By Ovunc Kutlu
ANKARA (AA) - Climate technology startup companies raised a record $32 billion in 2021, according to a report Tuesday.
That level represents 4.9 times more investment compared to 2016 when the Paris Agreement was signed, said Amsterdam-based global data provider on venture capital, Dealroom and UK-based promotional company, London & Partners.
Europe is the fastest-growing region globally for climate tech with investment growing seven times since 2016, said the report -- Five years on: global climate tech investment trends since the Paris Agreement.
That ratio was 5.8 times for US and Canada and only 1.7 times in Asia.
"London is one of the driving forces behind Europe’s rapid growth in climate tech. London startups have raised $3.3 billion in venture capital investment since 2016, 16% of Europe’s total," the report said.
The growth of climate tech has mostly been driven by global investment in areas of transportation, energy and economic solutions, according to the report.
“The global tech industry has a fundamentally important role to play in the fight against climate change and we need global cooperation and collaboration to drive forward urgent action," London & Partners CEO Laura Citron said in a statement.
While the US is on top for venture capital climate tech investments with $48 billion since 2016, China ranks second with $18.6 billion, the report showed.
They were followed by Sweden with $5.8 billion, the UK at $4.3 billion and France with $3.7 billion.