PitchBook-碳与排放技术风险投资趋势（英）

EMERGING TECH RESEARCHCarbon & Emissions Tech VC TrendsVC activity across the carbon & emissions tech ecosystemQ22025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ2 2025 Carbon & Emissions Tech VC TrendsCarbon & emissions tech landscape 3Carbon & emissions tech VC ecosystem market map 4VC activity 5Carbon & emissions tech VC deal summary 23Institutional Research GroupAnalysisJohn MacDonagh Senior Research Analyst, Carbon & Emissions Tech and Clean Energy Tech john.macdonagh@pitchbook.comDataOscar Allaway Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Drew Sanders and Jenna O’MalleyPublished on August 11, 2025CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q2 2025 Carbon & Emissions Tech VC TrendsCarbon & emissions tech landscapeCarbon techIndustryBuilt environmentLand useCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 4Q2 2025 Carbon & Emissions Tech VC TrendsCarbon & emissions tech VC ecosystem market mapCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q2 2025 Carbon & Emissions Tech VC TrendsVC activityQuarterly VC activityQuarterly deal activity in the carbon & emissions tech space fell to $2.1 billion across 207 deals in Q2 2025, down 44.2% from Q1 2025’s $3.8 billion. This puts quarterly deal value at its lowest figure since Q1 2021’s $1.4 billion, with deal count also dropping to levels not seen since 2020. Quarterly deal values in 2024 averaged $3.3 billion, putting Q2 2025’s VC deal value 35.4% lower than 2024’s quarterly average.Some of this decline is due to a lack of megadeals in the vertical, with only three deals of $100 million or more in Q2 and none larger than $200 million. By comparison, Q1 2025 saw five deals larger than $100 million, two of which exceeded $500 million, which accounted for 42.0% of the quarter’s VC deal value. Q2’s three deals larger than $100 million accounted for just 24.9% of the quarter’s total deal value.RegionsEurope and North America are consistently the two largest regions for VC deal value in carbon & emissions technologies, and the two have traded places since 2017 as to which region accounts for the largest percentage of annual VC deal value in the vertical. From 2022 to 2024, Europe’s contributions exceeded those of North America—Europe accounted for between 40.7% and 41.9% of VC deal value during these three years, while North America accounted for between 36.3% and 37.7% over the same years. In the first half of 2025, North America accounted for 44.8% of total VC deal value in carbon & emissions tech, its highest percentage since 2018.Source: PitchBook • Geography: Global • As of June 30, 2025Carbon & emissions tech VC deal activity$1.9$2.8$4.2$6.8$17.1$14.9$22.4$13.2$6.03544595677211,1211,2551,3831,309464201720182019202020212022202320242025Deal value ($B)Deal countSource: PitchBook • Geography: Global • As of June 30, 2025Carbon & emissions tech VC deal activity by quarterQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q