Pages

Climate Tech Funding At A Glance: What Role Does Big Tech Play In Sustaining A Greener Future?

Last year, some of the biggest names in climate tech received funding worth nearly $37 billion as a part of a venture capital investment. The whole idea was related to sustaining a greener future or one that could be appreciated for being carbon neutral.

And when you actually look at figures from the year 2018, the giant increase in investments cannot be denied.

As far as leaders in the tech industry are concerned, we’re talking about the likes of Amazon, Microsoft, and of course, Google who have all united on one front, and that is to achieve a healthier environment that’s full of technological advancements and free of carbon.

A new report by Statista showed a comparison entailing data received from leading firms such as HolonIQ and CB. And according to that, the mega increase in climate tech funding has been relatively slow by Big Tech.

Three years back, we saw a few investments come forward from these leading tech firms and their associated subsidiary companies. The figure reached was nearly $100 million while the total amount estimated was in billions.

The reason why these figures mean so much and why top tech firms are being called out has to do with one simple logic and finding. The carbon footprints that some of these tech companies leave behind are immense and that is what puts a halt to a greener future.

But this time around, we’re seeing more interest and intrigue being generated in this regard. Big Tech is making sure it has increased its funding in this aspect for both large-scale and big-scale tech firms that are clear about their goals to reduce emissions of greenhouse gases.

The principle is simple, the more the interest shown, the more the investment you’ll get.

This in turn means we’re going to have the three tech giants outlined above, serve as leaders for a greener future as they’re getting a quarter of the entire funding outlined.

Let’s not forget how Amazon was the leader in this aspect as it invested greatly, as far as the transportation sector is concerned. So many billions were allocated to car making, recyclable elements, and more through its fund for Climate Pledge.

Some hiccups are definitely seen and would also be taking place along the way, however, we can’t help but realize that it’s a great start and one that should stay strong for longer periods of time if we actually wish to see results.

Meanwhile, analysts at Dealroom revealed how most of the funding during the last quarter of 2022 went toward the UN’s goals for sustainable development projects. But we still feel that this is just the start as startups get only a chunk of what top firms receive.


Read next: Meta Provides A Massive Pool Of Insight On Climate Change And How The Crisis Can Be Tackled

No comments: