Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Photo Illustration: Aïda Amer/Axios. Photo: Photo by Nicola Gell/Getty Images for SXSW.

Chris Sacca was one of the past decade's most successful venture capitalists, with a run that included early bets in such companies as Instagram, Twitter and Uber. Then, in 2017, he quit.

Driving the news: Sacca is good at investing, but bad at retiring. He's now running a new firm called Lowercarbon Capital, focused on startups that are developing "technologies to reduce CO2 emissions, remove carbon from the atmosphere, and actively cool the planet."

"Clean tech" remains a dirty word for many venture capitalists, due to the mountains of cash lost on such deals in the late aughts.

  • Sacca argues that the sector today is akin to internet tech in 2005 when Y Combinator launched, in terms of lower startup costs and clearer paths to scale.
  • This is not, he stressed to me yesterday during a CB Insights conference interview, a charity case. Sacca also says he welcomes the investment participation of oil majors like Chevron and ExxonMobil, even though that's blasphemy in some clean-tech investment circles.
  • Portfolio companies include a startup focused on lithium extraction tech, a carbon credits marketplace, and an oyster hatchery in Maine.

Details: Lowercarbon currently is structured as a family office ⁠— Chris' wife Crystal is co-founder ⁠— in the tens of millions of dollars. It hasn't yet accepted outside money save for a few special-purpose vehicles with institutional investors from Sacca's prior funds, but there's a growing possibility that it will do a formal fundraiser.

  • Elsewhere: Climate tech investing is having a big week. Sweden's Pale Blue Dot raised $60 million for a new fund, Prime Impact Fund emerged from stealth with $50 million, and Copenhagen Infrastructure Partners raised a €1.5 billion fund focused on renewable energy infrastructure.

The bottom line: Sacca's participation could prompt others to tip their toes back in, or for the first time, but a stampede is unlikely until the new generation of clean tech companies produces a massive hit.

Go deeper

Ben Geman, author of Generate
Sep 24, 2020 - Energy & Environment

CO2 capture is growing but still lags badly, IEA says

Screenshot of IEA's "CCUS in Clean Energy Transitions" report

There's growing momentum behind deploying technology that traps and stores CO2 emissions, but much more investment and stronger policies are needed, the International Energy Agency said in a new report.

Why it matters: The technology is vital to enabling the radical emissions cuts needed through the 2050-2070 timeframe to keep temperature rise in check, the agency said.

Kevin McCarthy's rude awakening

House Minority Leader Kevin McCarthy. Photo: Mark Wilson/Getty Images

Kevin McCarthy is learning you can get torched when you try to make everyone happy, especially after an insurrection.

Why it matters: The House Republican leader had been hoping to use this year to build toward taking the majority in 2022, but his efforts to bridge intra-party divisiveness over the Capitol siege have him taking heat from every direction, eroding his stature both with the public and within his party.

The next big political war: redistricting

Illustration: Aïda Amer/Axios

Democrats are preparing a mix of tech and legal strategies to combat expected gerrymandering by Republicans, who are planning to go on legal offense themselves.

Why it matters: Democrats failed to regain a single state legislature on Election Day, while Republicans upped their control to 30 states' Houses and Senates. In the majority of states, legislatures draw new congressional district lines, which can boost a party's candidates for the next decade.