New research published in London Tech week in advance of Earth Day 2023 suggests that despite the vital role played by UK climate technology in combating global climate change, difficulties gaining access to funding and locating suitable talent are hindering the growth of the business.
In 2023, with so many problems plaguing our world, it’s crucial that we put our attention on ClimateTech. This is in accordance with recent information gathered from more than 900 ClimateTech leaders at London Tech Week (12-16 June 2023).
ClimateTech Summit is a cornerstone event because it brings together the dynamic international community of innovators, VCs, corporate partners, academics, and policymakers who are charting the path to zero carbon emissions.
Without modern technological advancements, a net-zero energy future is inconceivable.
Sixty-two percent or more of respondents around the world think that achieving Net Zero is impossible without technological advancements, and 63 percent say that reducing greenhouse gas emissions should be a higher priority.
Capitalising on future in London Tech Week
Businesses in the Climate Tech sector are most heavily investing in the food tech/agritech industries (71%), followed by the energy sector (47%) and the biodiversity/environment sector (47%).
Seventy-one percent of ClimateTech leaders invested in between one and five ClimateTech startups in the past year, demonstrating their dedication to the industry.
However, the data shows a clear decline in financing accessibility, with 18% reporting that investment had ‘decreased significantly’ when compared to previous years. In the past 12 months, only 26.47 percent had been funded, while 73.53 percent had not. Other significant developments included:
The majority of the money (21%) came from venture capital. This year, a lack of available funds was cited as a major obstacle (47%). A further significant difficulty (29%) was locating suitable candidates. These are obstacles that need to be overcome in order to get net zero.
To read our article about “London Tech Week will launched a new Earth Day survey” click here.