WEBVTT - Doerr on 'Decisive Decade' for Reducing Emissions'

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<v Speaker 1>This is Bloomberg Business Week with Carol Messer and Bloomberg

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<v Speaker 1>Quick Takes Tim Stinovich from Bloomberg Radio. So if you

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<v Speaker 1>think about the venture capital world, the legendary venture capitals

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<v Speaker 1>that really helped build the foundation of today's VC world,

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<v Speaker 1>and the iconic companies in the tech space, you definitely

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<v Speaker 1>have to think of our next guest. John Door went

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<v Speaker 1>to work for Kleiner Perkins back in the eighties early eighties.

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<v Speaker 1>He's been involved in investing companies we all know so well,

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<v Speaker 1>including being an original investor and board member at Amazon

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<v Speaker 1>and Google, backing then entrepreneurs Larry Page, Sergey Brin and

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<v Speaker 1>Jeff Bezos and so many more. He has seen innovation

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<v Speaker 1>up close and personal, scene disruption and the evolution of

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<v Speaker 1>our world and the action plans necessary to bring it

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<v Speaker 1>all about well today, he has an action plan for

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<v Speaker 1>solving our climate crisis right now, and it's very timely.

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<v Speaker 1>With COP twenty six continuing in Glasgow as we speak.

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<v Speaker 1>Delighted to bring in John Doer, chairman of Kleiner Perkins,

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<v Speaker 1>author of a new book, Speed and Scale and Action

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<v Speaker 1>Plan for Solving our Climate Crisis. Now. He enjoys us

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<v Speaker 1>on the phone in Menlo Park, California. John, So looking

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<v Speaker 1>forward to talking with you. Thanks for being here with

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<v Speaker 1>Katie and myself. UM, so much to talk about. I

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<v Speaker 1>want you to take us back, if you would, and

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<v Speaker 1>you start out your book this way. Uh. And I

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<v Speaker 1>know it's been out in a lot of press materials,

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<v Speaker 1>but I think it's it's very telling. Um. Take us

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<v Speaker 1>back to a two thousand six and a dinner you

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<v Speaker 1>hosted after a screening of an Inconvenient Truth. Your daughter

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<v Speaker 1>made some comments. Yes, my daughter was an inconvenient youth.

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<v Speaker 1>That evening I had gone with some friends and her

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<v Speaker 1>to see Al Gore's epic movie. But that put really

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<v Speaker 1>the climate crisis. I think in the global conversation. Eight

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<v Speaker 1>million people saw that movie. But at at dinner, we

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<v Speaker 1>went around the table and I had a number of

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<v Speaker 1>my Republicans friends there and we talked about, well, is

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<v Speaker 1>is the world getting warmer? Yes? Is it man made

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<v Speaker 1>or not? There we had some disagreement over that at

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<v Speaker 1>the time, uh, but then we asked people what they thought.

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<v Speaker 1>And when it came to marry she turned to me

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<v Speaker 1>and she said, Dad, your generation created this problem. You

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<v Speaker 1>better fix it. And I had no idea what to

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<v Speaker 1>say or what to do? I was I was speechless.

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<v Speaker 1>She said, I'm scared and I'm angry. And so I

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<v Speaker 1>set out with my partners to understand climate technologies, the markets,

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<v Speaker 1>the innovation, the forces at work. And over time we

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<v Speaker 1>devoted over three of our venture funds a billion dollars

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<v Speaker 1>to about seventy climate tech startups. And it was hard.

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<v Speaker 1>It looked for a while like the portfolio would fail,

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<v Speaker 1>but we stood by these entrepreneurs and today that that

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<v Speaker 1>billion dollars is worth three billion dollars and companies like

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<v Speaker 1>Beyond Meat and Bays and and other investments. So what

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<v Speaker 1>I learned from that is it takes guts and courage

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<v Speaker 1>and staying power, and it's hard. But that was then

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<v Speaker 1>and this is now. And you know, Testless what the

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<v Speaker 1>seventh most valuable company in the world, and innovations and

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<v Speaker 1>clean the transition to a clean energy economy. This is

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<v Speaker 1>the biggest opportunity of our lives. I'm I'm convinced, and John,

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<v Speaker 1>I want to hear more about the action plan that

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<v Speaker 1>you lay out in the book. I mean, what steps

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<v Speaker 1>do you view are needed to take now to address

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<v Speaker 1>this climate crisis? Well, uh, one thing your listeners can

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<v Speaker 1>do is they can go to speed and Scale dot

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<v Speaker 1>Com and get the plan for free. So it's ten

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<v Speaker 1>great big objectives. The first six of those are solutions.

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<v Speaker 1>In the latter four speed ups, I'll just go through

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<v Speaker 1>the solutions issue with you. If we electrify transportation, which

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<v Speaker 1>means stop using gasoline and diesel for our vehicles, then

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<v Speaker 1>number two decarbonize the grid by shifting to wind and

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<v Speaker 1>solar and safe nuclear. And then number three fix our

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<v Speaker 1>food systems, which means eating less meat and dairy, not stopping,

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<v Speaker 1>but less while improving how we grow our crops and

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<v Speaker 1>reducing food waste. And if we do that, while number

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<v Speaker 1>four we protect nature which is to stop deforestation, protect

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<v Speaker 1>our oceans, and five clean up industry, especially the making

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<v Speaker 1>of steel and cement is a very dirty carbon generating process.

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<v Speaker 1>We can innovate around that. And then finally, as hard

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<v Speaker 1>as we work at this, we're never going to eliminate

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<v Speaker 1>all carbon emissions. So the i p c C, the

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<v Speaker 1>U N Scientific body, says we've got to find ways

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<v Speaker 1>to remove carbon that's being emitted on an ongoing basis

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<v Speaker 1>were already in the air. That's the sixth big goal.

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<v Speaker 1>Now we don't just have to do these six things

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<v Speaker 1>and do them all at once. Right, it's going to

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<v Speaker 1>be a tall, tall order. We got to do them

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<v Speaker 1>fast well. So the big objective, the big objective is

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<v Speaker 1>to get this done to net zero by We are

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<v Speaker 1>talking with John Door He's chairman of Kleiner Perkins. He's

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<v Speaker 1>got a new book out called Speed and Scale, An

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<v Speaker 1>Action Plan for Solving our Climate Crisis. Right now, John,

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<v Speaker 1>we've just got about a minute and a half and

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<v Speaker 1>then we'll do some more news and then come back

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<v Speaker 1>and finish our conversation. But you mentioned Tesla. You know

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<v Speaker 1>what are the companies who are the innovators that you

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<v Speaker 1>really are falling there saying they're making a difference. These

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<v Speaker 1>are the companies that are going to be around for

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<v Speaker 1>the long term because they get it when it comes

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<v Speaker 1>to climate change. And just got about a minute here. Oh,

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<v Speaker 1>there's so many companies. Tesla for sure is one. The

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<v Speaker 1>transportation sector is a huge area for innovation, so companies

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<v Speaker 1>that are making better batteries. For example, it's estimated that

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<v Speaker 1>the market to electrify all transportation is four hundred billion

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<v Speaker 1>dollars of batteries per year. That's five times bigger. And

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<v Speaker 1>the US online advertising market that my friends at at

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<v Speaker 1>Google and Facebook are fighting over. So nd phase energy,

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<v Speaker 1>quantum escape. Uh. Larry Fink has said he thinks there

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<v Speaker 1>will be a thousand unicorns, that's a thousand companies worth

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<v Speaker 1>a billion dollars or more in this climate tech sector.

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<v Speaker 1>So you think the investment money and again just got

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<v Speaker 1>about thirty seconds here, So the E s G money,

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<v Speaker 1>does it make sense because there's a lot of people

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<v Speaker 1>are saying, you know, at E s G money, there's

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<v Speaker 1>not really great metrics for measuring. Do you think it's

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<v Speaker 1>being as productive as it could be when it comes

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<v Speaker 1>to climate change initiatives? Just quickly, the data shows that

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<v Speaker 1>investments in sustainability outperform those that don't. So my answer

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<v Speaker 1>is yes. I want to get right back to our

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<v Speaker 1>guest still with us as John Door, he's chairman of

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<v Speaker 1>Kleiner Perkins Still with us from Menlo Park, California. His

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<v Speaker 1>book out his speed and scale and action plan for

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<v Speaker 1>solving our climate crisis. Now, as I mentioned earlier, a

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<v Speaker 1>legend really when it comes to the venture capital world,

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<v Speaker 1>early investor in Amazon and in Google. So John, you

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<v Speaker 1>laid out, um, you know what needs to be done

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<v Speaker 1>in terms of decarbonizing the grid, fixing the food system,

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<v Speaker 1>which I agree, I've done a lot of work on

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<v Speaker 1>that that's really crucial. But then there's for um, what

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<v Speaker 1>you call the accelerants. Get talked to us a little

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<v Speaker 1>bit about that. Well, we have to do all these

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<v Speaker 1>things at once, and we have to do it by

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<v Speaker 1>and in fact their specific goals. So the four accelerators

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<v Speaker 1>to get this done in time are to win the

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<v Speaker 1>politics and policy in every nation around the world, to

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<v Speaker 1>turn movements into action, not just protests but code read actions,

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<v Speaker 1>to innovate, and then to invest, to invest like our

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<v Speaker 1>lives depend on it, because they literally do. And we

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<v Speaker 1>we we have to have more urgency and ambition. We've

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<v Speaker 1>got to go for the big carbon emissions. I say

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<v Speaker 1>in the book, go for the gig it times well,

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<v Speaker 1>and let me you know, when someone lays out it,

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<v Speaker 1>and forgive me, it's not just you, because I feel

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<v Speaker 1>like there's so many different things about how we solve

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<v Speaker 1>this and how we go about it, and it kind

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<v Speaker 1>of my head gets a little muddy. But I'm glad

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<v Speaker 1>we're talking about it and we're starting to put a

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<v Speaker 1>lot into action, because that's how you get things down.

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<v Speaker 1>Do we have until to get a lot of this done. Uh,

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<v Speaker 1>this is the decisive decade. You're on an important point.

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<v Speaker 1>We have to cut emissions in half by the end

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<v Speaker 1>of this decade to have a reasonable chance of having

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<v Speaker 1>a habitable planet in so, no, we have to reduce emissions.

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<v Speaker 1>That's eight percent next year and eight percent the year

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<v Speaker 1>after that and after that. We have not reduced emissions

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<v Speaker 1>in the history of civilization, except briefly during the pandemic.

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<v Speaker 1>We've got work to do well when it comes to,

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<v Speaker 1>you know, cutting emissions, doing this work, turning this into

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<v Speaker 1>code read actions. I mean, who is at the forefront here?

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<v Speaker 1>Who is responsible for that? Does that fall more on

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<v Speaker 1>corporations or governments to really take a leadership role there.

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<v Speaker 1>We need corporations, we need governments, we need leaders we

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<v Speaker 1>we we need nonprofits, we need entrepreneurs. Of all these parties.

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<v Speaker 1>The ones that are lagging, in my estimation are the

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<v Speaker 1>governments of the world. They're responsive to their political forces,

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<v Speaker 1>and we have not made climate a top two voting

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<v Speaker 1>issue in the twenty largest emitters. It is in Europe now,

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<v Speaker 1>it's not in the US, it's not in China, it's

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<v Speaker 1>not in India. We have work to do, to win

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<v Speaker 1>the politics and the policy to elect government officials who

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<v Speaker 1>make this a top priority. One thing I wonder about,

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<v Speaker 1>and you're someone who understands capital flows and going into innovation, right,

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<v Speaker 1>what I wonder is, as we track the Katie and

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<v Speaker 1>I attract the public markets and everybody here at Bloomberg

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<v Speaker 1>day in a day out, how is it that companies

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<v Speaker 1>will move aggressively enough unless there are some kind of

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<v Speaker 1>measurements or metrics or penalties. So when they report earnings,

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<v Speaker 1>for instance, shouldn't there be a climate metric that you

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<v Speaker 1>get penalized on if you're not being aggressive enough? Like,

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<v Speaker 1>how do we need something like that in order to

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<v Speaker 1>really make certainly the corporate sector move fast enough. We do,

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<v Speaker 1>and it's happening. There's the Net Zero Investor Alliance, which

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<v Speaker 1>has a hundred and fifty trillion dollars of investor capital

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<v Speaker 1>committed to UH invest in companies that have made and

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<v Speaker 1>declared and report on pledges to achieve net zero. I'm

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<v Speaker 1>really pleased by the movement underway in the investment community.

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<v Speaker 1>I'm really pleased are our goal is to have a

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<v Speaker 1>hundred percent of Fortune global five hundred companies commit to

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<v Speaker 1>net zero by not. Walmart has committed they're going to

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<v Speaker 1>do that. Amazon's leading a coalition of companies that are

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<v Speaker 1>doing the same thing. So uh, investors demand it, employees

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<v Speaker 1>insist on it. It's the right thing to do. And

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<v Speaker 1>I mean you definitely have seen that demand if you

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<v Speaker 1>look at the flows into some of these e s

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<v Speaker 1>G funds and e s G investments. But I mean,

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<v Speaker 1>in the past year, you've really seen a lot of

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<v Speaker 1>concerns about greenwashing come to the forefront. I mean, I'm

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<v Speaker 1>curious your thoughts on that. How much of an issue

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<v Speaker 1>you think it is? And I mean, how can investors

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<v Speaker 1>discern that they're actually putting their money behind sustainable causes. Well,

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<v Speaker 1>we need audits, we need reporting, we need standards for

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<v Speaker 1>higher quality what are called offsets. But more than anything else,

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<v Speaker 1>we need to cut the fifty nine giga tons of

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<v Speaker 1>emissions we have every year to net zero. We've got

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<v Speaker 1>to reduce emissions, then conserve energy, and at the same

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<v Speaker 1>time remove some of the stubborn carbon that's that's still

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<v Speaker 1>out there. You know, I'm thinking about people who are listening,

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<v Speaker 1>and I guess individuals can make a difference, But it

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<v Speaker 1>sounds like from what you're saying it's really institutions that

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<v Speaker 1>are going to move the needle here, and whether it's

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<v Speaker 1>our public institutions or private institutions, John, That's what it

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<v Speaker 1>kind of ultimately comes down to, is that fair, Well,

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<v Speaker 1>we need individual action, but we're at a place in

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<v Speaker 1>time now where that's not enough. And I've been really heartened.

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<v Speaker 1>And the book tells the story of individuals who get

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<v Speaker 1>their communities, for example, to adopt clean buses through collective action,

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<v Speaker 1>or they get their employers to make commitments to to

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<v Speaker 1>net zero. So, uh, we need them both. We need

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<v Speaker 1>them now. H Yeah, we're we're out of time. No,

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<v Speaker 1>my heart's kind of breaking here. He just got about

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<v Speaker 1>thirty seconds here. What is it that worries you so

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<v Speaker 1>much when you hear statistics about the climate change or

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<v Speaker 1>about climate change? Is a deforestation or what just very

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<v Speaker 1>quickly if you could deforestation stopping it, which is one

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<v Speaker 1>of the outcomes of the of the COP twenty six process,

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<v Speaker 1>is U is an encouraging pledge. There was a pledge

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<v Speaker 1>to reduce methane emissions by that's a fast acting improvement.

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<v Speaker 1>But the pledges are one thing. It's the action that

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<v Speaker 1>follows that we need to track. Well, John, you are

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<v Speaker 1>welcome anytime because I'd love to continue this conversation, so

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<v Speaker 1>please come back, UH and look forward to it, and

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<v Speaker 1>thank you so much. John. To our chairman of Kleiner

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<v Speaker 1>Perkins his book Speed in Scale and Action Plan for

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<v Speaker 1>Solving our Climate Crisis Now