“You cannot just go, whoops. I provided too much power there. The needs are bouncing in real time, and the intermittency created by renewables is at odds with each other. And that’s where the magic blue of batteries, a more generic energy storage, comes into the picture. ”
— Ben Guest
What if climate investing isn’t a trade-off, but a source of outsized returns?
Welcome to SRI 360. I’m Scott Arnell. In this episode, I bring together three conversations that challenge one of the most persistent assumptions in investing: that you have to give something up to generate impact. Across infrastructure, venture capital, and scientific measurement, these investors are showing the opposite: that a climate lens can actually sharpen returns.
Rather than a single perspective, this is a composite view of how climate capital is working today, on the ground, across different strategies, and with real performance behind it.
Here are the guests featured in this episode:
Ben Guest, Managing Director at Gresham House
Ben operates at the infrastructure layer of the energy transition, specifically battery energy storage, one of the least visible but most critical pieces of the puzzle. As renewable penetration increases, intermittency becomes the core challenge: what happens when the sun isn’t shining, and the wind isn’t blowing?
In our conversation, Ben explains how storage solves that problem. and why it’s becoming one of the most attractive investment opportunities globally. What stands out is the scalability: even in a relatively small market like the UK, his strategy is already delivering double-digit returns. The implication is clear, this isn’t niche. It’s foundational infrastructure with global applicability.
Listen to the full episode here
YouTube episode here
Nancy Pfund, Founder & Managing Partner of DBL Partners
Nancy represents the long view. As one of the earliest practitioners of what is now called impact investing, she began deploying capital with both financial and societal goals long before the terminology existed.
In our discussion, she shares how DBL Partners was built on the idea of “double bottom line” investing, generating strong returns while driving social and environmental progress. Her early investment in Tesla is a case in point: a high-risk bet at the time that combined job creation with decarbonization.
What makes Nancy’s perspective particularly valuable is her track record. Over multiple funds and decades, she has seen firsthand that incorporating impact doesn’t dilute returns; it can uncover opportunities that traditional approaches overlook.
Listen to the full episode here
YouTube episode here
Lena Thiede, Co-Founder of Planet A Ventures
Lena brings a different lens, one grounded in science. At Planet A, every investment is subjected to a rigorous lifecycle assessment, evaluating its true environmental impact from raw materials to end-of-life.
In our conversation, Lena explains how this approach moves beyond high-level ESG frameworks to quantify real-world outcomes. Her team analyzes everything from carbon emissions to land use and resource consumption, ensuring that each investment delivers meaningful, measurable impact.
What’s particularly striking is how they align incentives: Planet A ties carried interest directly to achieving impact targets. It’s a structural commitment that reinforces the idea that better impact can, and should, drive better investment outcomes.
Listen to the full episode here
YouTube episode here
Taken together, these three perspectives tell a coherent story. From enabling infrastructure to early-stage venture bets, to scientific validation, climate investing is maturing into a discipline where performance and purpose reinforce each other.
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Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Castbox, YouTube Music, Amazon Music, or on your favorite podcast platform. You can watch the interview on YouTube here.
What was your favorite quote or lesson from this episode? Please let me know in the comments.
SHOW NOTES:
[03:10] The Hidden Engine of the Energy Transition
[08:45] Scaling Returns Through Infrastructure
[29:19] Where Impact Investing Really Began
[39:39] The Tesla Bet That Changed Everything
[54:26] From Eco-Warrior to Systems Thinker
[01:05:25] Measuring Impact with Scientific Precision
MORE QUOTES FROM THE INTERVIEWS:
“Why are you doing this? If you introduce nonfinancial metrics into your investment paradigm, you will diminish your returns. We were, yeah, there were a lot of doors slammed in our face. ”
— Nancy Pfund
“When I came into the VC industry in 2020, we were not in a position to really understand the impact of an investment on the environment. Every fund had its own proprietary little assessment method, but that does not allow us to compare impact across funds. ”
— Lena Thiede
