We’ve just wrapped up the third annual Impact/Return—a gathering of GPs, LPs, founders, and thought leaders—at Norrsken House Barcelona as part of Norrsken Foundation’s ecosystem event, Impact Week. This year’s event came at a critical time—just 48 hours before we began, Catalonia faced flash floods, and began as polls for the most consequential election of our time were still being counted, underscoring the urgency of addressing climate crises and driving impactful change today, not tomorrow.

The summit covered diverse topics, from evolving climate tech to the role of inner change in impact. Here are the biggest insights:

Nothing without our co-hosts!

We began this year’s Impact/Return with our very own Agate Freimane setting the stage, reflecting on our mission to combine financial returns with a powerful purpose.

Our co-hosts, Obvious Ventures and Seaya Andromeda, brought this vision to life on stage. Andrew Beebe of Obvious Ventures shared their journey in “world positive investing”—backing founders who tackle humanity’s toughest challenges while generating strong returns. With over 120 investments and $340M returned, Andrew highlighted how aligning financial upside with positive impact has been essential to their success.

Representing Seaya Andromeda, Beatriz González spoke on how their €300M climate fund reflects a mature market where impact and returns now go hand in hand. Both co-hosts captured the collaborative spirit that drives Impact/Return, inspiring us all to accelerate meaningful change in the impact investing space.

We couldn’t have put on such a show without our co-hosts. We all three believe in less competition and a more collaborative, open source approach to generating impact + returns, so we all pulled together to ensure that the world’s most significant LPs were in the room to discuss the path forward.

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Climate tech is dead. Long live climate tech

One of the most talked-about topics was the new wave of climate tech, which was discussed in a panel with some of the largest impact investors in the world: Joerg Metzner (TPG Rise Climate), Veery Maxwell (Galvanize Climate Solutions) and Ben Kortlang (G2VP). 

Despite one third of VC investing going to climate last year, we still have a stark reality that only 1% of global AUM goes to impact. We of course want that to shift to 100% – and this panel underpinned how we get there. It starts with an investment focus shifting toward FOAC (Frontier, Overshoot, Adaptation, and Carbon Removal) technologies, which are essential to long-term climate goals but require patient capital due to high initial costs and extended timelines. Judging by the enthusiasm of the 250+ impact investors present, there’s still strong momentum and opportunity in this crucial sector.

Seismic shift: institutional capital's realignment for Impact

This panel with Carlos Garcia Rivas (APG Asset Management), Beatriz Merino (The Nature Conservancy), and Maurice Klaver (PGGM) spotlighted the growing role of institutional capital in impact. Carlos outlined APG’s strategy shift towards sustainable investments in sectors like energy and electrification, while Beatriz shared how NatureVest’s $3.3B in raised capital drives conservation with financial returns. Maurice discussed PGGM’s ESG-focused investments in healthcare, emphasizing private equity’s role in advancing impact goals.

The key takeaway? Institutional capital is increasingly balancing returns with climate action, scaling critical solutions, and debunking myths about impact investing’s returns and timelines. The speakers called for industry collaboration to standardize reporting and recommended that LPs explore frameworks linking financial and impact outcomes.

Adapting fund models for new solutions

A panel with Floris Lyppens (ABN AMRO) and Najada Kumbili (Visa Foundation) and Nigel Purcell (ISIF) highlighted the exciting potential of impact-driven investments in climate tech. While these ventures often require longer timelines than traditional funds can typically offer, this presents a unique opportunity for investors to drive meaningful change. Over 60% of climate tech startups are navigating cash flow challenges, with many facing less than a year of runway. This underscores the need for innovative funding models—such as extended 15-year timelines and creative risk-sharing structures—that can better support these ventures and unlock their transformative potential. 

By embracing these models, investors can be key players in the long-term growth of the climate tech sector, delivering both financial returns and lasting positive impact.

The AI + climate crossroads: driving impact responsibly

In a timely discussion, Lila Tretikov from NEA and Anna Koivuniemi of Google DeepMind discussed responsible AI funding in climate impact ventures. They stressed that investors must perform deep diligence on founders and prioritize ethical frameworks to ensure AI investments contribute positively to climate goals. AI has vast potential in sectors like physics, biology, and chemistry, but without safeguards, it risks causing harm. This session encouraged investors to assess AI startups on long-term sustainability criteria and align private innovation with public climate goals.

Family offices are stepping up for impact

In a session moderated by Richard Azarnia, visiting family office leaders explored how private wealth is increasingly driving long-term impact and unlocking strong financial returns. In 2023, family offices played a pivotal role in the $11 billion raised by U.S. climate tech VC, demonstrating a clear commitment to projects that not only deliver meaningful impact but also promise significant financial rewards. This growing confidence in the sector signals a robust future for climate tech investments, where the potential for both transformative change and strong returns is more promising than ever.

Founder support: knowing when to help – and when to step back

A conversation between Agate Freimane of Norrsken VC and Philipp Schröder, CEO of 1KOMMA5°, highlighted a crucial insight: impactful investment isn’t just about funding; it’s also about empowering founders to lead. As 1KOMMA5° scaled to over €500M in revenue with a team of 2,000, Philipp emphasized that the best investor support often involves knowing when to step back. For many impact-driven founders, support beyond capital—like guidance on partnerships or operational resilience—is invaluable, but ultimately, founders need the autonomy to steer their vision forward.

This exchange underscored the importance of balance: investors are learning that supporting founders effectively means offering resources without interfering in day-to-day decisions.

Leveling the playing field: closing the inclusion gap

In a keynote, Daryn Dodson of Illumen Capital highlighted that diversity in capital allocation is both ethical and beneficial for performance. Diverse teams often outperform, while biases lead to suboptimal outcomes. This message resonated in impact investing, where financial return and societal improvement are dual goals.

Inner change for outer impact

A highlight was Erik Fernholm’s keynote on personal transformation as a foundation for societal impact. He emphasized that qualities like resilience, empathy, and self-awareness are essential for leaders driving systemic change in climate action and social equity. Norrsken Foundation founder/Norrsken VC GP Niklas Adalberth closed with a reflection on aligning personal values with impact goals, urging attendees to cultivate inner growth as the basis for effective, lasting change.

The climate road ahead: Predictions for 2025 and beyond

In a future-focused discussion, panelists Seyonne Kang (Stepstone) Nina Kraus (Hamilton Lane) and Maria Kozloski (The Rockefeller Foundation) took the stage with Andrew Beebe shared insights into the evolving landscape of climate investing. The journey to net zero represents an annual $12 trillion investment opportunity, spanning industries like energy, electrification, and decarbonization. But this is a challenging path that requires overcoming obstacles in scaling, innovation, and public-private alignment.

One key message was the need for increased collaboration between private capital and governments to establish the frameworks and incentives needed to drive meaningful change. With ambitious investment goals, panelists emphasized that the 2025 climate landscape will demand innovative solutions, policy support, and new models of accountability to ensure scalable impact.

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A big thank you to everyone that attending Impact/Return and Impact Week altogether! It's forever inspiring to see our impact ecosystem growing, with more founders, investors and enablers dedicated their lives to driving positive change for people and planet. We can't wait to pull it all off again next year!

Find out more about Impact/Return here. Curious about becoming a Norrsken House Barcelona member? Head here.