WICE and BlackRock Convene Senior Finance and Development Leaders During San Francisco Climate Week to Examine Structural Barriers to Clean Energy and Critical Minerals Investment

SAN FRANCISCO, CA - April 23, 2026 - The World Institute for Conservation and Environment (WICE) and BlackRock co-hosted “Bridging the Capital Gap: Blended Finance for Renewable Energy and Critical Minerals,” a half-day event held on Earth Day, April 22, 2026, at BlackRock’s San Francisco headquarters as part of San Francisco Climate Week. The event brought together senior professionals from institutional investment, international development, venture capital, climate technology, and law to examine where challenges exist in applying capital to projects and markets that most require it, and what financial structures and partnerships are needed to address that gap.

In 2025, global investment in the energy transition reached a record USD $2.3 trillion, with electrified transport, renewable energy, and grid infrastructure collectively attracting more capital than fossil fuel supply for the second consecutive year. Clean energy now supports over 16 million jobs worldwide. Despite these figures, capital is not reaching emerging markets.

The event was organized around whether the financial and institutional architecture exists to sustain a just energy transition and the critical mineral supply chains that underpin it, given the contraction of public catalytic capital that historically made early-stage investment viable.

For decades, concessional public finance seeded early-stage projects, built institutional capacity, and de-risked the ventures that commercial investors later scaled. From community solar programs in rural America to grid modernization in India to mini-grid operators across Africa, the reduction of development finance has introduced new uncertainty for projects that have demonstrated commercial viability but require continued bridge support. Alongside this, growing global dependence on critical minerals, including lithium, cobalt, and nickel, is creating environments prone to both significant investment and risk. Supply chain security, community consent, land rights, and environmental standards determine whether a project reaches financial close or becomes a stranded asset.

“This was an honest and solutions-driven conversation about what it actually takes to move capital where it’s needed most,” said Dr. Emily Weeks, Co-Founder and CEO of WICE. “Completing the energy transition requires the public sector, philanthropy, and institutional capital, and it requires them to work together, in the right sequence, in the right structures, with a shared understanding of risk and return.”

“We are at a moment where collaboration across sectors is no longer optional. It is essential.”

The program featured two in-depth panel discussions:

Panel 1: When the Money Stops – Blended Finance for Scaling Renewable Energy

Moderated by Katie Retz of Energy Peace Partners, the first panel examined the operational realities of deploying capital into renewable energy in markets where commercial returns are harder to structure and execution risk is greater. Panelists included Dr. Pranay Mishra, Founder of Neoseeker Metals USA; Molly Dean, Senior Finance Advisor at the United Nations Environment Programme; Derrick Tang, Head of Programs at New Energy Nexus; and Christina Cairns, Senior Finance Advisor with WICE/PowerTrust and formerly of USAID’s Power Africa initiative.

The discussion examined which blended finance structures are currently producing results, and which have become standardized to the point of losing effectiveness. Specific mechanisms reviewed included concessional debt, first-loss capital tranches, REC-backed prepayment facilities for distributed solar, and hybrid debt-equity structures designed to serve markets with longer payback periods and limited exit options.

Panelists addressed the question of where catalytic capital gaps are most acute, and what institutional partnerships and co-investment models could substitute for the decline of public development finance. The session also explored how impact-oriented venture capital and institutional funds can participate in distributed energy markets in sub-Saharan Africa, Southeast Asia, and underserved communities in the United States, where traditional J-curve investment timelines are often not applicable.

Panel 2: Digging Deeper – Financing Critical Minerals for a Just and Resilient Energy Transition

Moderated by Dr. Raul Hinojosa Ojeda, Professor and Chair at UCLA, the second panel addressed the financing complexities specific to critical mineral supply chains. Panelists included Kristi Disney Bruckner, Law and Policy Director at the Initiative for Responsible Mining Assurance (IRMA); C. Derek Campbell, Founder and Executive Chairman of Emerald Global Resources Ltd.; Frances Tran, Ph.D., Research Director and Prize Designer at XPRIZE; and Melody McNeil, foreign policy and international development Senior Advisor at WICE.

The panel examined what separates a bankable critical minerals project from one that becomes a stranded asset, with discussion covering ESG standards, permitting timelines, community consent, and the legal frameworks that govern responsible sourcing. Panelists addressed the structural tension between the capital intensity and long development timelines of critical mineral projects and the return profiles expected by private equity investors. The panel also addressed the role of large corporate buyers, including technology manufacturers with significant battery and electronics supply chain exposure, in de-risking supply chains through offtake agreements and pre-financing arrangements. Participants examined the cost of building genuine social license to operate in mining regions, including the time and resources required for community engagement, environmental safeguarding, and land rights processes, and who absorbs those costs when public development finance is no longer available to support pre-development work. 

Across both sessions, participants identified a consistent pattern in that the primary barrier to closing the clean energy and critical minerals finance gap is not necessarily the volume of available capital, but the absence of structures, partnerships, and on-the-ground expertise that make deployment viable. The contraction of public catalytic finance has removed the foundational layer that historically enabled commercial capital to enter at scale.

Participants highlighted the need for renewed coordination among institutional investors, development finance organizations, philanthropic capital, and local stakeholders to ensure that projects are financially structured, socially licensed, and environmentally sound. The event closed with a call for greater innovation in financial structuring and stronger operational alignment between public and private sector actors.

About WICE

WICE is a global, women-owned network of development professionals dedicated to advancing health and sustainable agri-food systems, food security, social impact, and environmental stewardship.  Originally founded in 1989, our organization has evolved to manage complex development programs and champion innovation across climate resilience, food security, and humanitarian assistance. WICE remains committed to driving progress through technical expertise and collaborative action. Through research, convening, and advisory services, WICE supports the mobilization of capital for climate solutions in emerging markets worldwide.