Israeli Tech Tycoon, Former US President Team Up To Tackle Climate Change

Former US President Bill Clinton collaborates with Israeli entrepreneur Ziv Aviram to launch EcoBridge, an investment fund focused on climate innovation

Israeli tech mogul Ziv Aviram wasn’t exactly short on things to do when invited last year to a roundtable discussion on climate change.

Aviram, co-founder of automotive software giant Mobileye and co-CEO of OrCam, an artificial vision device manufacturer, attended at the request of the Clinton Global Initiative, former US President Bill Clinton’s nonprofit. The organization brings together global leaders to tackle climate resilience, health equity, and inclusive economic growth, among other worldwide challenges.

I think this is the biggest challenge humanity has ever faced. So I decided I had to do something about this.

“I suddenly became aware of the severity of the climate change. I knew about the issue, of course, but when I started to prepare for the roundtable, suddenly I understood the magnitude of the problem,” Aviram told The Media Line.

“One billion people might be displaced after 2050, and among them 143 million climate refugees. So for me, it became clear that we are facing catastrophe,” he continued. “I think this is the biggest challenge humanity has ever faced. So I decided I had to do something about this.”

That something is EcoBridge, a new investment fund announced Monday by Clinton and Aviram at the Clinton Global Initiative’s annual conference in New York City. The fund, to be jointly run by Aviram and Clinton, will be dedicated to fostering technological innovations aimed at addressing the pressing challenges of the climate crisis.

Clinton will chair the fund’s “impact” committee, ensuring that the fund’s investments align with the foundation’s impact objectives, and will assess the political, economic, and governmental aspects of the climate crisis.

The EcoBridge fund will be co-led by Aviram and fellow co-founders Itai Lemberger and Robert Citrone.

Aviram says the goal is to raise $1 billion to $2 billion “to invest in cutting-edge technologies that can quickly show the difference.”

He emphasized the word “quickly.” Across town at the United Nations General Assembly, climate change initiatives have been slow-going, with stagnant governments often dealing with other more politically pressing challenges, both foreign and domestic.

“The trick is to invest in technologies that have substantial influence on what you do. What I have learned is that what has happened until now is that 80% of the money went to 20% of the solution,” Aviram said. “So my idea is to find the right technologies that will provide 80% of the solution. Then with the right technology, I think we can push the needle.”

Lemberger, founder and chief investment officer at Bow Wave Capital Management, told The Media Line that the fund is bringing the right people together, pointing to Aviram as a successful entrepreneur with unique access and insight to the mobility and transportation space.

Citrone, a billionaire hedge fund manager and co-founder of Discovery Capital Management, is a “globally recognized macro investor,” according to Lemberger.

The fund is being launched with over $100 million of founders’ money with a plan to raise capital throughout 2024, and then deploy the funds over the first four years before harvesting them over the next four.

“You’re going to know the financial results a long time from now. But you’re going to be able to tell the impact from a climate standpoint sooner, because when companies invest a lot, what they do is tangible in terms of where and to what extent they deploy their solution,” Lemberger said.

He is counting on the Clinton Global Initiative’s guidance and support regarding areas like regulation and government relations. He and Aviram both stressed Clinton is not just putting his name on the project. He and his team will be hands-on.

“It takes a lot of time to negotiate an agreement with an institution such as the Clinton Global Initiative. And the reason it took a long time is because they do want to be very involved,” Lemberger explained, adding that he couldn’t disclose the extent of Clinton’s role, though he said it would be personal.

“His team is incredibly committed. They’ve worked really hard with us on some things on very tight timelines, and I’m very excited about both their level of involvement, the motivation on their end, and how pragmatic they are,” he continued.

There is a certain amount of Israeli pride for both Aviram and Lemberger in leading a global effort in tandem with a monumental figure like Clinton.

“In Israel, there are a lot of great minds and ideas. And this is a hub of technology,” Aviram said. “Of course, we will also look for technology from Israel. My home is Israel. So definitely, it’s important for me, but we are working globally because we want to solve the problem for the planet.”

Lemberger agrees it will take worldwide collaboration, and he will utilize his extensive experience of raising funds in Asia, where the majority of emissions are taking place. But that doesn’t mean Israel won’t play a significant role.

“A lot of the attention of competing funds has been on greener energy sources. But there are a lot of other elements of global emissions that investors are less focused on, compared to green energy solutions,” Lemberger said. “We’re talking about agri-tech, construction tech, software solutions for smart cities, smart grids, etc. There is a significant number of companies in Israel for those sectors that have yet to get the attention that clean energy sources have gotten, especially in the media, and I think these are areas that we will definitely pay attention to.”

Aviram said the fund’s success won’t depend just on money, nor the innovation that will track with it. He says it requires a holistic societal approach, including governments, regulators, the business sector, the scientific community, and especially the media.

“I think the media has an extra important role in this battle, to expedite the process and bring everyone to the same table. The first thing is to create awareness, in public opinion. Then I think that the politicians will pick it up on their agendas. Secondly, it is to build consumer awareness,” he said.

So far, I have used technology to empower people. Now we’re going to use technology to empower our planet. It’s a different approach.

Aviram suggests labeling products with a carbon footprint rating to bring direct attention to the consumer of the impact of the products they purchase.

Overall, there are many potential solutions out there. The first step is to raise the money to fund them. It won’t be Aviram’s first go-around in this area.

“So far, I have used technology to empower people,” he said. “Now we’re going to use technology to empower our planet. It’s a different approach.”