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Inside Climeworks’ big experiment to wrest carbon from the air

In the spring of 2021, the world’s leading authority on energy published a “roadmap” for preventing the most catastrophic climate change scenarios. One of its conclusions was particularly daunting. Getting energy-related emissions down to net zero by 2050, the International Energy Agency said, would require “huge leaps in innovation.”
Existing technologies would be mostly sufficient to carry us down the carbon curve over the next decade. But after that, nearly half of the remaining work would have to come from solutions that, for all intents and purposes, did not exist yet. Some would only require retooling existing industries, like developing electric long-haul trucks and carbon-free steel. But others would have to be built from almost nothing and brought to market in record time.
What will it take to rapidly develop new solutions, especially those that involve costly physical infrastructure and which have essentially no commercial value today?
That’s the challenge facing Climeworks, the Swiss company developing machines to wrest carbon dioxide molecules directly from the air. In September 2021, a few months after the IEA’s landmark report came out, Climeworks switched on its first commercial-scale “direct air capture” facility, a feat of engineering it dubbed “Orca,” in Iceland.
The technology behind Orca is one of the top candidates to clean up the carbon already blanketing the Earth. It could also be used to balance out any stubborn, residual sources of greenhouse gases in the future, such as from agriculture or air travel, providing the “net” in net-zero. If we manage to scale up technologies like Orca to the point where we remove more carbon than we release, we could even begin cooling the planet.
As the largest carbon removal plant operating in the world, Orca is either trivial or one of the most important climate projects built in the last decade, depending on how you look at it. It was designed to capture approximately 4,000 metric tons of carbon from the air per year, which, as one climate scientist, David Ho, put it, is the equivalent of rolling back the clock on just 3 seconds of global emissions. But the learnings gleaned from Orca could surpass any quantitative assessment of its impact. How well do these “direct air capture” machines work in the real world? How much does it really cost to run them? And can they get better?
The company — and its funders — are betting they can. Climeworks has made major deals with banks, insurers, and other companies trying to go green to eventually remove carbon from the atmosphere on their behalf. Last year, the company raised $650 million in equity that will “unlock the next phase of its growth,” scaling the technology “up to multi-million-ton capacity … as carbon removal becomes a trillion-dollar market.” And just last month, the U.S. Department of Energy selected Climeworks, along with another carbon removal company, Heirloom, to receive up to $600 million to build a direct air capture “hub” in Louisiana, with the goal of removing one million tons of carbon annually.
Two years after powering up Orca, Climeworks has yet to reveal how effective the technology has proven to be. But in extensive interviews, top executives painted a picture of innovation in progress.
Chief marketing officer Julie Gosalvez told me that Orca is small and climatically insignificant on purpose. The goal is not to make a dent in climate change — yet — but to maximize learning at minimal cost. “You want to learn when you're small, right?” Gosalvez said. “It’s really de-risking the technology. It’s not like Tesla doing EVs when we have been building cars for 70 years and the margin of learning and risk is much smaller. It’s completely new.”
From the ground, Orca looks sort of like a warehouse or a server farm with a massive air conditioning system out back. The plant consists of eight shipping container-sized boxes arranged in a U-shape around a central building, each one equipped with an array of fans. When the plant is running, which is more or less all the time, the fans suck air into the containers where it makes contact with a porous filter known as a “sorbent” which attracts CO2 molecules.

When the filters become totally saturated with CO2, the vents on the containers snap shut, and the containers are heated to more than 212 degrees Fahrenheit. This releases the CO2, which is then delivered through a pipe to a secondary process called “liquefaction,” where it is compressed into a liquid. Finally, the liquid CO2 is piped into basalt rock formations underground, where it slowly mineralizes into stone. The process requires a little bit of electricity and a lot of heat, all of which comes from a carbon-free source — a geothermal power plant nearby.
A day at Orca begins with the morning huddle. The total number on the team is often in flux, but it typically has a staff of about 15 people, Climeworks’ head of operations Benjamin Keusch told me. Ten work in a virtual control room 1,600 miles away in Zurich, taking turns monitoring the plant on a laptop and managing its operations remotely. The remainder work on site, taking orders from the control room, repairing equipment, and helping to run tests.
During the huddle, the team discusses any maintenance that needs to be done. If there’s an issue, the control room will shut down part of the plant while the on-site workers investigate. So far, they’ve dealt with snow piling up around the plant that had to be shoveled, broken and corroded equipment that had to be replaced, and sediment build-up that had to be removed.

The air is more humid and sulfurous at the site in Iceland than in Switzerland, where Climeworks had built an earlier, smaller-scale model, so the team is also learning how to optimize the technology for different weather. Within all this troubleshooting, there’s additional trade-offs to explore and lessons to learn. If a part keeps breaking, does it make more sense to plan to replace it periodically, or to redesign it? How do supply chain constraints play into that calculus?
The company is also performing tests regularly, said Keusch. For example, the team has tested new component designs at Orca that it now plans to incorporate into Climeworks’ next project from the start. (Last year, the company began construction on “Mammoth,” a new plant that will be nine times larger than Orca, on a neighboring site.) At a summit that Climeworks hosted in June, co-founder Jan Wurzbacher said the company believes that over the next decade, it will be able to make its direct air capture system twice as small and cut its energy consumption in half.
“In innovation lingo, the jargon is we haven’t converged on a dominant design,” Gregory Nemet, a professor at the University of Wisconsin who studies technological development, told me. For example, in the wind industry, turbines with three blades, upwind design, and a horizontal axis, are now standard. “There were lots of other experiments before that convergence happened in the late 1980s,” he said. “So that’s kind of where we are with direct air capture. There’s lots of different ways that are being tried right now, even within a company like Climeworks."
Although Climeworks was willing to tell me about the goings-on at Orca over the last two years, the company declined to share how much carbon it has captured or how much energy, on average, the process has used.
Gosalvez told me that the plant’s performance has improved month after month, and that more detailed information was shared with investors. But she was hesitant to make the data public, concerned that it could be misinterpreted, because tests and maintenance at Orca require the plant to shut down regularly.
“Expectations are not in line with the stage of the technology development we are at. People expect this to be turnkey,” she said. “What does success look like? Is it the absolute numbers, or the learnings and ability to scale?”
Danny Cullenward, a climate economist and consultant who has studied the integrity of various carbon removal methods, did not find the company’s reluctance to share data especially concerning. “For these earliest demonstration facilities, you might expect people to hit roadblocks or to have to shut the plant down for a couple of weeks, or do all sorts of things that are going to make it hard to transparently report the efficiency of your process, the number of tons you’re getting at different times,” he told me.
But he acknowledged that there was an inherent tension to the stance, because ultimately, Climeworks’ business model — and the technology’s effectiveness as a climate solution — depend entirely on the ability to make precise, transparent, carbon accounting claims.
Nemet was also of two minds about it. Carbon removal needs to go from almost nothing today to something like a billion tons of carbon removed per year in just three decades, he said. That’s a pace on the upper end of what’s been observed historically with other technologies, like solar panels. So it’s important to understand whether Climeworks’ tech has any chance of meeting the moment. Especially since the company faces competition from a number of others developing direct air capture technologies, like Heirloom and Occidental Petroleum, that may be able to do it cheaper, or faster.
However, Nemet was also sympathetic to the position the company was in. “It’s relatively incremental how these technologies develop,” he said. “I have heard this criticism that this is not a real technology because we haven’t built it at scale, so we shouldn’t depend on it. Or that one of these plants not doing the removal that it said it would do shows that it doesn’t work and that we therefore shouldn’t plan on having it available. To me, that’s a pretty high bar to cross with a climate mitigation technology that could be really useful.”
More data on Orca is coming. Climeworks recently announced that it will work with the company Puro.Earth to certify every ton of CO2 that it removes from the atmosphere and stores underground, in order to sell carbon credits based on this service. The credits will be listed on a public registry.
But even if Orca eventually runs at full capacity, Climeworks will never be able to sell 4,000 carbon credits per year from the plant. Gosalvez clarified that 4,000 tons is the amount of carbon the plant is designed to suck up annually, but the more important number is the amount of “net” carbon removal it can produce. “That might be the first bit of education you need to get out there,” she said, “because it really invites everyone to look at what are the key drivers to be paid attention to.”
She walked me through a chart that illustrated the various ways in which some of Orca’s potential to remove carbon can be lost. First, there’s the question of availability — how often does the plant have to shut down due to maintenance or power shortages? Climeworks aims to limit those losses to 10%. Next, there’s the recovery stage, where the CO2 is separated from the sorbent, purified, and liquified. Gosalvez said it’s basically impossible to do this without losing some CO2. At best, the company hopes to limit that to 5%.
Finally, the company also takes into account “gray emissions,” or the carbon footprint associated with the business, like the materials, the construction, and the eventual decommissioning of the plant and restoration of the site to its former state. If one of Climeworks’ plants ever uses energy from fossil fuels (which the company has said it does not plan to do) it would incorporate any emissions from that energy. Climeworks aims to limit gray emissions to 15%.
In the end, Orca’s net annual carbon removal capacity — the amount Climeworks can sell to customers — is really closer to 3,000 tons. Gosalvez hopes other carbon removal companies adopt the same approach. “Ultimately what counts is your net impact on the planet and the atmosphere,” she said.
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Despite being a first-of-its-kind demonstration plant — and an active research site — Orca is also a commercial project. In fact, Gosalvez told me that Orca’s entire estimated capacity for carbon removal, over the 12 years that the plant is expected to run, sold out shortly after it began operating. The company is now selling carbon removal services from its yet-to-be-built Mammoth plant.
In January, Climeworks announced that Orca had officially fulfilled orders from Microsoft, Stripe, and Shopify. Those companies have collectively asked Climeworks to remove more than 16,000 tons of carbon, according to the deal-tracking site cdr.fyi, but it’s unclear what portion of that was delivered. The achievement was verified by a third party, but the total amount removed was not made public.
Climeworks has also not disclosed how much it has charged companies per ton of carbon, a metric that will eventually be an important indicator of whether the technology can scale to a climate-relevant level. But it has provided rough estimates of how much it expects each ton of carbon removal to cost as the technology scales — expectations which seem to have shifted after two years of operating Orca.
In 2021, Climeworks co-founder Jan Wurzbacher said the company aimed to get the cost down to $200 to $300 per ton removed by the end of the decade, with steeper declines in subsequent years. But at the summit in June, he presented a new cost curve chart showing that the price was currently more than $1,000, and that by the end of the decade, it would fall to somewhere between $400 to $700. The range was so large because the cost of labor, energy, and storing the CO2 varied widely by location, he said. The company aims to get the price down to $100 to $300 per ton by 2050, when the technology has significantly matured.
Critics of carbon removal technologies often point to the vast sums flowing into direct air capture tech like Orca, which are unlikely to make a meaningful difference in climate change for decades to come. During a time when worsening disasters make action feel increasingly urgent, many are skeptical of the value of investing limited funds and political energy into these future solutions. Carbon removal won’t make much of a difference if the world doesn’t deploy the tools already available to reduce emissions as rapidly as possible — and there’s certainly not enough money or effort going into that yet.
But we’ll never have the option to fully halt climate change, let alone begin reversing it, if we don’t develop solutions like Orca. In September, the International Energy Agency released an update to its seminal net-zero report. The new analysis said that in the last two years, the world had, in fact, made significant progress on innovation. Now, some 65% of emission reductions after 2030 could be accounted for with technologies that had reached market uptake. It even included a line about the launch of Orca, noting that Climeworks’ direct air capture technology had moved from the prototype to the demonstration stage.
But it cautioned that DAC needs “to be scaled up dramatically to play the role envisaged,” in the net zero scenario. Climeworks’ experience with Orca offers a glimpse of how much work is yet to be done.
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Invest in Tomorrow Coalition says it took out clean energy adversaries in the midterms. Now it’s setting its sights on 2028.
A pro-renewables Super PAC – Invest in Tomorrow Coalition – is taking a victory lap, claiming it played a key role in the blue wave and announcing plans to be involved in the 2028 presidential primaries.
When I first heard of the Invest in Tomorrow Coalition, it was clearly a revenge operation. Backed by renewables companies and crypto magnate Chris Larsen, the Super PAC waded into primary elections this year to take out Republicans who voted to repeal most of the Inflation Reduction Act. Tom Matzzie, a renewables executive leading the Super PAC, described the organization to me as “focused on accountability for elected officials who decide they want to attack the clean energy industry.” Shortly afterwards, Invest in Tomorrow announced an investment in seven races before ultimately expanding to 18 races.
Now that the dust is settled, Matzzie told me that most of the races they intervened in wound up flipping red to blue: “I think we’re on track to win 12 or 13 of the 18 we invested in. We had seven or eight marquee races and we’re winning the majority of those. We were hopeful we’d get one in a tough district. We didn’t expect to get this many.”
Their favorite trophy is Indiana’s 5th congressional district in the northern Indianapolis region, where Rep. Victoria Spartz lost a historically comfortable GOP seat to J.D. Ford, a Democratic state senator. Matzzie told me the Super PAC invested $2 million in the race to beat Spartz, which he claimed is more than both campaigns spent combined. (My search of FEC records shows that may be true, if you don’t count other outside assistance.)
After Spartz was declared the loser, the Super PAC sent an email blast to the media with a short statement: “Tell Victoria Spartz. We want her to know it was us.”
The Super PAC also claims at least partial responsibility for helping oust Rep. Lauren Boebert of Colorado, who lost by just a few thousand votes. I’m told they invested $1.5 million in the race, including on a digital ad centered around an incident where Boebert was escorted out of a live stage performance of “Beetlejuice.” The ad claimed Boebert couldn’t be trusted around children. It prompted Boebert to do a whole segment bashing the Super PAC while guest hosting former Rep. Matt Gaetz’s One America News show.
“Oh, I love it when they complain about us. I love it when they whine about us. We want them to spread the word to other members of Congress about what we’re doing,” Matzzie told me. “We want to send a message that we will do what is necessary to defeat you in your next election, including getting down in the mud if needed, and we have limits on what we say and won’t say, but it has to be truthful.”
Since it is already time for 2028 discussions, I asked Matzzie if the Super PAC had any ambitions to be involved in the presidential primaries next. Absolutely, he said. First that involvement will look like education. That could look like having pro-renewables voices urging GOP candidates to be more receptive to the sector, whether they be representatives of the business community or landowners with solar on their properties.
“The accountability part of this comes later as people firm up their point of view on what they’re running on and we don’t know what that is yet. We totally invite all of the candidates to be supportive of the clean energy industry if they’re running for president. That is our ideal outcome,” Matzzie said.
But if candidates don’t get the message will they go on the attack against primary candidates? “I have no hesitation about doing it.”
On electrification’s shortfall, AI for nuclear, and Alva Energy’s big plans
Current conditions: Heavy rain is overflowing rivers in the Dominican Republic’s eastern inland towns, including Monte Plata, where floodwaters are washing away cars • With weeks to go before the Atlantic hurricane season officially ends, a new tropical storm may be forming between the Bahamas and Bermuda • It’s cloudy and 51 degrees Fahrenheit in London, where the British are marking Guy Fawkes Day, a holiday commemorating the 421st anniversary of the failed plot by English Catholics to assassinate King James VI of Scotland and I of England by blowing up the House of Parliament.
It’s a rebuke of President Donald Trump! A new era! A sign that President Lyndon B. Johnson’s prediction that the Democrats would lose the South until the end of young Bill Moyers’ lifetime (he died last year) was true! Maybe it’s all of these things. But one thing is certain: Democrats’ big victory Tuesday night halts what my colleague Robinson Meyer called “Trump’s energy revolution,” meant to defy the economics of renewables. There’s still much to dissect — we don’t even know who won shockingly competitive U.S. Senate races in Mississippi and Alaska. But my colleagues have a nice slate of stories to help us get started:
Vice President JD Vance is openly blaming the Trump administration’s war with Iran for Republicans’ midterm shellacking, and Democrats are formulating a new approach after campaigning against the conflict and its associated energy shock. Iran, meanwhile, is signaling its openness to peace talks, even as Tehran turns to guerrilla tactics to regain control over the Strait of Hormuz. All that looks to oil traders like more crude hitting the market. On Wednesday, the price of West Texas Intermediate crude, the U.S. benchmark, fell more than 8% to $88 per barrel. Brent crude, the global price measure, plunged nearly 9% to just under $95 per barrel. Murban crude, the stuff that leaves a Persian Gulf port in the United Arab Emirates, dropped 1% to just under $101 per barrel.

Big meals, big trucks, big computers — it’s the American way. Only one of those is a problem for electricity prices — a problem that’s also uniquely American. New projections from the Rhodium Group suggest that the U.S. is the only major market where data centers are the primary driver behind surging electricity demand, constituting between 62% and 77% of gross demand growth. In China, Europe, India, and the Middle East, residential and commercial buildings are by far the biggest new sources of demand for electricity to power air conditioning, heating, and appliances. Meanwhile, according to data from the consultancy Cleanview, upward of 41% of planned data centers in the U.S. are in states where newly elected governors are considering moratoria on new projects
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The Rhodium forecast also shows big global challenges for the fight to slow global warming. Electricity serves just 21% of the world’s end-use energy; by 2035, countries pledged to raise that figure to 35%. But the global average for electrification is on track to hit just 28% in the next nine years, threatening to maintain planet-heating pollution levels even as renewables surge and power emissions fall. Low-carbon sources of electricity are on track to generate upward of 80% of the power in China and the world’s richest economies, with variable renewables such as wind and solar producing the bulk of the output. Clean firm sources such as nuclear power and geothermal maintain a steady share of total output as variable sources eat into fossil fuels’ market. As a result, emissions shift to the parts of the world where fossil fuels will remain dominant. China and rich countries will account for 37% of emissions in 2050, down from 54% in 2024. India’s emissions will rise 26% by the middle of the century, and the entire African continent’s output by 37%. Worldwide industrial emissions are on track to stay static as the benefits of low-carbon steel are offset by the spike in production from coal-fired blast furnaces.
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Whenever OpenAI or Anthropic releases a new model, the healthcare industry, say, can measure its capabilities by seeing how quickly it can pass a medical board test. Last year, the AI startup Atomic Canyon — which formed to help nuclear plant operators sift through mountains of documents using large language models — inked a deal with the Idaho National Laboratory to create a test that can check the software’s ability to work with a nuclear plant. Fourteen months later, the partnership has yielded results. On Thursday, I can report exclusively for this newsletter, Atomic Canyon is set to launch what it calls NuclearBench, the first open-source benchmark designed specifically to evaluate how LLMs perform on questions related to nuclear energy. “Think about it like an open-book exam for AI models,” Trey Lauderdale, Atomic Canyon’s founder and chief executive, told me. The company worked with INL to design a 280-question exam, which can then be administered to AI models, whose answers are judged by accuracy and context.
“As you’d expect, the more advanced models perform better. You’ve got OpenAI, Google, and Anthropic all vying at the top,” Lauderdale said. “Nothing we wouldn’t expect, but it’s nice to have actual metrics and information that validate general hypotheses you might have. You could instinctively say, This model is doing better. But it’s really important as an industry that you start benchmarking what these models can do.” Atomic Canyon’s test is not yet at the level of a medical board exam, he said. But the company plans to continuously update its exam to account for the growing sophistication of LLMs. Eventually, Lauderdale hopes to roll out more targeted tests focusing on safety and risk, reactor engineering, emergency preparedness, radiation, and other factors. “It’s the equivalent of the tests to become a general physician or those to become a cardiologist, dermatologist, or gastroenterologist,” he said.
Last month, I told you when tech giants announced a series of deals to help fund “uprates” at existing nuclear plants, renovations that potentially squeeze hundreds of megawatts of new generation out of reactors that are already running. The deals with Google and Amazon looked to generate more than a gigawatt of new power through uprates across PJM Interconnection, the most stressed grid system in the U.S. Now a startup specifically designed to affordably uprate reactors is considering projects to generate as much as 1.2 gigawatts of new power out of existing plants — and it just received a major endorsement from a utility industry heavyweight. I can exclusively report that, on Thursday, the developer Alva Energy plans to announce that Jeff Lyash, the former chief executive of the Tennessee Valley Authority and Ontario Power Generation, would join its board of directors. Lyash has plenty of nuclear experience. OPG, owned by Canada’s most populous province, operates the second-largest nuclear fleet in North America after the U.S.-based Constellation Energy. It’s also building the continent’s first small modular reactor, the first of GE Vernova Hitachi Nuclear Energy’s 300-megawatt units. The federally owned TVA, from which Lyash retired last year following Trump’s return to the White House, operates three nuclear plants and is building what’s expected to be America’s first SMR, the second GE-Hitachi BWRX-300 after OPG’s project at its Darlington plant. Lyash will be the fifth member of Alva’s board. After former Intel CEO Pat Gelsinger, he’s the second to come from outside the company; the other three board members are Alva’s co-founders.
“What’s been pretty amazing is that we’re starting to attract top-tier industry talent,” James Krellenstein, Alva’s chief executive and co-founder, told me. “Jeff joining the board has been pretty transformational because he brings a massive amount of experience in modifying existing plants.” At OPG in particular, Krellenstein said, Lyash oversaw refurbishments of the utility’s CANDU reactors. He also sits on the boards of the utility Dominion Energy, the Canadian construction giant Aecon, the industrial conglomerate Curtiss-Wright, and the European reactor startup Newcleo, which Krellenstein said lends Alva greater insight into other sectors’ large-scale project management. “What the economy of the United States is looking for is sources of clean, 24/7 power. Nuclear power uprates are a way in the short term to get that demand fulfilled in the United States while simultaneously rebuilding the execution capability necessary to create new plants. That’s the exact scaling strategy that Alva is working on.”
It’s no Norway, where electric vehicles make up nearly 99% of new car sales. But EVs’ share of Germany’s new car market soared to a record 37% last month, according to data from the country’s national motor vehicle authority, the Kraftfahrt-Bundesamt. That, according to Electrek, equates to 94,086 new battery-electric vehicles, up nearly 80% from the 53,425 sold a year earlier.
‘It’s truly possible that a lot of people will wake up and realize that the spell is broken from Trump.’
After Donald Trump won his second term two years ago, I wrote about “the death of climate tech” — or at least the death of the term. That largely held up. Climate-focused investors and startups increasingly dropped the label in favor of energy security, efficiency, and infrastructure resilience, often reframing their pitch to serve the booming data center industry along the way. Following the Democrats’ midterm sweep on Tuesday, I checked in with “climate tech” investors to see whether the industry might be ready for a rhetorical — and ideally literal — comeback.
On the rhetoric, they were largely unconvinced. On the substance, they were a bit more hopeful.
“This was not an election that was a referendum about climate or energy or anything even close to that,” Lara Pierpoint, managing director at the philanthropic climate tech firm Trellis Climate, told me. The consensus was that voters were far more concerned with affordability, Trump’s deep unpopularity, and, to some extent, the data center backlash. Sure, all of these issues touch on climate, but it was by no means anyone’s central message.
But that doesn’t mean Tuesday wasn’t still a win for the energy transition.
“This new Congress, controlled by Democrats, will focus mostly on energy affordability and access,” Gabriel Kra, managing director at Prelude Ventures, told me. That, he said, will likely encompass a push for more solar, wind, and batteries in energy planning — but “all in the name of affordability and reliability, not focused on climate.”
Susan Su, a climate investor and analyst, expects this El Niño cycle to bring climate back into the conversation, but “maybe more in the form of adaptation, extreme weather, and just resilience,” she told me.
“I don’t think we’re going to rush back to talk about climate this or that. I think we will rush back to acknowledging that this is the macro of all macros,” Andrew Beebe of Obvious Ventures told me, meaning climate remains one of the biggest forces shaping the global economy, whether or not investors and policymakers choose to call it that. “Maybe it’ll just get more attention in whatever name, I don’t really care.”
Still, investors aren’t expecting an immediate flood of federal climate action in the lame-duck session, although, of course, passing the permitting bill would ease the way for economy-wide electrification. And Kra told me it’s still too soon to know whether some of the Trump administration’s canceled or frozen grants for technologies like clean cement, steel, hydrogen, and carbon capture could be revived under a Democratic Congress. Restarting that funding would certainly offer a beacon of hope for clean industries that have yet to move down the cost curve and into the realm of true affordability.
Investors’ most realistic near-term hope is that Tuesday’s results mark the beginning of a more stable era for the clean energy ecosystem. “The Trump administration has just introduced so much chaos, and markets hate chaos. They love certainty,” Su told me. She pointed out that as the results rolled in, the 10-year Treasury yield dipped. Su read that as a sign that investors were rushing to lock in today’s higher rates, betting that a more stable political environment would lower borrowing costs down the road. That would both make first-of-a-kind projects cheaper to finance and push investors to chase riskier, higher-return bets in the venture market.
“Even just the perception of more certainty via a potential check on Trump — a legislative check on Trump — could bring cost of capital down, which is going to have a positive halo effect across our whole sector,” Su told me.
Kra expressed a similar hope: that the next two years will lay the groundwork for a more durable U.S. energy and industrial policy framework. “By durable, I mean guidelines and rules and laws that can survive a changed administration and a change of control of Congress,” he told me. “That will unlock affordable reshoring of American manufacturing. That will unlock an industrial and commercial response that will really catalyze growth in the economy, in clean electricity and energy, and in the innovation economy.”
I also heard some optimism that Republicans, battered by Tuesday’s results, might start to find their voice on clean energy as they begin to break free from Trump’s yoke. “My big hope would be that we finally enter a phase where Republicans can not be threatened to say what I think most of them already know, which is that the climate issues are real and need addressing,” Beebe told me. “It’s truly possible that a lot of people will wake up and realize that the spell is broken from Trump, and they will be able to, in the plain light of day, evaluate things at face value again.”
That could help depoliticize and expedite the rollout of technologies like electric vehicles and heat pumps, which have become partisan products in recent years. Meanwhile, Rajesh Swaminathan of Khosla Ventures told me via email that he sees lots of potential for bipartisan momentum behind superhot rock geothermal, fusion, critical minerals, and cost-competitive clean cement and steel.
Now, Su told me, it’s time for climate technologies that have talked a big game on affordability to prove it, giving investors and Republican skeptics no reason to dismiss them. “For years, founders have been talking about, ‘Oh, we’re not just cleaner, but we’re actually cheaper and better.’ Okay, so now it’s time to put your money where your mouth is,” she told me.
She’s also optimistic that this younger generation of newly elected lawmakers will be more open to the full spectrum of climate solutions, from adaptation and carbon removal to more speculative and unconventional ideas like solar geoengineering. “It’s not going to be Al Gore anymore,” she told me. “I think younger people have a very different view on, let’s do what we need to do to make ourselves have a livable future versus sticking to older mental models.”
But perhaps the most liberating takeaway from Tuesday night for Su and her fellow investors? “We don’t have to pretend that we’re friends with Donald Trump anymore.”