Duke Convening Aims to Lower Risks for Climate and Energy Finance

Here are some themes that emerged during this year’s summit:

Entrepreneurs need to think more like investors.

During a keynote conversation with Pratt School of Engineering Dean Jerry Lynch, former U.S. Department of Energy Secretary Ernest Moniz reflected on ways to improve the bankability of clean energy projects. Entrepreneurs should always ask themselves how they could go before the investment committee of a bank or equity fund and get their projects approved, said Moniz, now founder and CEO of the EFI Foundation.  

That mindset raises numerous questions about project risk for entrepreneurs to consider. A handful that Moniz mentioned include: 

• Does the technology have a proven track record, or is it a first-of-its-kind project?
• Will sufficient and stable cash flows be available to support project development?
• Does the necessary infrastructure exist?
• Is the policy and regulatory environment stable?
• Are there social equity concerns?

Private investment in clean energy has continued despite changes in the federal policy landscape, but significant hurdles remain.

Passed in 2022, the Inflation Reduction Act sent public policy signals from the federal government that led to a massive shift in energy financing in a relatively short period of time. Under the second Trump Administration, many of the IRA’s incentives are gone or diminished, but companies still see many clean energy solutions as good investments.

Speakers throughout the day generally agreed that plenty of capital is available for clean energy projects in the venture and deployment stages, but incentives are needed to generate more for the “missing middle.” And while record numbers of clean energy projects have recently been completed, they face long wait times to connect to the grid, making regulatory reform a priority.

Artificial intelligence is increasing U.S. energy demand but could also facilitate climate solutions.

The sudden expansion of data centers to power AI is challenging utilities and regulators to add the right amount of new generation to meet their needs without overburdening existing customers or radically increasing emissions.  

“I'm thrilled, honestly, with the challenge of load growth, because I think it is what is going to be the catalyst that we need in order to solve difficult challenges across energy,” said Rebecca Kujawa, founder and CEO of Zerra Partners and the former CEO of NextEra Energy Resources, during a panel on scaling energy for AI demand. 

Hyperscalers have the ability—and in some instances the mandate—to build their own clean energy infrastructure to support their data centers. Yet Don Moul, president and CEO of TVA, noted that speed-to-power is critical for hyperscalers, and developing new infrastructure takes time.  

One near-term solution is flexible data center operations—an approach that Duke research suggests is promising—but speakers noted it requires extensive coordination between grid operators and data centers.  

In several sessions, including a fireside chat on AI infrastructure, capital markets and the climate imperative, speakers pointed to the potential of AI tools, combined with human expertise, to accelerate climate research and improve the operation of energy systems.  

▶ Get more insights on AI conversations at the summit from the Sanford School of Public Policy.

Opportunities for bipartisan cooperation on energy issues still exist, given shared interests.

During the second Trump administration, much of the policy action on clean energy has shifted to the states, where John Szoka, CEO of the Conservative Energy Network, does much of his work. Szoka critiqued the political polarization of clean energy during a panel on the topic. He explained that effective dialogue can help state legislators and local leaders understand how renewables, batteries and nuclear energy tie into conservative imperatives like national security, affordability, economic growth, and more.

Emerging global markets face a substantial gap in climate and energy financing.

Two-thirds of the world’s population lives in emerging markets and developing nations—and that doesn’t even count China. Investments in these countries’ energy transitions are essential to meeting their growing needs without dramatically increasing emissions. Meanwhile, many of these same countries urgently need to adapt to climate impacts that they are already experiencing.

An internationally focused panel delved into how to address some of the structural barriers associated with emerging markets, including governance, regulatory and currency risks. While investors generally view these markets as riskier than developed nations’, panelists noted that they present investment opportunities and can yield higher returns for energy and climate projects.  Panelists mentioned promising mechanisms like country platforms—like Brazil’s Climate and Ecological Transformation Investment Platform, to name just one—that can create pipelines of investable projects.  

Climate risk is not just an environmental risk—it’s a financial risk that monetary policy could help address.

In addition to physical damage, climate-fueled disasters—such as three recent “once-in-a-century” storms in Vermont, last year’s Los Angeles wildfires and historic flooding in Pakistan—contribute to higher prices, strain insurance markets and decrease economic output. Meanwhile, interest rate hikes enacted by central banks to cope with inflation have driven up costs for capital-intensive projects that could decarbonize their economies.  

Frank Van Gansbeke and John Isham, co-authors of the forthcoming book Whole Earth Finance: Beyond Bretton Woods: Recommendations for the 21st Century, proposed a bifurcated interest rate as one potential solution to these twin challenges.

During a provocation session, Van Gansbeke and Isham explained how central banks could implement a lower rate to speed decarbonization in five sectors—food, energy, construction, heavy industry and mobility—while maintaining a separate rate for the broader economy.

Since the first summit in 2024, “From Billions to Trillions” has evolved into a year-round Duke initiative focused on building a sustained platform for research, engagement and action. The conversations on Feb. 25 will help inform Duke experts’ applied research, policy analysis, private sector engagement and cross-sector collaboration in climate finance, technology and governance.  

Summit attendees from diverse industries found value in the exchanges on and off stage, as did Duke students interested in learning more about energy and climate finance. 

The 2026 “From Billions to Trillions” summit was a collaboration of the Nicholas Institute for Energy, Environment & Sustainability; Fuqua School of Business; Sanford School of Public Policy; and Nicholas School of the Environment.