and pronounced chippy. It is a 339-mile underground and underwater transmission line, which will ferry 1,250 megawatts of zero-carbon electricity from Quebec’s hydroelectric dams straight into New York City. It officially became operational last week.
The project means that 20% of the city’s electricity demand can now be met by clean electricity. That power will go a long way toward replacing the 2 gigawatts of zero-carbon electricity lost when former Governor Andrew Cuomo shut down the Indian Point Energy Center, a nuclear power plant 24 miles north of the city, following a public campaign led by Robert F. Kennedy, Jr.
The second is the SunZia Wind and Transmission Project, a roughly 550-mile power line that links a gargantuan new 3.5-gigawatt wind farm in New Mexico to energy-hungry cities in Arizona and California. The project began generating power earlier this spring and is set to fully come online this month.
Now that these two new transmission lines are operating, the response from climate and clean energy advocates has been — I would say — solidly positive.
Mayor Zohran Mamdani’s chief climate officer called CHPE “a huge game changer.” Meanwhile, Nic Fulghum, a senior analyst at the climate data think tank Ember, said SunZia is “a truly astonishing project that will remove huge amounts of gas power from California's electricity generation” last month. “Don’t let this be one of the last remnants of US clean power leadership,” he added. (We had Nic on our podcast, Shift Key, to discuss some unrelated good news about the global energy system earlier this year.)
I recount all this not because I disagree with these descriptions — I don’t — but because it is striking to see them stated so forthrightly now. I remember when these projects were getting built and the yearslong permitting battles to secure their construction. I even covered the 20-year fight over SunZia for Heatmap.
The simple, uncomfortable fact is that neither of these power lines commanded such widespread respect from traditional environmental advocates before they became operational. In many cases, in fact, self-described environmentalists led the fights to block them.
The Sierra Club and its local New York chapters, for instance, fought CHPE for years. The club played up the physical impact on the land that, say, the converter station would have in Astoria, Queens. “It is certain that if [the project’s developers] succeed, several New York businesses and their employees will be harmed,” one missive warned.
Other green groups argued that building the line would outsource clean energy jobs to Canada or focused on the Canadian First Nations that opposed the power project. (Other Canadian indigenous groups supported it.)
Hudson Riverkeeper, an environmental group long associated with RFK Jr., first supported the new power line in 2013 as part of its quest to shut down the Indian Point nuclear plant. But in 2019 — two years after Indian Point’s closure was finalized — Riverkeeper revoked its support for the power line and began fighting it. Had Riverkeeper gotten its wish, it would have effectively locked in years of additional fossil fuel consumption in New York.
What’s most astonishing now is the yearslong scaremongering that accompanied the line’s connection to the Canadian government. CHPE draws its energy from dams owned by Hydro-Québec, a government-owned public utility and the provider of some of the cheapest electricity in North America. Today, left-wing advocates such as the Climate and Community Institute celebrate Hydro-Québec as a renewable-rich, government-owned success story.
But in 2018, the Sierra Club derided the proposed power line as a “private roadway” for Hydro-Québec, which it called “a private corporation heavily subsidized by the Canadian government.” Back then, too, the club questioned whether Quebec’s generating fleet — which some progressives now celebrate as abundant “renewable energy” — was truly low carbon.
This isn’t to say that dams can’t produce unexpected carbon or mercury emissions. They can. But the long-running effort to block this project — as compared to the praise for it now — should remind us how fluidly categories can change when a project is online.
If anything, though, SunZia had an even more frustrating story. Back in 2024, I covered the two-decade saga that saw the power line bounce from one permitting review to another.
In that story, I wrote about how the environmentalist Robin Silver, a founder of the Center for Biological Diversity, battled the project’s route through the San Pedro Valley in southeastern Arizona. When I asked Silver why he opposed the clean energy project — even though a natural gas pipeline already transited the valley — he was blunt: The power line was an eyesore. “There are no 200-foot large power lines going through the San Pedro Valley,” he said. “The gas pipeline doesn’t have 200 foot towers.”
Today, that SunZia line — now complete — will help reduce demand for natural gas. If we want to get serious about meeting America’s energy challenges, especially if we also want to reduce carbon emissions at the same time, then we will need many more projects like CHPE and SunZia. They won’t always be popular. But people will love them when they’re complete.
The latest update to the Electricity Price Hub shows a price increase in line with what regulators predicted.
Hawaii already had the most expensive electricity in the country. Then the war in Iran happened.
America’s 50th state has no domestic fossil fuel industry and no access to the continental United States’ natural gas pipeline network, and is therefore uniquely dependent on imported oil to generate electricity. (The state’s last coal plant shut down in 2022.)
While Hawaii’s electricity prices and household bills have spiked along with oil prices since the United States and Israel attacked Iran in late February, the average electricity bill in Hawaii shot up to $248 in May, compared to an already-high $203 in April, according to the latest data in Heatmap and MIT’s Electricity Price Hub, released Monday. The average price of electricity rose by 6 cents per kilowatt-hour, from 46 cents in April to 52 cents in May. Nationally, average prices stand at around 17.5 cents and are up 3.6% (or just over half a cent) from May of last year, with national average bills of $140 per month up about $6 from a year ago.
Hawaii’s eye-watering prices far outmeasure even the state’s peers in expensive electricity. May bills for California were $137, for instance, while prices were 25 cents per kilowatt-hour. In Massachusetts, where prices have also spiked this spring, they only got to 38 cents per kilowatt-hour. Maine, which has been struggling with high prices thanks to high costs linked to storm recovery, prices in May were 28 cents per kilowatt-hour, up about 10% from a year ago, but down substantially from the 35 cents per kilowatt-hour in February.
The situation in Hawaii was pretty much a foregone conclusion way back in April. Hawaii’s Department of Commerce and Consumer Affairs warned customers that bills from Hawaiian Electric, which serves almost the entire state, would almost certainly go up between 20% and 30% from then through June.
“We told our customers to prepare for potential increases in energy costs in the coming months, driven by rising global oil prices linked to escalating geopolitical tension,” Scott Seu, Hawaiian Electric’s chief executive, said in an April earnings call. “Affordability is a core focus of ours, and affordability pressures have intensified given the recent increase in fuel prices across the globe.”
Some Hawaii ratepayers will have the opportunity to claim a one-time credit on their bills this month as part of an annual rate relief drive by the Hawaii Home Energy Assistance Program. The state program is administered through local nonprofits and provides bill credits for households that claim some form of social assistance, like food stamps or Social Security or disability payments administered through Social Security
The benchmark global oil price was sitting at around $70 per barrel in the weeks leading up to the opening of the U.S.-Israel-Iran war, and is now around $95, down from a high of $118. While Hawaii ratepayers probably won’t feel comforted this is far from the worst-case scenario for runaway oil prices as public and private inventories of oil have largely filled the gaps. If the story of the energy effects of the Iran War in the United States is that some combination of trapped natural gas, inventory releases, and healthy domestic production have made the oil price hike manageable, it may only be in the non-insular United States.
According to analysis of price hub data from our partners at CleanEcon, customers in the Lanai division of Hawaiian Electric’s Maui service area faced an 18 cents per kilowatt-hour rise just from “recovery” for high energy supply prices, a nearly 60% hike, which on its own added $76 to average bills compared to the beginning of this year.
The good news is that due to its famously agreeable climate, Hawaiian households consume little electricity compared to the rest of the country. But with those electricity rates, who can blame them.
All that cash has to go somewhere. Why not philanthropic funding for decarbonization?
Artificial intelligence models — and the infrastructure to support them — have kept the U.S. economy afloat amidst a turbulent year of tariffs, war, and energy price volatility. Nvidia, the dominant supplier of high-end AI chips, is now the world’s most valuable company. Leading AI firm Anthropic has filed to go public, while reporting indicates that OpenAI will soon follow suit. SpaceX, which is betting heavily on orbital data centers, is also going public this month, in what analysts expect will be the largest IPO in history.
All of which is to say that a lot of people have already become very, very rich from the AI boom, with many more poised to do so very soon. That will almost certainly lead to a wave of philanthropic capital in search of worthy causes. AI safety will obviously be a priority. But given growing concerns over AI’s power needs, reliance on fossil fuel infrastructure, water consumption, and effect on electricity prices, it seems likely that climate and clean energy will become top priorities for newly minted AI billionaires, as well.
“It is not lost on the people who are working on AI that there are big environmental impacts associated with data centers,” Lara Pierpoint, managing director of Trellis Climate, told me. Her organization helps philanthropists and foundations invest in first-of-a-kind climate infrastructure projects that wouldn’t move forward without their support. She expects that the “strong outdoor and environmentally-focused culture” of the Bay Area will also hold sway over these emerging philanthropists.
Nan Ransohoff, Stripe’s head of climate, laid out the scale of this coming capital influx in a recent Substack post: “The OpenAI Foundation holds 26% of OpenAI, worth about $220 billion at today’s valuation. Anthropic’s seven co-founders have pledged to give away 80% of their wealth and have instituted the most aggressive donor matching program for employees in tech history,” she writes.
By Ransohoff’s back-of-the-envelope math, accounting for just the OpenAI Foundation and Anthropic’s co-founders and employees with charitable savings accounts translates to about $37 billion to $100 billion per year in additional philanthropic spending, assuming everyone allocates about 10% of their pledged wealth annually. That could add as much as 17% more philanthropic spending per year compared to what all U.S. donors allocate today. Much of that will likely go toward AI-related risk mitigation. But certainly not all of it.
Though Ransohoff never mentions climate change explicitly in the piece, it can’t have been far from her mind. Ransohoff is the head of Frontier, the Stripe-led coalition of carbon removal buyers using advance purchase agreements to catalyze the nascent market. This is exactly the type of technology — critical to the fight against climate change but expensive and largely lacking a natural market to drive scale-up — that could benefit from philanthropic dollars. A range of other climate mitigation and adaptation efforts fall in this same bucket, including satellite-based methane monitoring, wetlands and mangrove restoration, resilience infrastructure in low-income communities, and even controversial geoengineering efforts such as solar radiation management.
The network of players allocating climate-focused philanthropic spending are well aware of these opportunities, apparently, as Ransohoff’s piece drummed up lots of excitement among my sources. “I think we’ve all been circling around the notion that there will be some additional philanthropy that comes into the picture,” Pierpoint told me. Ransohoff, she said, is just the first to put numbers to the potential scale. “It wasn’t clear even a year ago that all these companies were going to be looking to IPO so soon,” Pierpoint explained. (Ransohoff herself didn’t respond to my request for an interview.)
Now that we’re here, Pierpoint and others certainly have thoughts about where they can put this capital to work. Many see substantial room for improvement in the current philanthropic landscape. “The problem is how it’s structured. It’s more around donor appeasement and gatekeeping and less around results,” climate tech investor Susan Su of Toba Capital told me.
Elemental Impact CEO Dawn Lippert has been working to create a better model for the sector since she founded the philanthropically-funded nonprofit investor in 2009. She describes Elemental’s structure as combining “the mission of a nonprofit with the discipline of an investor and operating posture and talent density of a high-growth startup.” Much like Trellis, Elemental seeks to fill climate tech’s “missing middle” funding gap for first-of-a-kind climate infrastructure projects, which are too costly for venture firms but too risky for traditional institutional investors. That involves leveraging philanthropy to build things like a critical minerals recovery facility and a low-emissions fertilizer production plant that wouldn’t otherwise see the light of day.
“Philanthropy alone won’t close the gap, but philanthropy will be the fuel for the experiments,” Lippert told me. “It’s an art, because it’s not about using philanthropy to subsidize investors, it’s about leveraging philanthropy to build things that otherwise would not happen in the world.
Lippert wants to capitalize on this AI moment not only by harnessing billionaires’ money, but also by treating the data center buildout as a climate tech market opportunity — an approach that appears to resonate with its philanthropic backers. Late last month, Elemental launched the Data Center Innovation Initiative alongside funders such as Breakthrough Energy Discovery, Builders Vision Philanthropy, and Salesforce, aiming to test and commercialize clean tech for data centers that also has broader energy and industrial applications. For example, chip-cooling technologies would be out of scope because they’re too data center-specific, Lippert told me. But developing a new industrial coolant would be right on the money.
Elemental will provide between $500,000 and $5 million to 10 startups through 2027, while the initiative’s tech partners — Amazon, Google, Meta, and Microsoft — will support the companies with strategic guidance and real-world trials in their data centers. Although Elemental has not yet selected the initiative’s cohort, it’s looking to back everything from energy storage to novel cooling solutions and low-carbon building materials.
The highly detailed “funding opportunity guide” that Elemental released for prospective applications outlines the initiative’s priority technology areas and technical targets, offering the kind of clarity and specificity that many in climate philanthropy say is needed to help innovators focus on the sector’s most pressing challenges.
Some noteworthy efforts do already exist on this front. One example is climate philanthropist John Doerr’s Speed & Scale tracker which provides entrepreneurs, business leaders, and policymakers with a detailed assessment of global progress toward ten key climate objectives. Then there’s the more granular Climate Tech Map, an associated resource designed by a coalition of leading climate groups to help innovators identify and design for the technical bottlenecks most critical to the energy transition.
Defining the opportunity space so precisely, including explicit metrics for success, is likely to resonate with those from technical backgrounds. Many of these new donors will likely bring a philanthropic ethos shaped at least in part by the effective altruist movement, which has strong ties to the Bay Area tech community, and has long prioritized the potential existential risks posed by advanced AI systems.
But Aliya Haq, president of the policy-focused nonprofit Clean Economy Project (one of Heatmap’s partners on the Electricity Price Hub), noted that this mental model is “hard to square” with the realities of politics and thus policy advocacy overall. “Politics doesn’t follow a technocratic or data-driven reality, it’s far more about human psychology,” she told me. So while she sees room for a more technocratic approach to climate outcomes and the policies that get us there, “there’s a time where you have to be able to read the room and understand cultural shifts, political shifts, communication shifts, to be able to make those policies happen.”
CleanEcon was born from the ashes of Breakthrough Energy’s climate policy arm, which Bill Gates — the organizations’ founder primary backer — disbanded last year. Today, CleanEcon focuses on advancing policies that accelerate clean energy projects, derisk private investment, and drive down the costs of novel tech. Haq views these efforts as the most effective use of philanthropic dollars, even if all the data in the world can never precisely capture the political winds or what approaches will resonate with legislators and the electorate.
But the climate doesn’t get to choose its philanthropists or their ethos. “Whether or not we think a tech-oriented approach to giving is the right path forward, that will be one of the core elements of what this next wave of philanthropy will look like,” Pierpoint told me. Sectoral experts can help mold and shape the ideologies and whims of philanthropists, however, and there will always likely be a portion of funders deeply invested in exerting political influence, precise efficacy metrics be damned.
Many argue the real work now lies in connecting new donors with climate experts, and in turn, working to embed those experts more deeply within philanthropic foundations and grantmaking or investment institutions. Because while some newly minted rich folks will inevitably start by going it alone, pursuing wild bets or pet projects, Su explained that alongside new funders and builders, the sector really needs “very talented translators to be able to channel that desire to make an impact towards organizations that are in need and that are already making an impact.”
What everyone also seems to agree on is that the new philanthropists must be less risk-averse than the old philanthropists. As Pierpoint puts it, risk-taking “should be the role of philanthropy within this ecosystem — to try things that are hard to do under the existing ecosystem that we have.” Lippert similarly sees philanthropy as “fuel for the experiments” in the climate sector. Let’s hope that it proves to be that fuel, because as this new AI wealth begins to flow through the economy, the opportunity space for philanthropic experimentation might be larger than ever in the coming years.
“The magnitude of dollars is huge, it’s so much bigger than it ever was before,” Su told me. “So you can only think, because these people are so new and fresh to this — and they spent their entire lives thinking in a more innovative way — that maybe that’ll be the difference.”