research
TNI Energy Transition Research
True North Institute researches some of the most fundamental over-arching investment challenges that institutional investors will confront in the decade ahead.
featured research
June 2026
Next-Generation Geothermal Energy Whitepaper
The True North Institute’s Next-Generation Geothermal Energy Whitepaper explores the emerging opportunity for geothermal energy to become a scalable source of firm, 24/7 carbon-free power. Drawing on extensive industry research, technical due diligence, and analysis of leading geothermal companies, the report examines the technologies, economics, market potential, and investment landscape shaping the sector.
The whitepaper evaluates advanced drilling technologies, cost reduction pathways, supply chain constraints and the role geothermal could play in the global energy transition. Specific investment opportunities are evaluated across developers and enabling technologies (picks and shovels).
TNI Library
- All
- Energy Transition Investment Framework
- Funding The Hardest Climate Tech
- Technologies
Next-Generation Geothermal Energy Whitepaper
The True North Institute’s Next-Generation Geothermal Energy Whitepaper explores the emerging opportunity for geothermal energy to become a scalable source of firm, 24/7 carbon-free power. Drawing on extensive industry research, technical due diligence, and analysis of leading geothermal companies, the report examines the technologies, economics, market potential, and investment landscape shaping the sector. The whitepaper…
Measuring Real World Decarbonisation in Equity Portfolios
Large institutional investors can materially impact global decarbonisation with their capital allocations without compromising on investment returns. Efficient markets will price in the cost of carbon abatement at whatever level they feel policy makers will financially incentivise and companies will choose to decarbonise in the name of long-term shareholder value maximisation. Institutions are financing over…
Have we lost the war on climate change?
The attached presentation was prepared for a discussion with 15 families focused on investing in the climate tech. The topic on the table was: “Have we lost the war on climate change?” Going around the room, the following answer emerged. The global climate transition is advancing, but not fast enough to reduce emissions at the…
Evaluating First of a Kind (FOAK) Investment Performance of 25 Leading Climate Investors
This report evaluates the performance of First-of-a-Kind (FOAK) climate-infrastructure projects backed by a curated alliance of 25 leading climate-tech investors who are part of the All Aboard Fund Co-investment Network. From a dataset of 70 FOAK or FOAK-adjacent financings since 2014, the analysis identifies 16 FOAK rounds where three or more of these 25…
How Climate Tech First-of-a-Kind (FOAK) Projects Get Financed
This white paper explores how 18 pioneering climate technology companies overcame the notorious “valley of death” – the funding gap between proven pilot projects and full-scale commercial deployment. It identifies a clear funding pattern for First-of-a-Kind (FOAK) facilities: a blend of early-stage venture capital, government grants or loans, and strategic corporate investments or offtake agreements.…
Energy Transition Investment Strategies that Decarbonise the Real World
Guidelines for Institutional Investors Environmental, Social and Governance (ESG) investing policy must be, in principle, a good idea for all investors to the extent that incorporating potential E, S and G impacts into the evaluation of investment opportunities may help investors avoid negative surprises or to spot investment opportunities. But the term ESG takes on…
Clean Hydrogen Investment Framework
The most important things that all investors need to know about clean hydrogen There are few energy transition topics more controversial than clean hydrogen’s likely role, and it has huge investment implications, whether you are a public or private equity investor, and especially if you are a venture capital investor. For this reason, we spent…
Energy Transition Investment Framework 2.0
This is the update to the 1st Edition published in 2022 which incorporates insights from our deep dives into many pillars of the energy transition (renewables, hydrogen, carbon taxes, CCUS, etc.). Here we quantify the extent to which the transition can progress on pure economic grounds and translate that into our six core energy transition investment…
The pace and scale of global renewable energy penetration by 2030 & 2050
One of the most critical assumptions in our, or anyone’s, energy transition net-zero pathway is the extent to which renewable energy sources can supply our electricity needs going forward.
The Role of Carbon Taxation in the Global Energy Transition
The cost of carbon abatement by any company over the next two decades is a key determinant of that company’s value today. Approximately half of the global economy or half the public companies in the world will see the cost of carbon abatement having a material impact on their valuation.