The Roller Coaster of Climate Tech Investing

Learn about the economics behind investments in climate technology.

New York, NY (January 12, 2026) – As investment in climate technology faces growing headwinds, questions are emerging not about the urgency of decarbonization, but about the financial durability of the companies seeking to deliver it. Are today’s climate tech ventures positioned to generate sustainable returns, or are investors once again confronting the risk of a boom and bust cycle reminiscent of the cleantech era of the late 2000s and early 2010s?  These issues will be explored further by an expert panel during an upcoming event hosted by The New York Academy of Sciences and The Private Capital Research Institute (PCRI).

The panel will dive into the nuances of climate tech investing during a free, virtual webinar at 12 p.m. ET on January 22, 2026. Josh Lerner, PhD, Director of PCRI, will moderate a four-person panel to explore how investors are evaluating climate tech opportunities in the current market, including capital allocation strategies, risk and return profiles, and lessons learned from prior investment cycles. The discussion will center on the economic viability of new ventures, investor confidence, and what it will take for climate tech companies to succeed at scale in today’s financial environment.

Panelists include:

• Reuben Munger | Vision Ridge
• Ron Gonen, MBA | Closed Loop Partners
• Emily A. Carter, PhD | Princeton University
• Patrick Lynch, MBA | Featherlight Capital

Reuben Munger, a leader in sustainable investing and a former Partner at The Baupost Group, LLC, is an expert in electrified mobility, renewable electricity generation, and the built environment. He founded Vision Ridge in 2008 to shed light on financial opportunities associated with sustainable solutions.

Ron Gonen, MBA, served as Deputy Commissioner of Sanitation, Recycling and Sustainability in New York City during the Bloomberg Administration and is the author of The Waste-Free World. He founded and currently serves as CEO of Closed Loop Partners, a firm at the forefront of building the circular economy.

Emily A. Carter, PhD, is the Gerhard R. Andlinger Professor in Energy and the Environment in the Department of Mechanical and Aerospace Engineering at Princeton University. Her research combines applied physics, materials science, and propulsion and energy sciences.

Patrick Lynch, MBA, is a Co-Founder and Managing Partner of Featherlight Capital. He has over 25 years of private markets experience at some of the most sophisticated institutional investors. He has led over 60 investments ($6.7bn) and acted on investment committees that oversaw $40bn of commitments in private markets.

This session is the third in a four-part series titled “Private Capital and Discovery: Strategic Investing in Scientific Innovation,” presented by The New York Academy of Sciences and PCRI. The series, sponsored by Ropes & Gray, is focused on fostering a broader understanding of the recent scientific and technological trends and their implications for private capital investors. These roundtables emphasize opportunities and challenges associated with marshaling the capital required to translate cutting-edge technologies into marketplace solutions. 

Each roundtable brings together a combination of scientific, investment, and business perspectives on a challenge associated with the commercialization of breakthrough science. These webinars are conducted and covered under Chatham House rule. Proceeding summaries will be made available to attendees after each event.

While the Academy excels in fostering scientific discovery and interdisciplinary collaboration, PCRI focuses on enhancing the understanding and impact of private capital investments. This collaboration allows for a unique intersection where cutting-edge scientific research meets strategic investment insights.

Both non-profit organizations seek to present substantive, fact-based research in a form that maximizes broad accessibility of these ideas and their applicability to the concerns of investors, business leaders, and policymakers, as well as influential intermediaries.

The first two events in the series covered “Entrepreneurship in AI” and “Quantum Computing in Business and Private Equity.” The series’ final event, to take place on March 26, will focus on “The Public Sector and ‘Tough Tech.’”

Registration for the January 22 event is free and open to all. Reserve your spot today!

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About The Private Capital Research Institute

Based at Harvard Business School, the Private Capital Research Institute’s mission is to encourage research about private capital’s potential to be a constructive force to power economic development, innovation, and business transformation.