PitchBook年三季度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 ecosystemQ32025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ3 2025 Carbon & Emissions Tech VC TrendsInstitutional Research GroupAnalysisDataOscar Allaway Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Adriana Hansen and Jenna O'MalleyPublished on November 11, 2025Carbon & emissions tech landscape 3Carbon & emissions tech VC ecosystem market map 4Quarterly analysis 5Key takeaways 5VC activity 6AI themes 8Conclusions 9Carbon & emissions tech VC deal summary 26For previous updates as well as our complete climate tech research, please see the designated analyst workspace on the PitchBook Platform.John MacDonagh Senior Research Analyst, Carbon & Emissions Tech and Clean Energy Tech john.macdonagh@pitchbook.comCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q3 2025 Carbon & Emissions Tech VC TrendsCarbon & emissions tech landscapeCarbon techIndustryBuilt environmentLand useCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 4Q3 2025 Carbon & Emissions Tech VC TrendsCarbon & emissions tech VC ecosystem market mapCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q3 2025 Carbon & Emissions Tech VC TrendsQuarterly analysisKey takeaways• VC deal value in the carbon & emissions tech space rebounded to $3.5 billion in Q3 2025, a 40.1% increase from Q2. However, this growth was driven by a resurgence in megadeals, not the broader market activity; deal count fell to 187, the lowest since Q3 2020.• In Q3 2025, the built environment segment led in deal value at $1.5 billion, while the industry segment led in deal count with 59 deals. These two segments significantly outpaced carbon tech & land use, which saw much lower investment. The higher deal value in the built environment and industry technologies reflects a shift in investor focus toward technologies that offer resilience and cost savings, such as energy and water efficiency, over purely environmental benefits.• North America remains the top region for carbon & emissions tech VC, accounting for 55.9% of YTD deal value and 46.3% of deal count. Europe also gained share, rising to 37.2% of deal value. In contrast, Asia’s share dropped sharply to just 5% of deal value, down from 10.2% in 2024. This suggests a geographic concentration of capital in Western markets, potentially due to stronger policy support, infrastructure, or investor appetite.Source: PitchBook • Geography: Global • As of September 30, 2025Carbon & emissions tech VC deal activity$2.0$3.1$4.3$6.8$18.1$15.4$22.9$13.7$10.03724915977621,1861,3081,4291,348708201720182019202020212022202320242025Deal value ($B)Deal countSource: PitchBook • Geography: Global • As of September 30, 2025Carbon & emissions tech VC deal activity by quarter0100200300400$0$5$10$15Q1Q2 Q3 Q4 Q1Q2 Q3 Q4 Q1Q2 Q3 Q4 Q1Q2 Q3 Q4 Q1Q2 Q3 Q4 Q1Q2 Q3202020212022202320242025Deal value (