New Mexico's $72B Bet on Clean Energy
Inevitable
How oil and gas funded a $72B fund
Bruce Brown explains the State Investment Council's land-grant origins and how fracking expanded the fund to $72 billion.
Rob Black is Cabinet Secretary of the New Mexico Economic Development Department, and Bruce Brown is Head of Strategic Climate Initiatives at the New Mexico State Investment Council, the state’s $72B sovereign wealth fund. Together, they are driving one of the most ambitious state-level strategies in the U.S. to turn energy wealth into long-term climate innovation and economic growth.
The conversation also features MCJ portfolio founders building in the state: Carrie von Muench, Co-founder of Pacific Fusion, developing modular fusion energy systems, and Carl Hoiland, Co-founder and CEO of Zanskar Geothermal, using AI to discover and scale geothermal resources.
Together, our guests explore how sovereign capital, policy, and startups intersect—from funding venture managers and attracting hyperscale projects to enabling first-of-a-kind (FOAK) infrastructure. The episode highlights what it actually takes to build (climate) companies in a new geography, and how New Mexico is positioning itself as a hub for advanced energy and climate tech.
This episode of Inevitable was recorded in front of a live audience on April 22, 2026 at the SVB Experience Center during SF Climate Week. (Published on May 12, 2026).
In this episode, we cover:
- (0:00) Overview of New Mexico’s development strategy
- (2:06) Becoming a climate innovation hub
- (4:31) An overview of the state's sovereign wealth fund: $72B capital
- (6:27) Investing for returns while hedging energy transition risk
- (10:34) Economic growth, poverty reduction, and workforce investment
- (14:20) Why New Mexico is betting on climate and energy
- (17:32) How the state supports startups: incentives and “white glove” service
- (20:26) The shift in strategy: from local funds to global venture partners
- (22:36) Scaling the model: billions into venture and new industries
- (25:03) Transmission, infrastructure, and enabling energy deployment
- (27:00) Building data centers, microgrids, and large-load demand
- (35:11) Pacific Fusion: building modular, scalable fusion systems
- (35:23) Zanskar Geothermal: AI-driven geothermal discovery and development
- (40:23) Why New Mexico: resource potential vs. siting strategy
- (45:29) What founders actually get from the state and what still needs work
- (50:22) Lessons for builders: permitting, incentives, and scaling fast
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*Editing and post-production work for this episode was provided by The Podcast Consultant
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