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This article links the contributions of institutional theory with the analysis of power differentials between actors in an organizational field. Organizations vie for power in the societal, policy and project dimension. Power relations are examined in the global climate change policy arena where the institution of providing technology transfer through a model of foreign aid is being challenged by the proto-institution of allotting projects through a venture capital investment model. The paper discusses the shift in power differentials in order to expose whose interests this institutional change is furthering.