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Carbon capture has proved a disappointment, crucial funding gaps haven't yet found a solution, and policy is the big wildcard — those were key themes in hallways and meetings at last week's Breakthrough Energy Summit in London.

Why it matters: The investment and policy group founded by Bill Gates brought together 1,500 of the most influential investors and founders in climate.

The big picture: The tone at the two-day summit was upbeat, with startups promoting ambitious technologies and on-stage speakers serving solutions to startups' challenges.

Yes, but: There was an undercurrent of anxiety, stoked by surging right-wing political gains in the U.S. and Europe, and fresh lessons learned about certain technologies that haven't yet found their path to viability.

Here are the takeaways from the top execs at Breakthrough Energy:

Everyone relax about AI electricity demand: "Tech companies are the people willing to pay a premium and to help bootstrap green energy capacity," Bill Gates said during a roundtable with reporters. "It's, in a sense, the least price-sensitive."

And get real about net-zero goals: "You're not gonna get to zero by 2050," Gates added.

Reconsider exit timelines: Next year marks 10 years since both the Paris climate agreement and the launch of Breakthrough Energy — not so long in the lifespan of a startup, especially one in climate.

"It's going to take longer to build green climate companies by five to 10 years," billionaire John Doerr, a Breakthrough Energy Ventures LP, said during a roundtable.

It may take even longer for carbon capture: "I don't understand what the price target is. I don't understand what the market is. I don't understand who I'm selling to. It's really challenging," Breakthrough Energy CTO Eric Toone told reporters.

Alternatives to gasoline, diesel and other liquid fuels also face challenges: "There's oil in the kingdom they can get out of the ground for $4 a barrel," Toone said. "I guarantee, nothing I can do is going to compete with that purely on price."

Fusion is promising but may require a new model: "What if it needs a more tailored ecosystem?" Breakthrough Energy managing partner Carmichael Roberts says. "We're mapping that out for every last one of those fusion companies."

Political donations are now investments: Former President Trump has said he'd slow or halt spending on climate. "Investing to reelect Joe Biden is the best climate investment we can make," Doerr said.

Buzz from Breakthrough Energy's summit in London

Observations from Bill Gates, John Doerr, Carmichael Roberts and Eric Toone.

Breakthrough Energy executive director Rodi Guidero talks with co-founder Bill Gates on stage at the Breakthrough Energy Summit in London. Both sit on blue armchairs, with a screen behind them displaying purple and blue blocks of color.

Breakthrough Energy executive director Rodi Guidero, left, talks with founder Bill Gates on stage at the Breakthrough Energy Summit in London. Photo: Courtesy of Breakthrough Energy

Climate tech

Carbon capture has proved a disappointment, crucial funding gaps haven&#x27;t yet found a solution, and policy is the big wildcard — those were key themes in hallways and meetings at last week&#x27;s Breakthrough Energy Summit in London.Why it matters: The investment and policy group founded by <a class="gtmContentClick" data-vars-link-text="Bill Gates" data-vars-click-url="https://www.axios.com/pro/climate-deals/2024/06/25/bill-gates-terrapower-nuclear-energy-climate" data-vars-content-id="4198da90-a245-452d-be50-e37ee403f2e1" data-vars-headline="Buzz from Breakthrough Energy&#x27;s summit in London" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/climate-deals/2024/06/25/bill-gates-terrapower-nuclear-energy-climate" target="_self">Bill Gates</a> brought together 1,500 of the most influential investors and founders in climate.

Buzz from Breakthrough Energy's summit in London

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