The climate transition will require trillions of dollars of investment, but many of the biggest opportunities still face structural financing barriers because our financial system was not designed for a challenge of this scale and complexity. As investors, entrepreneurs, and institutions work to accelerate the transition, there is a growing need for new financial models that can bridge those gaps and unlock capital more effectively.

Today, we’re joined by Bob Zulkoski of Conduit Capital, a firm taking a very different approach to climate finance. Rather than building one big fund, Conduit is creating platforms designed to unlock private capital at scale — from financing energy-efficiency upgrades in commercial real estate, to launching climate-transition SPACs, to developing a new blended-finance vehicle aimed at helping impact investment managers bridge what Bob calls the “Pioneer Gap.” Bob calls the model radical collaboration, and the goal is not just to invest well, but to prove new models that others can replicate.

On today’s episode, we cover:

• 1:19 – Framing the Climate Finance Challenge and Introducing Bob Zulkoski
• 2:34 – What Is Conduit Capital? Vision and Radical Collaboration
• 3:48 – Replication as Theory of Change: Paving the Way for Competition
• 5:23 – Business Model: Non‑Concessionary, Patient, Impact at Scale
• 6:41 – Introducing Sustainable Credit Partners (SCP) and Mid‑Market CRE
• 8:09 – The Retrofit Problem: Aging Buildings, Spiking Energy Costs, Brown Discount
• 10:04 – SCP’s Lending Model: Easier, Cheaper, Faster for Borrowers
• 11:34 – Underwriting + GreenGen Partnership and Education Role
• 13:55 – SCP Traction: Origination Targets, Pipeline, Institutional Capital
• 16:02 – Loan Sizes, Typical Collateral, and Brown Discount Mitigation
• 16:48 – Three “Superpowers”: Market Familiarity, GreenGen + Climate First Bank, Moody’s
• 19:53 – Who Else Should Do This? Scaling via Competition and Green CLOs
• 22:48 – Introducing Climate Transition SPACs and Market Backdrop
• 23:01 – Rethinking SPACs: Tool for Climate Transition and Valuation Gaps
• 27:37 – First SPAC: Energy Transition Special Opportunities and Target Sectors
• 29:48 – Why Regenerative Agriculture Belongs in Climate SPACs
• 32:19 – Defining the Pioneer Gap vs. Missing Middle/Valley of Death
• 35:30 – The Pioneer Gap Impact Platform Fund and Alliance Structure
• 37:50 – Blended Finance Stack: Catalytic, Mezzanine, and Market Capital
• 39:08 – Why This Is the “Best of Times” for Climate Investing
• 41:40 – Closing Reflections

Resources Mentioned

• Sustainable Credit Partners (SCP)
• GreenGen
• Moody’s Investors Service 
• Climate First Bank
• C‑PACE (Commercial Property Assessed Clean Energy) 
• Climate Transition Special Opportunities SPAC
• Spring Lane Capital
• Pioneer Gap Alliance & Pioneer Gap Impact Platform Fund 

Connect with us

• Bob Zulkoski
• Jason Rissman

Keep up with Invested In Climate

• Sign up for our Newsletter
• Subscribe for our Other Future Newsletter
• LinkedIn
• Instagram

If you like what you hear, subscribe and rate to support the show! Have feedback or ideas for future episodes, events, or partnerships? Get in touch!

‍