【PitchBook-2024研报】PitchBook年三季度碳与排放技术报告（英）.pdf

Published on October 29, 2024

Charlie Farber Senior Data Analyst

VC investment in carbon & emissions technologies fell to $2.3 billion in Q3 2024, slightly below

the previous quarter’s $2.5 billion and significantly below the high-water mark from Q3 2023

of $8.8 billion. Multiple factors have contributed to this slowing of VC deal activity. In the US,

as the presidential election nears, the parties’ differing views on climate change mitigation are

causing uncertainty for startups, many of which either are or will be reliant on high-level support,

particularly companies that are currently prerevenue. Different areas within carbon & emissions

tech will be affected differently. Though incentives for point-source carbon capture have been

increased by recent government action, the sector is not as reliant on this support as the currently

less mature direct air capture (DAC) sector. Industrial and oil & gas companies have generally

be very aggressive though, often featuring a sequence of facilities that increase capacity by an

order of magnitude with each new facility, ultimately targeting gigaton or multi-gigaton carbon

removal by the 2030s. These road maps could prove challenging to meet and will require

substantial additional funding for construction and development. Already we have seen DAC

companies forced to reevaluate large projects—Q3 saw open-architecture DAC hardware

developer CarbonCapture pause and relocate the development of its planned “Project Bison”