It needed a lot of early capital and wouldn’t reap immediate profits. It was a classic case of “tough tech” — unappealing to mainstream investors.After dozens of dead-end fundraising meetings, Dave’s start-up was looking like a charity case. Luckily, a charity was ready to help.a nonprofit organization in Cambridge, Mass., focuses on funding technologies with major potential to cut greenhouse gas emissions.
Since its founding in 2014, Prime has channeled more than $24 million from wealthy donors and big foundations into a portfolio of 10 “tough tech” ventures, making it part of a growing trend that could unleash untapped fortunes to fight one of the world’s most daunting problems.of $730 billion in global philanthropic giving was spent fighting climate change.
Under the United Nations’ Paris Climate Agreement, 197 countries have pledged to stop average global temperature rise from exceeding 2 percent, compared to preindustrial levels: The point beyond which scientists say the planet will experience catastrophic, irreversible damage. Even so, many of the technologies needed to make that kind of progress aren’t yet viable, according to a report last summer by the International Energy Agency.
Just a decade ago, venture capitalists were a lot more eager to invest in technologies to fight climate change. In 2007, Silicon Valley billionaire John Doerr famously wept during a TED talk in which he described discussing climate change with his teenage daughter. That was the same year that Al Gore’s documentary, “An Inconvenient Truth,” won an Oscar.
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