Lifecycle assessments (LCA) do more than measure emissions — they benchmark competing technologies against one another, says Michele Demers, who runs environmental data firm Boundless Impact Research & Analytics.

Why it matters: An LCA can help an investor suss out which green ideas hold

financial promise and which should stay in the lab.

This interview, conducted over two conversations, was edited for length.

Why does an LCA matter, beyond just calculating emissions?

• "LCAs reveal how well a technology works. They look at the levelized cost of energy, the carbon payback time, the volatile organic compounds used in manufacturing."

From the LCAs you've done, which sectors are you most skeptical of?

• "SAF. All these airlines have net-zero goals and don't know how to meet them, so they want to buy sustainable aviation fuel. There are a lot of feedstocks and a lot of creative accounting.
• I'm more bullish on HEFA [hydroprocessed esters and fatty acids], using used cooking oil for SAF. Anything based in agriculture has tremendous emissions in the production process."

What else?

• "Direct air capture. Not only is it resource-intensive, some of the technologies are assuming 80-100% clean electricity by 2028.
• There are insect-based proteins that are not going to reach the production they're talking about. Same with lab-based proteins. A lot of plant-based proteins aren't calculating agricultural emissions as comprehensively as they need to."

Which sectors are exceeding expectations?

• "Enhanced rock weathering, biochar, the ocean sector. Nature-based solutions like kelp farming, seagrass restoration have a variety of benefits – not just emissions, but ecosystems and biodiversity.
• There are also situations where farmers are getting higher yield as a result of carbon removal efforts." Aren't we now seeing a turn away from these kinds of assessments?
• "Some of the nomenclature is going to change - 'ESG,' everyone knew it had issues. But the money flows are going to stay t h e same.
• You're not going to see large companies stop tracking their emissions. Consumers are still demanding sustainable products.
• If a company has no business in Europe, if it's going to operate in a red state, it can put blinders on. But even oil and gas companies, doing international business, know that sustainability isn't a superficial thing."