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Portfolio News

• Clarity announced their partnership with the Africa Clean Air Network and supported the launch of Open Air Chicago, the largest community air quality monitoring network in the US.

• Commons unveiled their most surprising ratings of the year.

• Dialpad enabled BNI (Business Network International) to scale global communications and unlock real-time insights, driving measurable productivity gains across teams and aligning with IDC findings on the business value of Dialpad’s AI-first communications platform.

• Go1 introduced Curiosity Calendar - 24 bite-sized learning experiences designed to spark curiosity, build new skills, and offer a fresh perspective every day - alongside Morgan, an intelligent agent built to support L&D and HR teams.

• Renaissance launched Renaissance Intelligence, the first Education Intelligence System for K–12.

• Scrimba expanded to cover the entire web development journey - from frontend fundamentals to full stack and AI engineering.

• Skillshare announced a partnership with Procreate to launch a new class on Procreate Dreams 2, led by filmmaker and animator Siobhan Twomey.

• Topanga announced a new strategic partnership with Transact Campus and CBORD, and released a food waste legislation guide to help organizations build compliance plans for Washington’s new food waste law.

• Xendit welcomed Sam Thiele as VP, Head of Revenue Operations & GTM Strategy.

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Useful links:

• The Amasia website for an overview of our firm, our team, and our portfolio.

• The Amasia blog for essays on the VC business, our portfolio, and our impact.

• The In Our Hands podcast with theorists and practitioners in climate science and behavior change (with full transcripts if you prefer text).

• The Futureverse podcast with authors of climate-related fiction (with full transcripts if you prefer text).

• Ramanan’s blog for personal essays.

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Portfolio News

• Clarity CEO and Co-founder David Lu was named to the 2025 TIME100 Climate list, which recognized global leaders driving climate action.

• Commons made its full consumer app free — users who connect their card now unlock tools to track spending, cut emissions, and earn rewards.

• Dialpad was positioned as a Visionary in the 2025 Gartner® Magic Quadrant™ for Unified Communications as a Service (UCaaS).

• Topanga released a new webinar that answers top ReusePass questions and showcases results from campuses like Georgia Southern and Lehigh.

• Xendit marked a major milestone as Payex officially became Xendit Malaysia, expanding its regional footprint.

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Useful links:

• The Amasia website for an overview of our firm, our team, and our portfolio.

• The Amasia blog for essays on the VC business, our portfolio, and our impact.

• The In Our Hands podcast with theorists and practitioners in climate science and behavior change (with full transcripts if you prefer text).

• The Futureverse podcast with authors of climate-related fiction (with full transcripts if you prefer text).

• Ramanan’s blog for personal essays.

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Portfolio News

• Clarity partnered with Chicago to deploy one of the world’s largest community air quality sensor networks with key public and community partners.

• Dialpad was featured on the 2025 Forbes #Cloud100 list, which recognizes the world’s most innovative private cloud companies.

• Go1 launched Pause & Play – a new collection of games and brain breaks, refreshed monthly.

• Inbenta received TSIA’s 2025 award for Digital Customer Success Innovator of the Year.

• Skillshare partnered with Coursera to expand global access to high-quality creative education in design, illustration, photography, and more.

• Super celebrated its 7th anniversary, reflecting on years of achievements, teamwork, and growth.

• Topanga celebrated a major milestone – diverting over 4 million single-use containers from landfills through ReusePass.

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Useful links:

• The Amasia website for an overview of our firm, our team, and our portfolio.

• The Amasia blog for essays on the VC business, our portfolio, and our impact.

• The In Our Hands podcast with theorists and practitioners in climate science and behavior change (with full transcripts if you prefer text).

• The Futureverse podcast with authors of climate-related fiction (with full transcripts if you prefer text).

• Ramanan’s blog for personal essays.

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Portfolio News

• Clarity launched Breathe Metro Manila to empower air quality action through real-time data and collaboration.

• Dialpad welcomed Colby Nish as Chief Revenue Officer to accelerate AI-driven growth.

• Skillshare welcomed Paul Slavin as Chief Executive Officer to lead the next chapter of creative growth.

• Topanga announced new campus launches for ReusePass as the program expands this fall.

• Unravel Carbon redefined sustainability consulting by delivering AI agents through new partnerships across the US, EU, Australia, and Southeast Asia.

• Xendit Co-founder and CEO Moses Lo was recognized as one of Southeast Asia's Top 15 Fintech Founders by Fintech News Malaysia.

Amasia News

• We released a new In Our Hands podcast episode where Ramanan speaks with renowned scholar Kate Crawford about the environmental and social impacts of AI, including its hidden costs and systemic biases.

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Useful links:

• The Amasia website for an overview of our firm, our team, and our portfolio.

• The Amasia blog for essays on the VC business, our portfolio, and our impact.

• The In Our Hands podcast with theorists and practitioners in climate science and behavior change (with full transcripts if you prefer text).

• The Futureverse podcast with authors of climate-related fiction (with full transcripts if you prefer text).

• Ramanan’s blog for personal essays.

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Portfolio News

• Clarity has been approved for inclusion on the US Environmental Protection Agency’s Fire and Smoke Map, becoming the second commercial PM2.5 sensor network to be featured.

• Dialpad launched smarter AI Agents, now integrated with Google.

• Go1 launched Search Categories for easier content navigation.

• Pique Action turned 4—celebrating the stories that power climate action.

• Topanga shared how Eden Prairie Seniors embraced reusables in their community.

• Xendit officially opened its new Indonesia office at Menara Sentraya, Jakarta.

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Useful links:

• The Amasia website for an overview of our firm, our team, and our portfolio.

• The Amasia blog for essays on the VC business, our portfolio, and our impact.

• The In Our Hands podcast with theorists and practitioners in climate science and behavior change (with full transcripts if you prefer text).

• The Futureverse podcast with authors of climate-related fiction (with full transcripts if you prefer text).

• Ramanan’s blog for personal essays.

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Portfolio News

• Clarity is powering London’s largest air quality network, with 300+ sensors delivering real-time pollution data via the Breathe London Communities program.

• Scrimba introduced a new Pro course: Intro To Astro.

• Super’s Co-Founder and CEO, Steven Wongsoredjo, has been selected as a 2025 Eisenhower Fellow.

• Topanga proudly unveiled a refreshed brand identity and a newly redesigned website.

• Unravel Carbon was selected by Google for Startups to join its AI First program.

• Xendit officially reopened its Kuala Lumpur office.

Amasia News

• We released a new In Our Hands podcast episode where Ramanan speaks with Lucas Joppa, Chief Sustainability Officer at Haveli Investments. They discuss his professional journey, the growing role of sustainability in investments, and the evolving drive toward net-zero solutions.

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Useful links:

• The Amasia website for an overview of our firm, our team, and our portfolio.

• The Amasia blog for essays on the VC business, our portfolio, and our impact.

• The In Our Hands podcast with theorists and practitioners in climate science and behavior change (with full transcripts if you prefer text).

• The Futureverse podcast with authors of climate-related fiction (with full transcripts if you prefer text).

• Ramanan’s blog for personal essays.

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Portfolio News

• Clarity released Version 2.1 of its PM2.5 Global Calibration, featuring improved performance during wildfires and high-pollution events.

• Dialpad shared a preview of its upcoming agentic AI platform.

• Go1 revealed its new branding along with an expanded product suite.

• Inbenta welcomed Bobby Mehta, former TransUnion CEO, as its new strategic advisor.

• Pique Action won two Telly Awards: a People’s Telly Gold for Branded Content and a Silver for "Online Video Series – Science or Technology."

• With Topanga’s ReusePass, Cal Poly Campus Dining and Chartwells achieved a 98% return rate.

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Useful links:

• The Amasia website for an overview of our firm, our team, and our portfolio.

• The Amasia blog for essays on the VC business, our portfolio, and our impact.

• The In Our Hands podcast with theorists and practitioners in climate science and behavior change (with full transcripts if you prefer text).

• The Futureverse podcast with authors of climate-related fiction (with full transcripts if you prefer text).

• Ramanan’s blog for personal essays.

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Portfolio News

• Commons Offset Portfolio reached a key milestone—180 tons of carbon officially removed, stored underground, and third-party verified.

• Dialpad celebrated its third consecutive year as a TrustRadius Top Rated awardee.

• Go1 launched Content Insights, a new product suite that gives L&D leaders real-time data to identify trends, close skill gaps faster, and drive impact.

• Pique Action’s Where The Internet Lives has been shortlisted for the Telly Award.

• Scrimba was named the No. 1 Product of the Week on Product Hunt in both the #DeveloperTools and #Education categories, and ranked in the top 5 for Product of the Month.

Amasia News

• We released a new Futureverse podcast episode with Sam J. Miller, acclaimed author. Join Molly Wood and Ramanan as they explore dystopia, activism, and the intersection of technology and nature—while reflecting on marginalized communities, AI governance, and the resilience of people in the face of adversity.

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Useful links:

• The Amasia website for an overview of our firm, our team, and our portfolio.

• The Amasia blog for essays on the VC business, our portfolio, and our impact.

• The In Our Hands podcast with theorists and practitioners in climate science and behavior change (with full transcripts if you prefer text).

• The Futureverse podcast with authors of climate-related fiction (with full transcripts if you prefer text).

• Ramanan’s blog for personal essays.

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Portfolio News

• Clarity introduced the new OpenMap, a solution for seamless public air quality data sharing; deployed Node-S devices in NEA Singapore's field trial for air quality monitoring; and launched their new Muti-Gas Module.

• Commons shared its top sustainable and plastic-free cleaning brand recommendations.

• Dialpad was recognized as a CCaaS leader and outperformer in GigaOm’s Radar Report. The company welcomed David Sudbey, a Genesys veteran, as their new Chief Customer Officer.

• Go1 has partnered with Rippling to offer course packages to their LMS users.

• Scrimba launched its first AI-powered feature, Instant Feedback, and announced that full-stack learning is coming soon to the platform.

• Skillshare partnered with Confluence by Atlassian to provide access to its Learning Path, designed to enhance skills in project management, team collaboration, and marketing.

• Topanga announced an upgrade to ReusePass Academy, making it easier to set up and manage the program seamlessly, and also raised an $8M Series A led by Blue Bear Capital with participation from Amasia.

Amasia News

• We released a new Futureverse podcast episode with Naomi Oreskes, acclaimed author and scientist. Join Molly Wood and Ramanan as they explore the evolution of climate communication, key historical moments, the role of money and ideology in climate denial, and the challenges of addressing climate issues.

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Useful links:

• The Amasia website for an overview of our firm, our team, and our portfolio.

• The Amasia blog for essays on the VC business, our portfolio, and our impact.

• The In Our Hands podcast with theorists and practitioners in climate science and behavior change (with full transcripts if you prefer text).

• The Futureverse podcast with authors of climate-related fiction (with full transcripts if you prefer text).

• Ramanan’s blog for personal essays.

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Portfolio News

• Topanga expands access to ReusePass through a partnership with Starship Technologies.

• Clarity and AethLabs’ Black Carbon Module has been deployed in San Francisco.

• Dialpad shared insights on how AI is transforming contact centers.

• Inbenta has published the "Executive Guide to AI Investments in 2025."

• Unravel Carbon introduced its new Audit Trail feature.

• Xendit partnered with Interakt to help businesses on WhatsApp enable faster checkout and seamless integration.

Amasia News

• After one year, Ramanan reflected on his experience as Chair of the Penn Board of Trustees.

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Useful links:

• The Amasia website for an overview of our firm, our team, and our portfolio.

• The Amasia blog for essays on the VC business, our portfolio, and our impact.

• The In Our Hands podcast with theorists and practitioners in climate science and behavior change (with full transcripts if you prefer text).

• The Futureverse podcast with authors of climate-related fiction (with full transcripts if you prefer text).

• Ramanan’s blog for personal essays.

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Portfolio News

• Clarity celebrated its 10th anniversary.

• Dialpad introduced Dialpad WFM (workforce management).

• Go1 celebrated 15 million courses completed by employees in organizations around the world in 2024.

• Topanga shared top impact highlights from 2024 in ReusePass Wrapped.

• Unravel Carbon announced expansion into Japan.

• Xendit received the Visa Award for Best Acceptance Solution Partner.

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Useful links:

• The Amasia website for an overview of our firm, our team, and our portfolio.

• The Amasia blog for essays on the VC business, our portfolio, and our impact.

• The In Our Hands podcast with theorists and practitioners in climate science and behavior change (with full transcripts if you prefer text).

• The Futureverse podcast with authors of climate-related fiction (with full transcripts if you prefer text).

• Ramanan’s blog for personal essays.

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• Commons launched new brand ratings ahead of Black Friday.

• Dialpad’s CEO, Craig Walker, has been named UC Today’s Innovator of the Year.

• Pique Action released Season 2 of Reinventing Tomorrow.

• Skillshare was recognized by Newsweek as one of America's Top Online Learning Providers.

• Topanga welcomed Daniel Samarin as Head of Hardware.

• Unravel Carbon released an AI-assisted ISSB reporting solution.

• Xendit and GCash partnered with Ezypay to enable automatic subscriptions.

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Useful links:

• The Amasia website for an overview of our firm, our team, and our portfolio.

• The Amasia blog for essays on the VC business, our portfolio, and our impact.

• The In Our Hands podcast with theorists and practitioners in climate science and behavior change (with full transcripts if you prefer text).

• The Futureverse podcast with authors of climate-related fiction (with full transcripts if you prefer text).

• Ramanan’s blog for personal essays.

Despite operating as a single bottom-line investor, impact is embedded in Amasia’s investment thesis, and Amasia closely tracks the climate and sustainability impact of its portfolio companies. For early-stage impact companies, impact may evolve with business growth, or the company may have yet to establish the appropriate processes and controls to mitigate impact risk. Thus, managing impact risk is critical to maximize impact potential, avoid impact washing, and align with industry standards. 

Amasia collaborates with Malk Partners to identify unique impact risks and value creation opportunities  with each portfolio company and supports the portfolio company to bolster its impact during the holding period.  Malk Partners advises impact investors by reviewing for potential impact risks and opportunities during due diligence, screens, monitoring, and value creation engagements with the goal to enhance impact as portfolio companies’ scale. 

What is impact risk?

"Impact risk" is one of the 5 Dimensions of Impact outlined by the Impact Management Project (IMP). The IMP defines impact risk as the likelihood the impact of an investment will differ from what was expected. Evaluating risk to impact during diligence is becoming increasingly important in the impact investing industry as it allows investors to implement tailored controls that will subsequently maximize impact potential, prevent the dilution of positive outcomes, avoid impact washing, and support alignment with robust industry impact risk management standards. Amasia leverages its impact screen during the sourcing of investments, which was developed with Malk, and based on the IMP framework to identify impact risks. 

The IMP defines 9 types of impact risk:

Fig. 1: Types of impact risk. Source: Impact Frontiers

Impact risk in VC

For early-stage impact companies, impact risks, such as evidence risk, drop-off risk, and execution risk are more common. While later-stage impact companies also experience these risks, more mature impact businesses additionally face higher exposure to alignment and efficiency risks. Outlined below are the most material impact risks for Amasia’s investments and early-stage impact VC more broadly. 

1. Evidence risk: Is there enough data to understand impact?

Tracking impact data should be a priority for impact portfolio companies to help prove positive outcomes, prepare for exit, and secure capital during fundraising. However, early-stage companies often have limited data collection and analysis capabilities, minimal data collected to date, or low-quality data, necessitating additional support from their investors to identify the correct data to track and establish the appropriate data tracking methodologies.

To minimize evidence risk, investors can collaborate with portfolio companies to build the appropriate data tracking and analysis capabilities. Even without custom tools or frameworks, investors can tap into existing industry resources to identify metrics to track and provide evidence of a portfolio company’s underlying positive impact. For example, the GIIN’s IRIS+ platform, in alignment with the IMP’s 5 Dimensions of Impact, provides useful guidance on baseline impact KPIs to track that are organized by SDG alignment or impact goals. Investors may also leverage third party expertise to minimize evidence risk – for instance, Malk collaborates with portfolio companies to collect the appropriate impact data before Amasia finalizes its investment decision. 

Amasia evaluates evidence risk as follows:

• Setting key metrics: Amasia collaborates with its portfolio companies to establish impact metrics that are feasible to track and reflective of companies' unique impact value propositions. For example, TreeDots tracks the amount of food waste it diverts from landfills to demonstrate its ability to reduce GHG emissions from food waste.

• Valuing qualitative data: Aside from relying on quantitative data, Amasia also considers qualitative data to support a company’s impact narrative or theory of change. Clarity gathers qualitative data through user interviews, exploring how their air quality monitoring devices influence decision-making, allowing Clarity to understand how the products drive real-world behavior change to address regional challenges associated with air pollution.

• Making conservative estimates: Amasia is realistic and transparent about the data limitations that portfolio companies face, and discloses these limitations to limited partners.

• Leveraging external research: Amasia uses external research to substantiate portfolio companies’ impact claims, particularly when companies are still building data-tracking processes. Leveraging external research to explain how a product or service may result in social or environmental impact is a common practice for early-stage companies.

2. Drop-off risk: Will your impact last?

Drop-off risk occurs when the positive impact does not last as long as expected. Early-stage businesses that aim for large-scale behavior change may experience drop-off risk as it takes time to scale positive outputs, and impact may be affected by a confluence of factors. Such risk which may occur if consumers stop using a company’s product, a company’s product changes, or from external factors (e.g., regulations).  

To manage this, Amasia reviews whether intentionality is embedded in the business model during the impact screening process; Malk Partners reviews intentionality and risk to impact during impact due diligence and provides corresponding recommendations in due diligence reports. Amasia shares such reports with founders to strengthen their understanding of business impact and risks and works with founders to ensure impact goals remain front and center with business growth and changes.

3. Execution risk: Can you deliver what you promise?

Execution risk arises when a startup is unable to overcome scientific, technical or business-related challenges that indirectly or directly hinder the impact proposition. Execution risk is heightened for startups due to their experimental nature, challenges with fundraising, insufficient resources, and variable annual revenue. Amasia reviews execution risk for any early-stage investment and considers whether a startup is equipped to overcome such challenges. Amasia's portfolio companies take proactive steps to mitigate execution risks by:

• Leveraging expertise: tap into strategic advice and network connections to help drive the success of the early-stage business

• Setting realistic goals:establish practical performance expectations and plan for downside scenarios with corrective actions.

• Testing and learning: deepen familiarity with market demands and customer segments by piloting new products and strategies before a full-scale launch. For example, before officially launching its food waste analytics product, StreamLine, Topanga partnered with campus customers to build and test alpha units of the product.

4. Unexpected impact risk: What surprises might come up?

Unexpected impact risk is an important factor to consider for early-stage companies, where uncertainties are high despite thorough planning. For instance, Amasia’s portfolio companies positioned in the food industry are affected by fluctuations in global food prices that are sometimes difficult to foresee – avian flu outbreaks, wars and increasingly erratic weather affecting harvests are a few contributing factors. Amasia works with them to build resilience in the face of these unexpected risks. Based on the listed examples, a portfolio company’s impact additionality, scale, or depth may become constrained, which may overall limit its intended impact.

Amasia tackles unexpected impact risk by serving as a proactive partner to portfolio companies by conducting regular check-ins to identify and address potential issues before risks escalate. 

Conclusion: keeping impact at the core

While Amasia understands the constraints that early-stage companies face, we strive to support portfolio companies’ ability to measure and manage impact. Amasia’s partnership with portfolio companies is designed to establish and scale the right strategies that maximize positive outcomes and effectively navigate impact risk.

Written in collaboration with

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Portfolio News

• Dialpad was featured in G2's Enterprise Grid® Report for VoIP.

• Scrimba introduced "Projects," a whole new section and way to build on Scrimba.

• Skillshare announced a partnership with Mozilla for AI courses.

• Topanga celebrated two years since launching its ReusePass program.

• Unravel Carbon has been selected to participate in the 2024 AWS Generative AI Accelerator.

• Xendit's XenCapital secured a partnership with Helicap, a FinTech firm connecting global investors to private debt opportunities: USD$50 million to empower Southeast Asian businesses.

Amasia News

• We published a new In Our Hands podcast episode with Bjarne Pedersen, Executive Director for Clean Air Asia. Join us as we discuss the link between air quality and climate change, the main sources of air pollution in Asian cities, the role of electric vehicles in reducing emissions, the importance of data collection, and the power of partnerships in driving air quality reform.

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Useful links:

• The Amasia website for an overview of our firm, our team, and our portfolio.

• The Amasia blog for essays on the VC business, our portfolio, and our impact.

• The In Our Hands podcast with theorists and practitioners in climate science and behavior change (with full transcripts if you prefer text).

• The Futureverse podcast with authors of climate-related fiction (with full transcripts if you prefer text).

• Ramanan’s blog for personal essays.

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Portfolio News

• Dialpad recognized as one of the fast-growing privately held companies in the United States on the 2024 Inc5000 list.

• Commons featured in Bloomberg's article on Emissions-Tracking Apps.

• Go1 appointed Chris Eigeland as sole CEO.

• Topanga teamed up with Sodexo.

Amasia News

• We released a new Futureverse podcast episode with Stephen Markley, author of The Deluge where Markley illustrates the possible futures we might face if we fail to act on climate now. Join us as we explore the American-centric narrative, climate denialism, surveillance capitalism, and the political dimensions of climate action. 

• Penn Today sat down with Ramanan about his first six months as chair of the University of Pennsylvania Board of Trustees and the year ahead.

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Useful links:

• The Amasia website for an overview of our firm, our team, and our portfolio.

• The Amasia blog for essays on the VC business, our portfolio, and our impact.

• The In Our Hands podcast with theorists and practitioners in climate science and behavior change (with full transcripts if you prefer text).

• The Futureverse podcast with authors of climate-related fiction (with full transcripts if you prefer text).

• Ramanan’s blog for personal essays.

Carbon dioxide and related GHGs are central to climate discourse because of their major role in global warming. However, carbon emissions are only one part of the picture, and focusing on them alone is not enough to prevent climate disaster. This essay highlights other climate indicators, such as air quality and ocean acidification, that are essential for fully addressing climate change.

The Importance of Climate Indicators

Climate indicators help us track environmental changes across different variables over time. This has many uses, of which we think the two most important are:

• Monitoring climate patterns: Indicators like global temperature and sea level rise reveal long-term and regional trends in climate. For example, monitoring precipitation patterns helps us understand drought frequency and severity changes, while shifts in plant and animal behavior can signal abnormal ecosystem changes.

• Evaluating policy effectiveness: Tracking key indicators helps identify whether changes are natural or human-made. This data allows us to assess the impact of policies, such as linking carbon reduction to specific regulations.

Looking beyond carbon

Focusing only on carbon emissions can create carbon tunnel vision, ignoring other crucial issues like pollution, biodiversity loss, and waste management. Climate change is multifaceted, and addressing it requires considering factors beyond carbon — failing to do so can obscure significant environmental harms.

We love this image below, which makes the point better than any words:

Fig. 1: Carbon tunnel vision overlooks a multitude of environmental and social factors. Source: Stockholm Environment Institute

For example, electric vehicles (EVs) are championed as the future of sustainable transportation due to their potential to reduce carbon emissions, but the mining of materials like lithium and cobalt for EV batteries comes at an environmental cost. Here are a couple of examples:

• Water-intensive mining: In Chile, 65% of the region’s water is used for mining activities, forcing communities to source alternative water supplies. Additionally, toxic leaks from mining activities cause significant pollution in surrounding areas, causing severe ecosystem degradation that has cascading effects on human and environmental health.

• High emissions from mining: EVs generally produce fewer emissions than gasoline-powered cars over their lifecycle, but only if they are driven enough to offset their production emissions (or “embodied carbon,” which tends to be higher than that of gas-powered cars).

The danger of overemphasizing carbon goes beyond mere oversight—it can distort our understanding of and response to climate change. To tackle the climate crisis effectively, we need a broader approach that includes non-carbon climate indicators.

How Non-Carbon Climate Indicators (NCCIs) can fill the gap

NCCIs measure climate-related factors beyond carbon emissions, such as air pollution, ocean pH levels, biodiversity, and the severity of extreme weather. They help decision-makers prioritize various climate actions, including conservation efforts, and study long-term trends in vulnerable ecosystems, which have implications for issues like food security.

Fig. 2: The UN Biodiversity Lab provides decision-makers with high-quality spatial data to track global biodiversity and ecosystem restoration efforts, among others. Source: UN Biodiversity Lab

It’s essential to recognize that NCCIs don’t exclude emissions data but complement it, as all environmental factors are interconnected. Emissions can directly influence specific non-carbon indicators, such as ocean acidification and the concentration of airborne allergens. Together, these indicators offer a more complete view of environmental impact and provide insights into human and ecological health, infrastructure resilience, and secondary climate effects

This broader approach is already helping companies assess their environmental footprint. For instance, Kering Group found through an Environmental Profit and loss (EP&L) assessment that emissions accounted for only 36.6% of their environmental impact. Land use and water pollution, on the other hand, accounted for 33.6% and 14.5%, respectively. This data enabled Kering Group to make more sustainable choices, demonstrating how NCCIs can guide better decision-making.

Fig. 3: Breakdown of Kering Group’s 2023 EP&L results: impact across indicators and lifecycles. Source: Kering Group

NCCI data challenges

Measuring NCCIs is not without its challenges. Although technological advancements and sophisticated modeling techniques have dramatically enhanced the volume and quality of climate data available, obstacles remain:

• Inconsistent data quality: Data accuracy and reliability vary widely across regions, making it difficult to compare areas with rich data to those with limited resources.

• Lack of granular data: While global trends are well-documented, there is a pressing need for more detailed, real-time data at the local level, particularly for weather patterns. This level of detail is crucial for predicting localized weather events and crafting targeted policies.

• Lack of data availability: Collecting ecological data often requires extensive fieldwork and long-term monitoring, which can be resource-intensive and challenging.

Tracking environmental impact can be especially challenging for early-stage companies due to the cost and complexity of Measurement, Reporting, and Verification (MRV) processes. Even with access to extensive quantitative data, decision-making can be difficult due to potential misinterpretation.

Amasia and climate data

Amasia’s investment thesis includes a strong focus on climate data through our AI & Data for Sustainability theme, which helps organizations make data-driven, climate-smart decisions. Thematically, this also fits within our broader focus on the energy transition.

Tackling these data challenges is critical to building a comprehensive repository of NCCI data for better decision-making and impact tracking. Our AI & Data for Sustainability portfolio companies provide better access to climate data, giving businesses and consumers a deeper understanding of environmental impact beyond carbon.

We also use non-carbon data to help our portfolio companies develop customized “north-star” impact metrics. For example, Topanga tracks reusable assets, and the company includes in its impact measurement the amount of single-use plastic diverted from landfills each quarter.

Conclusion

Having clear insights into our impact on climate change is transformative. Every decision we make has a more significant environmental impact than we might realize, and the only way to truly understand and manage it is through data.

Bottom line: the view here is that we must incorporate non-carbon climate indicators to address climate change's complexity fully.

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Portfolio News

• Dialpad introduced their latest version of Ai Sales.

• Hive Health raised $6.5M in Pre-Series A funding.

• Scrimba was named Mozilla MDN's recommended course partner.

• Topanga launched two new features in their Dashboard: Reuse Rate and Asset Usage.

What We’re Writing

• Amasia published a new blog that delves into the complex connection between aging and climate change, shedding light on the critical implications of these two global challenges. The blog examines the various ways aging populations and environmental impacts intersect, offering insights on potential solutions for effectively addressing both issues.

Amasia News

• Listen to our latest episode of In Our Hands featuring Nigel Sizer, Executive Director at Preventing Pandemics at the Source Initiative. Sizer sheds light on the critical link between pandemics and climate change and shares his insights into the risks associated with deforestation and the wildlife trade.

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Useful links:

• The Amasia website for an overview of our firm, our team, and our portfolio.

• The Amasia blog for essays on the VC business, our portfolio, and our impact.

• The In Our Hands podcast with theorists and practitioners in climate science and behavior change (with full transcripts if you prefer text).

• The Futureverse podcast with authors of climate-related fiction (with full transcripts if you prefer text).

• Ramanan’s blog for personal essays.

This essay explores how aging populations are more vulnerable to climate change and how longer lifespans and growing healthcare needs impact the climate. We then discuss potential ways to meet the needs of both the elderly and the planet.

What Demographics Tell Us About Aging Populations

We are experiencing an unprecedented trend in the global population: in 2020, the number of people aged 60 and older outnumbered children younger than five years. And by 2050, one in six people will be over 65, up from one in 11 in 2019.

Populations are aging faster than ever due to two key factors: birth rates are dropping, and people are living longer thanks to better healthcare. Countries like Japan, Germany, and Italy already have over 20% of their populations aged 65 and up, and almost all countries in Asia Pacific are grappling with aging populations. Shifts towards older populations are also taking place in developing regions like Latin America and the Caribbean. Northern Africa, Western Asia, and sub-Saharan Africa are expected to experience the fastest growth in the number of older people over the next three decades. The UN predicts that by 2050, 22% of the global population will be 60 or older — a whopping 2 billion people.

An aging population significantly impacts a country, affecting everything from the job market to healthcare systems and social services. Japan, the world's oldest population (more than 1 in 10 people are over 80 years old), is a prime example. While many countries face declining birth rates, Japan experiences an additional driver: a long history of longevity. The country’s aging population is profoundly impacting its economy, workforce, and society, most notably contributing to its sky-high public health expenditure and enduring economic recession.

Although it should be celebrated that social and economic development has allowed us to live longer, healthier lives, the consequences of our longevity cannot be ignored. Current rates of global aging imply that the number of countries immediately concerned by population aging will increase significantly from 96 in 2020 to 147 in 2050 – that is, more than three-quarters of all countries and around 87% of the global population. This phenomenon will substantially alter economies, social structures, and the environment. Crucially, aging populations are also highly vulnerable to the dangers of our already unpredictable climate.

Why Aging Populations Are More Vulnerable to Climate Change

In recent years, the planet has become all too familiar with the adverse effects of climate change, including alarming increases in the frequency of severe weather events. And with unceasing GHG emissions, the state of the climate is only worsening. While climate change’s disastrous effects have implications for everybody, older people are disproportionately susceptible to them. There are several reasons for this:

1. Their bodies can't handle extreme weather as well. Older adults often have health issues that make heat waves, cold snaps, and natural disasters even more dangerous. Older bodies aren't as good at regulating temperature, making heat waves more dangerous and deadly.

2. For many seniors, money is tight. Living on a fixed income makes it difficult to adapt to climate impacts: they might need help to afford air conditioning during a heatwave or fix up their homes after a storm. This money crunch, combined with their heightened health risks, puts much pressure on public healthcare spending.

3. Getting around takes more work. Many older people have trouble moving around, making evacuating difficult during emergencies. If they live alone or in care homes, getting them to safety is even trickier. As extreme weather becomes more common, less mobile seniors face higher risks of injury or death. Additionally, many emergency preparedness and response systems are currently unprepared for the added burden of evacuating aged populations despite the mounting pressure to adapt to a changing demographic situation.

4. Seniors might need more support systems. As people age, their social circles often shrink. This leaves many elderly folks without support systems to help them cope with and recover from climate-related events. It's another challenge for public health and emergency services as they try to help older populations bounce back after disasters.

The accelerating pace of climate change underscores the urgent need for comprehensive climate action to mitigate their far-reaching impacts, especially on our most vulnerable populations.

How Aging Populations Impact the Climate

Every person, through their activities and consumption habits, places an individual burden on the climate. Everything from our diets, commuting habits, and heating or cooling needs for our homes has an environmental price tag.

Of course, our levels of resource consumption don’t stay the same across our lifetimes — our needs and wants evolve as we age. Studies show that consumption levels decrease after retirement due to lower non-essential consumption, lower activity levels, reduced demand for private transportation, and changes to our diets.

But we must also consider the fact that older adults often require more healthcare: nearly 95% of them have one chronic condition, and 80% have two or more. Healthcare is resource-intensive, and demand for it has only been rising worldwide, driven partly by aging populations. The direct consequence is structural growth in global healthcare spending, which is expected to increase by 4% per year for the foreseeable future.

Although older people may have smaller environmental footprints, longer lifespans mean they’re still consuming for more extended periods and requiring healthcare support for longer periods. It’s undeniably a triumph of modern medicine and nutrition that we’re living longer; and yet we need to be mindful of how our increasing longevity affects the environment, and plan appropriately.

Longevity in a Climate-Changed World

To combat the challenges of aging populations, many countries have implemented pro-natalist policies to boost the declining total fertility rate (TFR), but with limited success. Reversing TFR decline has proven challenging, with very few countries achieving significant and sustained success after having historically low birth rates. France and Sweden are often cited as countries that (briefly) managed to stabilize or slightly increase their fertility rates, though not to the minimum replacement level of 2.1 children per woman.

These countries have implemented comprehensive family-friendly policies, including generous parental leave, subsidized childcare, and financial incentives for families. The complexity of reversing TFR decline is underscored by the multifaceted nature of fertility decisions, which are influenced by societal attitudes and opportunities.

Rapid and profound demographic transitions compound the difficulty of reversing the historical declines in fertility many countries have undergone. The persistent decline in TFR across diverse cultures and economies suggests that broader societal shifts, such as increased education and career opportunities for women, changing attitudes towards family size, and economic uncertainties, play a significant role in fertility decisions that are not easily influenced by government policies.

Addressing TFR alone, however, does not solve the issue of there simply being more people living longer. Preparing for an aging population in a climate-changed world requires a multifaceted approach. Two key aspects of this include:

Technological advancements

Innovations like telemedicine make certain forms of healthcare available for older adults no matter where they live, expanding healthcare access without the need for emissions-intensive infrastructure and transportation. Other tech, like wearable fitness trackers, act as preventative measures by encouraging physical activity, while smart home technologies enhance safety and comfort for older people. Smart home tech can also alert caregivers and loved ones in accidents or medical emergencies.

Wearable devices and sensors can track vital signs and medication adherence, allowing healthcare providers to monitor patients remotely. This proactive approach can prevent unnecessary hospital visits and travel emissions, aiding in managing chronic conditions and early detection of potential health issues.

Urban planning

As populations age, thoughtful urban planning becomes crucial for creating a more sustainable and livable environment for older adults: we need to build age-friendly and eco-friendly cities. Designing walkable communities encourages older adults to stay active, cuts down on car use, and reduces emissions.

Adding green spaces encourages physical activity and lowers ambient temperatures during heat waves, reducing energy and acting as a carbon sink. Promoting biodiversity, capturing airborne pollutants and heat stress, and improving air quality are other benefits of greening a space.

Access to amenities, accessible public transportation, and energy-efficient housing are crucial, but we cannot forget the importance of social infrastructure and community support for age-friendly neighborhoods.

Conclusion

The relationship between aging populations and climate change is multifaceted, and this blog post only brushes the surface of the issue.

Technology and thoughtful urban planning offer significant opportunities to address this challenge in a way that not only meets the needs of aging populations but also safeguards the environment — or, at the very least, minimizes the environmental impact of our newfound longevity.

By harnessing the power of innovation and focusing on environmental and social well-being, we can create a more sustainable and resilient future for our aging populations in the face of climate change.

Many thanks to Amasia Summer 2024 Fellow, Sara Goh, for supporting the research and writing that went into this essay.

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• The Amasia blog for essays on the VC business, our portfolio, and our impact.

• The In Our Hands podcast with theorists and practitioners in climate science and behavior change (with full transcripts if you prefer text).

• The Futureverse podcast with authors of climate-related fiction (with full transcripts if you prefer text).

• Ramanan’s blog for personal essays.

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Subscribe now

Useful links:

• The Amasia website for an overview of our firm, our team, and our portfolio.

• The Amasia blog for essays on the VC business, our portfolio, and our impact.

• The In Our Hands podcast with theorists and practitioners in climate science and behavior change (with full transcripts if you prefer text).

• The Futureverse podcast with authors of climate-related fiction (with full transcripts if you prefer text).

• Ramanan’s blog for personal essays.