Investing in Climate Tech for the Built World

In episode 8 of Building to Zero, Brendan sits down with Greg Smithies, a Partner at Fifth Wall who co-leads the Climate Technology Investment team. Greg frames his experience as a climate tech investor and outlines real estate's path to decarbonization - and where he believes climate technology can make an impact.

[raymondlevitt]

Most commercial building landlords still use triple net leases which charge tenants a fraction of the total building energy costs based on how many square feet they occupy. So the incentive chain is broken: the landlords who could modify existing buildings or build new buildings don't pay for the operating energy costs. Various forms of arbitrage have addressed this "split incentives" or "broken agency" issue. Sub-metering the leased spaces and having landlords buy electricity "wholesale" and resell it "retail" to each tenant (usually with a 5-8% markup) is one way to address this problem. There are other ways to change the incentives.

[merrywilliams]

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