· 2 min read
Illuminem summarizes for you the essential news of the day. Read the full piece on Verdict or enjoy below:
🗞️ Driving the news: COP28 is anticipated to boost the deployment of renewable energies and foster climate technology investment
• However, investments in clean-tech startups have seen a decline, with a 40% drop over the past year
🔭 The context: The International Energy Agency emphasizes the need to triple renewable energy deployment by 2030, a goal significantly reliant on technology
• The investment landscape in climate technology has varied, with a decrease in the number of deals but an increase in investment values
• There's a trend towards larger fundraising deals in climate tech, especially in Q3 2023, indicating a potential resurgence in interest and funding for this sector
🌍 Why it matters for the planet: The potential increase in climate tech investments during COP28 holds significant importance for global environmental progress
• These investments are crucial for developing and deploying technologies that can drastically reduce greenhouse gas emissions and accelerate the transition to a sustainable, low-carbon economy
⏭️ What's next: The EIB, as part of its participation in COP28, plans to announce new projects for groundbreaking energy technologies and climate adaptation
💬 One quote: "We’re seeing a lot of productive forums open up there bringing the conversation of startups and the need for innovation and support for early-stage tech into policymakers' priorities," (Peter Hirsch, head of sustainability at European venture firm 2150)
📈 One stat: Despite the overall decline in capital investment across all categories of science and innovation, there's been a 20.6% increase over the period 2012-2022
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