In his latest “Viewpoints” letter, famed investor Jeremy Grantham points out an important paradox in the decarbonization effort highlighted by Russia’s invasion of Ukraine. Grantham makes the argument that the process of moving away from fossil fuels will itself be resource intensive and that the commodities needed are limited in supply. Wars like the one in Ukraine will pressure raw material markets in the short run and, in the longer-term force us to innovate around these bottlenecks, shortages, price spikes and climate damage that will an inevitable part of the market landscape as countries fight for these resources. While commodities are not an explicit part of Rain’s impact portfolios for obvious reasons (commodities funds typically contain a large dose of fossil fuel producers), we believe the sustainable infrastructure strategies we use will benefit from the innovation Grantham is referring to.