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The most active investors in the cleantech, renewable energy and sustainability sectors share their views on the market at the fourth annual LP-GP Forum: Clean Energy & Sustainability.
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While daunting costs and unproven technology may put off some investors, the sheer opportunities of scale for Chinese environmental technologies make it an compelling prospect, according to Gary Rieschel of Qiming Venture Partners. 
The recent difficulties facing the world's financial markets has led to investors seeking new ways of interpreting the venture capital model with a view to gaining access to the best opportunities, while further minimising risks. According to Andrew Romans, founder and general partner of The Founders Club, pooling together a small percentage of personal future equity is the way forward. 
The rise of renewable energy investment has led to an inevitable increase in competition and overvaluation in some areas. For Lydia Whyatt of alternative asset manager FourWinds Capital, the best opportunities for long-term returns are to be found in some of the less obvious sectors. 
Institutional investors must address climate risk in the decision-making process for all of their investments, according to Ole Beier Soerensen of Danish pension fund ATP.
'Climate has left its traditional place in the family of fuzzy, sustainable investment issues and it has become an element of mainstream risk analysis.' 
Mark Davis, an investment director at the Norwegian Investment Fund for Developing Countries , discusses the challenges the company faces in enticing investors to consider countries outside their normal remit, the role of policy and why it is absolutely crucial developing countries get the attention they need.
'Many countries face large power deficits, and if economic growth and poverty reduction is to be sustained, massive investments are required.' 
James Hall-Smith of HSBC discusses the drivers behind the growth of the European renewable energy scene and the opportunities this affords to infrastructure investors and project financiers alike.
‘I think there is an increased interest from a corporate governance and sustainability perspective. This makes many institutions focus on this area. There is also a recognition of the drivers behind environmental infrastructure, from the fundamentals of creating the best opportunity to tackling climate change, whilst also looking to gain energy security and satisfy the social and political drivers.' 
Potential resource scarcity lies at the heart of Virgin Green Fund's investment strategy, with a focus on promising companies across a global range of sectors, technologies and geographies.
‘We look at the convergence and overlap of the energy, water and waste sectors as key broad themes for our investment strategy and where we tend to operate, to find these companies - an area that we feel can only get bigger.' 
Global energy drivers, coupled with a revitalised US energy programme, translate to an increasingly attractive environment for early stage venture capital, according to Andrew Friendly of US technology investor Advanced Technology Ventures.
'What we need to see in the renewable sector is some successes and some returns on the investments that both the public and private sector have been making.' 
Institutional investors are progressively turning their sights to listed opportunities related to climate change and clean energy, according to Simon Webber of asset manager Schroders.
'We are looking to identify undervalued growth stocks and we think climate change will be one of the key drivers over the next few years.'
Steve Westly discusses the opportunities for US clean technology investors, the long-term prospects for the sector, and the role of global government in stimulating the industry's growth.
'What people are realising is that while it never hurts to be smart, most of our entrepreneurs need someone who can navigate government because so much of this industry is government-based and government-dependent.' 
Mark Nydam discusses the advantages of funds of funds as a means to access clean energy assets, the challenges of fluctuating energy prices and why institutional investors should increasingly be looking to the sector.
'Institutional investors tend to have a lot of capital at their fingertips and enjoy investing larger amounts so I believe there is a nice agreement between what the space requires and what the institutional investors can provide.' 
Bob Ackerman, founder of Silicon Valley venture capital firm Allegis Capital and board member of The Entrepreneur's Foundation, on the hype surrounding cleantech, the potential bubble that is currently growing around the sector and the dangers of over-capitalisation. 
Dushy Sivanithy of Pantheon Ventures looks at the problems created by inexperienced managers, why cleantech presents a pan-European opportunity and how he gains access to the best funds.
'We do view it as a huge opportunity and one that will only grow from here which is why we will continue to look at it very carefully. The energy and water sectors are just so vast that the scope for opportunities is immense. Accessing an investable opportunity however is more challenging.' 
Russell Read discusses the changing attitude of institutional investors to clean energy funds and why he walked away from CalPERS to establish his own green investment firm.
‘The choice for me to focus on this area was purely an investment decision. I see the natural resources as lying at the centre of capital formation and investment market opportunity for the first time in decades. This will have an impact in every asset class that major institutions will invest in and can hope to profit from.'
