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Investing in the Era of Climate Change

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A climate catastrophe can be avoided, but only with a rapid and sustained investment in companies and projects that reduce greenhouse gas emissions. To the surprise of many, this has already begun. Investors are abandoning fossil-fuel companies and other polluting industries and financing businesses offering climate solutions. Rising risks, evolving social norms, government policies, and technological innovation are all accelerating this movement of capital.

Bruce Usher offers an indispensable guide to the risks and opportunities for investors as the world faces climate change. He explores the role that investment plays in reducing emissions to net zero by 2050, detailing how to finance the winners and avoid the losers in a transforming global economy. Usher argues that careful examination of climate solutions will offer investors a new and necessary lens on the future for their own financial benefit and for the greater good. Companies that reduce greenhouse gas emissions will create great wealth, and, more importantly, they will provide a lifeline for humanity.

Grounded in academic and industry research, Usher’s insights bring clarity to a complex and controversial topic while illuminating the people behind the numbers. This book sets out a practical and actionable plan for investors that will alter the course of climate change.

304 pages, Hardcover

Published October 11, 2022

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Bruce Usher

2 books10 followers

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5 stars
65 (38%)
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73 (42%)
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28 (16%)
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3 (1%)
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Displaying 1 - 19 of 19 reviews
Profile Image for Edward Carrington.
14 reviews1 follower
August 31, 2025
Investing in the Era of Climate Change offers an accessible introduction to climate technologies and the financial strategies aimed at accelerating the transition to a low-carbon economy. The book highlights the historical connection between GDP and CO₂ emissions, while acknowledging the ongoing failure to price negative externalities.

The book provides a concise technical introduction to core clean energy technologies, including renewable energy generation, industrial decarbonization, energy storage, and carbon sequestration. It outlines the physical principles of solar, wind, and hydroelectric systems, examines electrification and low-carbon fuels for industrial processes, and explores battery chemistries and grid integration challenges.

The author assumes the momentum of capital and technological innovation is sufficient to drive large-scale change. This overlooks enduring climate denial, political resistance, and the short-term focus that dominates much of capital investing. Without addressing systemic barriers, the ideas remain theoretical, offering limited steps toward meaningful or actionable change.

This book is a useful starting point for newcomers, and a solid reference for professionals who already understand how IRA-backed PTCs lower the LCOE of PPAs through REC monetization—enabling RPS compliance and aligning buyers with SBTi, TCFD, CDP, and ESG goals. It’s worth owning for reference, though not essential to read cover to cover.
Profile Image for Constanza Anorga.
62 reviews
November 17, 2025
I grew up inside a renewable energy family without ever grasping the meaning of what we were doing. For years, I looked at hydro the way a business school person looks at any asset. A project with cash flows, construction timelines, covenants, debt schedules, and a good IRR when managed well. I saw the business, not the impact. I understood the numbers, but not the story they belonged to.

Reading this book, and taking Bruce Usher’s class at the same time, changed something fundamental in me. It widened my lens. It made me see the big picture of climate change for the first time in my life. And suddenly the work my family does stopped being a “good business” and became something beautiful. It became something I am proud to build. I cannot explain how deeply this shifted my identity. It changed the way I think about myself, about my father, about my family, and about the responsibility and privilege of building real projects in a world that desperately needs solutions.

Before this class, I would have called myself a defeatist, exactly the way Bruce defines it. I thought climate change was inevitable, that we were heading toward catastrophe and that nothing we did would matter. I read the news, saw the graphs, saw how slowly governments moved. It was overwhelming. And when something overwhelms you, you freeze. You stop imagining solutions because you are convinced they will not work.

This book dissolved that mindset. Page by page.

One of the first things that struck me was how clearly Bruce explains how we got here. I never knew that the agricultural revolution built on nitrogen fertilizers was one of the key moments that allowed the population to explode. I never understood how the Industrial Revolution, agriculture, and rising incomes all became tied to emissions in a way that locked us into a growth model we still use today. And I definitely never realized how strange it is that we still treat GDP as a measure of national well-being when it ignores the single biggest risk to future prosperity.

It is impossible to keep reading and keep pretending the old economic logic makes sense.

Another moment that stayed with me is his point about individual action. I had always absorbed the idea that we needed to recycle more, fly less, eat differently. But the book shows so clearly why individual reductions barely change anything and how they sometimes make people less supportive of government policy. It is not a message that blames individuals. It is a message that redirects attention to the actors who actually shape outcomes: Investors.

This is what makes the book so powerful. It is not written for politicians or activists. It is written for the people who decide where capital goes. It tells us exactly how much funding the world needs every year. It shows us which technologies are ready, which are promising, which are risky, and which are simply not worth it. It shows that solving climate change is not about waiting for some miracle invention. We already have the technologies. The only question is whether we deploy them fast enough.

The climate tech sections were my favorite. I have grown up around hydro plants and still learned so much about solar, wind, batteries, nuclear, carbon capture, and green hydrogen. I did not realize how mature some of these technologies already are or how dramatically their costs fall as they scale. I did not know that in the year 1900 a third of American cars were electric. I did not know how many of the ideas we think are new have been sitting there for a century, waiting for the economics to work.

For me, as someone who will eventually need to invest the liquidity from my family’s projects, this book felt like a map. I understood the risks, the time horizons, the cost curves, and the logic of each technology in a way I never had before. It made the energy transition feel real, not theoretical. It connected my personal life with the global challenge.

But the concept that changed my thinking the most was the one about the tails of the probability curve. I used to hear “one degree of warming” and think it sounded small. The book explains why it is not the average that matters. It is the extremes. When the entire curve shifts, the outlier temperatures shift too, which means more record heat events, more disasters, more ecosystem collapses. That is when climate change stops being abstract. Suddenly you see how fragile everything is when the boundaries change.

I also appreciated how honest Bruce is about governments. Their inability to reach binding agreements. Their incentives. Their failures. And still, he explains why subsidies matter. Not as permanent solutions, but as the push that starts the cycle. The push that brings costs down through scale until the technologies can stand on their own.

Near the end, the book becomes philosophical, and that surprised me. It confronts the psychology of investors. Our desire for certainty. Our instinct to wait. Our inability to process long-term risks in a world where everything is accelerating. It is uncomfortable to read but also clarifying. It explains why the biggest challenge in climate finance is not technology or capital. It is the human brain.

Closing the book, I did not feel despair. I felt the opposite. I felt hopeful because now I understand that the solutions exist and that we are not waiting for some scientific miracle. We are waiting for capital to move. We are waiting for investors to see opportunity where they once saw uncertainty.

This book made me proud of the work my family does in a way I never expected. It made renewable energy feel not just like a business but like a contribution. It connected my personal history, my studies, and my future in a way I had not felt before.

“Investing in the Era of Climate Change” changed how I see the world. It changed how I see myself. And I will carry what I learned from it for the rest of my life.
Profile Image for Shay Hernandez.
37 reviews
September 9, 2024
It’s a 3.5 stars for me.

I think from the perspective of purely investment advice, this book is great. I particularly liked the assessment of green hydrogen and learned a lot about the emerging tech. There’s good advice on risk and the plans best suited to different investors.

My issues with the book come from the last chapters, and the author’s repeated framing of market solutions as potentially the “only” solution to catastrophic climate change. I think the argument that renewable energy will price out fossil fuels through market forces is solid, but I’m not convinced this will occur fast enough to stop catastrophic climate change. The role of government is downplayed- government subsides for fossil fuels that make them even more competitive with renewables is never mentioned. The author acknowledges that if current fossil fuel reserves are burned and no new projects are greenlit, then we will surpass 2 degrees of warming. I don’t think market forces would be able to prevent this surplus from being consumed and heavy government intervention is necessary. Heavy carbon taxes would need to be imposed to keep this unburnt. At that point, non-market forces such as outright bans on emissions could be more effective.

I also disagree with the author’s dismissal of consumption reduction. He basically states that since consumption reduction will never decrease carbon emissions to zero, it is a misguided strategy. By the same logic, market investment isn’t a sound strategy, since some sectors will never be able to stop emitting carbon. Both approaches should be considered as pieces of the solution, not the single-approach magic bullet. I think there are few consumption-reduction advocates that would consider it the singular solution to the climate crisis.

Lastly, I believe the author mischaracterizes the Covid crisis as an example of life under degrowth. He says that COVID’s market contraction resulted in only small emissions reduction and massive loss of wealth. While this is true, this doesn’t make it an example of degrowth. Degrowth would come with government investment in new sectors and growth of sectors such as education and nursing and be a gradual shift, not the sudden shuttering of businesses seen during Covid. Additionally, the carbon reductions during Covid were unplanned and, in the US, mostly came from disappearing vehicle emissions as commuters didn’t travel to work. I’m not saying that degrowth is the answer, but the arguments presented in this book aren’t sufficient to completely write it off, as COVID is not a sufficient parallel.

All that being said, these arguments about climate solutions weren’t the central thesis of the book, so I’m going to overall put it at a 3.5 ⭐️. If you’re looking for advice on where to put your money, this book is great. If you’re looking for perspectives on the climate crisis as a whole and pathways for change, it’s only okay, and you should look further to different arguments to get a more complete view.
10 reviews
November 17, 2025
Bruce Usher wrote a solid foundational book on the history of our energy storage along with the actions needed to get to net zero by 2050. The book starts with history, mentioning that “the Industrial Revolution was powered by fossil fuels” and discusses various international agreements such as the Kyoto protocol as well as the Paris Agreement. On Page 8, he shared the significant of the Paris Agreement, where “nations responsible for more than 90 percent of global emissions agreed to submit carbon-reduction targets outlining each country’s commit (8). There would be no progress made without 195+ nations working in unison towards one common goal.

While the earlier portion of the book is focused on the history, usage and trends of energy, the later sections explain investment into climate change. Each chapter dives into a new piece to the puzzle: carbon credits, power plant agreements, real estate, private equity, etc. I firmly believe it is not the lack of or access to capital but rather it’s where we put it to use. Usher writes, “the fixed income markets are the optimal source of capital for financing climate solutions because the debt capital markets are 10 times as large as the equity markets (193). It’s apparent that we aren’t optimizing for the future when we have $21T in liquidity through global fixed income markets and are unwilling to directionally change our behaviors to accomplishment achieving net zero. All in, I thought this book was both informative, educational, and delightful to read. For anyone interested in our future and willing to hear ideas about how they can help our climate, read this book.
Profile Image for Mihai Stroe.
9 reviews
July 20, 2025
A lot of interesting industry insights which can enlarge the overall knowledge on green energy and climate matters. Reading it in 2025 it sounds a bit too positive and indeed, the end of the book is a bit difficult to be read in the current context.
93 reviews2 followers
April 24, 2022
This is an incredibly detailed and fascinating book about the technologies that are impacting climate change and different methods of investing depending on your goals. There is A LOT of information, so the average investor might skip a few of the more detailed sections. I found the information about EVs very interesting and I learned a lot I didn't know before. I also feel like this has enabled me to be a more responsible investor even though I am just one person, and I can feel better about what I'm doing with my money. I'm a fairly novice investor mainly focusing on index mutual funds, but even so I didn't feel like this was over my head. All of the information is clearly laid out and it's easy to skip to the chapters that are most relevant to you.

Thank you to Columbia University Press and NetGalley for the opportunity to access this free e-arc in exchange for an honest review.
5 reviews1 follower
July 29, 2023
As someone who’s been working in and investing in the renewable energy industry for 20+ years, I didn’t expect to learn a lot of new things in reading Bruce’s excellent book, but boy, was I mistaken. He does such a great job of covering the entire landscape of climate investing, providing not only great insights, but data rich supports for those insights. Plus, the book reads well and flows in a more engaging way than business books. Really, really recommend - for newcomers to the sector and lifers alike.
Profile Image for Paula.
60 reviews
September 4, 2023
Really good introduction to climate tech innovation and investment opportunities. I liked the explanation of what each technology does, as well as what kind of investment would be most effective for each case. Gave me a little more hope for the world after coming from the UN/government sphere
Profile Image for Laura May.
Author 6 books53 followers
June 24, 2022
I requested this book to review from NetGalley, given my undernourished financial education and my desire to save the world. Overall, I think it is best suited to people from the US, who like Elon Musk and Apple, and perhaps aren't too into women's opinions. But let's dig deeper.

Firstly, I have to say that there were some issues in the review copy I received. Namely, it was missing every number from the book, as well as the letter 'f', letters following 'f', and all instances of 'th''. Given the book presented a lot of data, this meant I will not have had full impact of the figures presented. Think, "e scale and speed of the e orts demanded" or "In the years to , US real GDP grew percent and emissions declined percent". But I'm going to assume this was a NetGalley issue, not a book issue!

I did like the opening chapters of this book, where there was discussion of different climate technologies, as well as some basics of investing. When it got into the nitty-grittier chapters though, talking about specific strategies, it felt like the author was bored of writing--and it was a real grind to try and get through. It seemed like reading a list that didn't actually grab you at all. Very dull, and not especially applicable.

In my opening lines I do suggest who this audience is for, and the book is definitely written for a US audience, with US investing strategies discussed quite a bit. There is also a clear LOVE for Elon Musk, with Tesla spoken about at great length, and the now-defunct Solar City mentioned. A certain amount of Apple fan-boying is also present. One thing that really struck me though, was the lack of women pictured, cited, or otherwise referenced. I believe I counted three over the course of the book, as opposed to a virtual tide of men. This is particularly surprising, given the author thanks his predominantly-female-named research assistants for helping with the book; and frankly, it's an embarrassment to be so focused on works written by men in 2022. This is even more egregious in light of the fabulous women economists working on new ways to format or conceptualise the economy (e.g. Mazzucato, Raworth). Even experts in the environmental field are missing--noticeably, in the discussion about climate pessimists etc, Christiana Figueres. I get that economics and finance more broadly has typically been dominated by men--my PhD is in polisci, where the same issue occurs. But it's really not that hard to expand your horizons and incorporate relevant literature and authors.

The biases in this book made me think less of its contents, whether in terms of the gender dynamic or Musk fanboying, but I do still feel that I learned or consolidated some knowledge, exclusively about climate technologies, if not investment.

2.5 stars.
4 reviews
August 5, 2023
The first half of the book is great as a first day introduction to energy transition technologies. The second part about investing is very simplified description. I often found it not precise and there are many cases of cherry picking investment cases.

The book in general is not very enlightening and I would not take it as more than a coffee table book for some time passing on a random afternoon.
1,831 reviews21 followers
June 21, 2022
This is a decent overview of various technologies and strategies related to investing in climate change. But it simply touches on each area, provides very little guidance. While interesting in some spots, it's not particularly helpful. So I guess I'd categorize it as a primer.

Thanks very much for the free ARC for review!!
14 reviews
August 10, 2023
Solid overview that tackles everything from venture capital to bond markets, which is a difficult task.

However, fascinating to see how quickly some of these examples feel dated and misinformed now (eg Beyond Meat) — IPO/returns success does not always equal business/product success and I felt this message was missing.
Profile Image for Juan Farfán.
57 reviews9 followers
November 8, 2022
Good for someone approaching these topics for the first time. Good overview of climate finance, it lacks details
Profile Image for Stephen Hendrickson.
34 reviews
May 11, 2023
Pretty straightforward explanation of the state of play across climate tech. Not a lot of new insights but could be a great read for someone new to the subject.
204 reviews5 followers
April 2, 2024
Solid 3.5. Perhaps would have appreciated the high level stuff more if I wasn't in the industry, so for newer people this could be better, though I thought it was still worth reading. Learned more on the debt side and some of the impact/ESG stuff that is still relevant and where most the money actually is.
Profile Image for Kathy Cramer.
158 reviews2 followers
May 17, 2024
This was old news and didn't give any great ideas except for giving all to climate correction. I think a tax for what you use would be a good way to keep people mindful of carbon usage.
Profile Image for Sevgi Helin.
56 reviews2 followers
August 30, 2025
Guzel, cok high-level, climate sustainability alanlarina giris ve financing yontemlerini öğrenmek icin okunabilir
Displaying 1 - 19 of 19 reviews

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