Billions are pouring into the business of decarbonisation

“NERDS WILL invent the future,” declared Vinod Khosla in 2010. The venture capitalist was not talking about the sorts responsible for e-commerce sites, games apps or social-media platforms. Rather, his speech at the California Institute of Technology was intended to inspire brilliant engineers and scientists to pursue climate-related innovation. The “clean tech” investment bubble had just popped, so it seemed an unsexy career option. But if top talent took on the hard engineering challenges involved, he argued, commercial successes and rising public awareness would produce a “Netscape-like” moment, referring to the web browser that ushered in the consumer internet in the mid-1990s. “Ten years from now,” he predicted, “the level of invention will explode.”