“Everyone should experience something that pushes them out of their comfort zone and fosters personal growth.” – Mike Lim
One may argue that as much as evolutionary milestones, past centuries were also defined by significant tribulations. And just as the 19th and 20th centuries witnessed massive social upheavals and global tensions that threatened our very existence, the 21st century faces its most daunting challenge yet: climate change.
In recent decades, we’ve seen a wave of emerging technologies and innovative startups, from renewable energy solutions to carbon capture technologies, dedicated to combating this crisis. But propelling these endeavours to success requires substantial financial support. This is where intrepid investors like Mike Lim, partner at climate-focused venture capitalist firm Trirec, come in.
An astute professional who previously served in senior management roles in investment banking establishments, Lim joined Trirec in 2019. Since then, he has overseen the backing of three sustainability-focused unicorn startups as well as the formation of a $100 million growth-stage-fund aimed at supporting decarbonisation initiatives.
Lim’s decisive moves are impressive, considering the significant amount of time and resources many sustainability ventures need before even showing a hint of scalability. Of course, it is unlikely that profit-driven investment experts like Mike Lim will be credited in any way should these budding clean-tech solutions have the deep impact they promise. But if we emerge into the next century unscathed, we are all for celebrating the people who helped make it happen.
What technology are you excited about right now?
I am excited about the development of low-carbon hydrogen technology. Low carbon hydrogen, such as green and turquoise hydrogen, has the potential to revolutionise various sectors by providing cleaner and more sustainable energy alternatives to help us reach our decarbonisation goals.
Where is climate-focused financing headed next?
Over the next five years, the climate financing or rather decarbonisation investments industry is going to evolve significantly, driven by increased global focus on sustainability and climate action. Recently, the UN states have been called to ‘turbocharge’ and accelerate action on achieving the 17 Sustainable Development Goals (SDGs), prompting governments and corporations worldwide to intensify their commitments to reducing carbon emissions and achieving net-zero targets.
What obstacles do you foresee?
One major challenge facing the climate-financing venture capital industry is the difficulty in achieving scalable and financially sustainable solutions. Climate-tech startups often operate with fast-changing technologies that require significant time and capital to mature.
The path to market adoption can be slow. These ventures typically have longer development cycles and take time to mature, making them less attractive to investors seeking quicker returns. For Trirec, addressing these challenges requires a strategic approach, combining thorough due diligence and active support to ensure that portfolio companies can scale effectively while delivering both environmental and financial returns.
How do you overcome setbacks?
Failure and setbacks do not define us. We cannot afford to fear failure in life and must persevere through challenges instead. Failure and setbacks are not obstacles, they are great teachers.
Tell us about the best piece of career advice you’ve received.
The best advice I have received is a simple one—to always seek alternate views when it comes to decision making, even when we think that we are right. They allow us to reduce biases and enable us to make better and more balanced decisions.
