Unlocking Trillions for Clean Energy and Climate Solutions

Toddi Steelman at a podium
Toddi Steelman, vice president and vice provost for climate and sustainability at Duke at the From Billions to Trillions Summit

This is a summary of a story originally on Nicholas Institute for Energy, Environment & Sustainability.

Nearly 500 leaders from energy, tech, finance, government, academia and philanthropy gathered at Duke University on Feb. 25 to confront a daunting challenge: unlocking the trillions of dollars needed to scale clean energy and other climate solutions worldwide.

The third annual “From Billions to Trillions” summit is aligned with Duke’s push to accelerate climate action through the Duke Climate Commitment.

“At Duke …we are positioned to serve as honest brokers and applied problem solvers,” said Toddi Steelman, Duke’s vice president and vice provost for climate and sustainability, noting that convenings like these help bridge sectors and political divides. 

Former U.S. Energy Secretary Ernest Moniz and other speakers highlighted a persistent gap in climate finance: the “missing middle.” Venture capital often backs early‑stage technologies, while large investors favor mature projects. Promising solutions frequently struggle to secure funding in between.

Even as some incentives from the 2022 Inflation Reduction Act have weakened, speakers said private investment in clean energy remains strong. Regulatory hurdles — especially long waits for grid connections — still slow projects.

Another growing pressure for utilities and regulators is the rapid rise in electricity demand from artificial intelligence and data centers. Speakers said the surge could spur new clean energy investment. Flexible data center operations, such as shifting when computing loads draw power, may help grids manage demand while limiting costs and emissions.

The summit also addressed global investment needs. Two‑thirds of the world’s population lives in emerging markets and developing economies, where energy demand is rising and climate risks intensifying. Panelists discussed barriers including governance, regulatory and currency risks as well as promising efforts to build pipelines of bankable clean energy projects.

Attendee Paul Elizondo, a general partner at P2 Hard‑Tech Ventures, praised the summit’s focus. “This was one of the few convenings I’ve joined that squarely addressed the real barrier to climate progress — how to finance and scale innovation,” he said.

To read more about the summit, go to Nicholas Institute for Energy, Environment & Sustainability.