A new gold rush is taking shape on a quiet stretch of Kansas prairie. There, a group of Bill Gates-backed startups are searching beneath the surface for natural hydrogen, a fuel that can produce electricity without worsening climate change.

Finding it in large quantities would revolutionize the energy transition. But the hunt for clean energy is a wild hunt, with a real possibility of failure – and the added risk of diverting limited climate risk capital at a time when the world needs proven emissions-reducing technologies.