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Expand chart
Data: PwC; Chart: Thomas Oide/Axios

Private investment into climate technologies is surging, but there's misalignment between where the money is going and areas with the highest potential for slashing emissions, a new report finds.

Driving the news: PwC is out with a wide-ranging look at climate tech funding and deals. Venture capital and private equity investment surged in the second half of 2020 and the first half of 2021 (the end of the period studied), totaling $87.5 billion.

  • Climate tech, broadly defined, now accounts for 14 cents of every VC dollar invested.

Yes, but: "Our analysis finds that there are still significant areas of untapped potential," the report states.

  • "Of the 15 technology areas analysed, the top five that represent over 80% of future emissions reduction potential by 2050 received just 25% of recent climate tech investment between 2013 and H1 2021."
  • The top five in their analysis are "Solar Power, Wind Power, Food Waste Technology, Green Hydrogen Production, and Alternative Foods/Low GHG Proteins."

Of note: The report doesn't aim to capture the whole investment landscape. PwC notes it explored "funding targeted at scaling new innovations," and not project finance for mature tech and debt.

Go deeper: Carbon capture firm nabs $30M in VC funds

Get smarter, faster on climate tech with our free, 5-video short course.

Go deeper

Ben Geman, author of Generate
Jan 14, 2022 - Energy & Environment

Biden's latest Fed pick signals brewing climate battles

Illustration: Sarah Grillo/Axios

President Biden's plan to tap Sarah Bloom Raskin as top banking regulator at the Federal Reserve could intensify the central bank's already growing focus on climate change.

Catch up fast: The news broke Thursday night that Biden will nominate Raskin, a Duke University law professor, for the powerful role of vice chair for supervision.

The most startling facts in 2021 climate report

An unsettling part of the human condition today is that the year you were born will most likely be the coolest year of your life, globally speaking.

By the numbers: Newly released climate data from NOAA, NASA and Berkeley Earth show that the planet has had an unbroken streak of 45 years of warmer than average temperatures.

Ben Geman, author of Generate
Jan 14, 2022 - Energy & Environment

Power demand surge thwarts climate goals

Expand chart
Reproduced from International Energy Agency; Chart: Axios Visuals

Global electricity demand surged by record levels in 2021, causing price spikes and emissions growth, the International Energy Agency said.

Driving the news: New IEA data out Friday shows that power demand grew by over 1,500 terawatt-hours, the highest absolute amount ever.