Everywhere you look, it seems like bad news for climate tech. Investments are down, the US government has cut incentives and startups are running out of cash. But venture capitalist Vinod Khosla is still bullish, even though the One Big Beautiful Bill cut an estimated $500 billion in green spending. This week on Zero, Akshat Rathi speaks with Khosla to find out when we can expect to see fusion, whether he’s reconsidering investing in the US and why he still thinks the best clean tech is yet to come.

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Zero is a production of Bloomberg Green. Our producer is Oscar Boyd. Special thanks to Brian Kahn, Michelle Ma, Eleanor Harrison Dengate, Jessica Beck, Siobhan Wagner, Meg Szabo, Abby Danzig and Krystal Contreras. Thoughts or suggestions? Email us at zeropod@bloomberg.net. For more coverage of climate change and solutions, visit https://www.bloomberg.com/green.