Tom Steyer and Katie Hall

Each year buildings are responsible for 42% of global carbon dioxide emissions. And in the U.S., 20% of energy-related emissions come from heating, cooling, and powering homes. Two individuals working hard to tackle buildings’ climate impact in the U.S. are Tom Steyer and Katie Hall, co-executive chairs of Galvanize Climate Solutions. Last year, Galvanize Real Estate was launched with the aim of investing in and decarbonizing properties. This includes offering tools to identify the best buildings to decarbonize, and how to take advantage of Inflation Reduction Act incentives to do so. And this year the initiative has acquired two properties to retrofit in order to reduce their climate impact.

What is the single most important action you think the public, or a specific company or government (other than your own), needs to take in the next year to advance the climate agenda?

STEYER: The [green] transition will continue regardless of the outcome of the U.S. election and will reward those with a deep and nuanced perspective on the intersection of technology, policy, markets, and politics. In terms of action, now is not the time to wait and see—smart businesses want to save on energy bills and increase their profits, smart consumers want better and cleaner products, and smart investors want to own the growth stories of tomorrow and avoid the risk of stranded assets. 

HALL: I have witnessed first hand the unique and irreplaceable role investors play in advancing the climate agenda. While the imperative to mitigate the effects of climate change is real, the value which will accrue to those who offer solutions is also immense. Global energy forecasts have systematically underestimated the annual growth of solar, wind, and have more recently done the same with batteries. These new technologies aren't just growing their market share, they are re-shaping markets completely. That's an exciting world to live in and an investment environment which rewards those who understand the complex intersection of technology, policy, markets, and politics. 

What is a climate solution (other than your own) that isn't getting the attention or funding it deserves?

STEYER: If you can't measure it, you can't manage it. In other words, once we can fully understand the carbon footprint of my sweater, then we can decide how to address it. Measurement, transparency, and accountability are vital components of the climate transition that deserve more time and attention. Not only will these information systems help scale and expand vital hardware solutions, they’ll also super charge our ability to come together as 195 countries around the globe and agree on standards and implement regulations.

HALL: The growth of AI is reliant upon the continued scaling of renewable energy to meet growing energy demand without major climate impact. Moreover, innovation in the AI sector will significantly accelerate the materials, technologies, and business models which will drive the clean global economy. The interconnectedness of these two secular forces implies a future where the trade-off between AI’s positive applications and its rising consumption of power creates exciting investing opportunities.

If you could stand up and talk to world leaders at the next U.N. climate conference, what would you say?

STEYER: The drivers of growth are more powerful than the barriers. Falling technology costs, the energy security of abundant and eternal renewables, and the global race to economic dominance will continue to scale incumbent solutions. Given this exponential inevitability and the opportunity at hand, the climate transition will be as much a feature of the global landscape as is the growth of artificial intelligence. This is an opportunity for nations to help build and own the economy of the future, and every country, regardless of its emissions profile, has a role to play.

HALL: Climate change presents the economic opportunity of a generation for every country on the globe. This is a chance to invest in your citizens and economies. Leaving this chance on the table not only stands to irreparably damage the physical environment and the health and wellbeing of your people, but also leaves massive profits on the table. Climate solutions are not slow and costly, they are fast and valuable.

*Disclosure: Investors in Galvanize Climate Solutions include TIME co-chairs and owners Marc and Lynne Benioff.