The larger financial markets aren’t as yet any better focused than the VCs are. A meta-analysis from the Climate Policy Initiative found that, while estimates for needed annual climate-related investment in global agrifood systems range from $212 billion to $1.267 trillion, they tracked the actual investment at only $28.5 billion.73 The energy transition has lured asset managers deeper into the climate-related energy, transportation, and water sectors, where private-equity deals jumped from around $60 billion in 2020 to nearly $150 billion in 2022.74 But that doesn’t necessarily bode well: As Brett Christophers points out in his book Our Lives in Their Portfolios: Why Asset Managers Own the World, real asset funds would rather buy stuff that already exists, wrench more money out of it, and sell it on. They much prefer it to building new infrastructure, which is the plan in less than 20 percent of these investments.75 “What the evidence both before our eyes and in fund performance data shows,” he writes, “is that actually holding the asset—let alone stewarding it—is really not what the business is about.”76 For financial actors, “exposing” themselves to the green transition’s upside is not the same thing as building and maintaining it.iii A number of electric car manufacturers, however, have raised significant capital.