Research for today’s Earth Day 2022 suggests that although UK climate technology is playing a “crucial role” in tackling global climate change, challenges in accessing funding and a lack of support from the government is “impeding” the development of the industry.

The research is based on responses from over 300 ClimateTech leaders, obtained by the forthcoming London Tech Week.

It found that 60 per cent of respondents believe the UK is “ahead” in comparison with the rest of the world when it comes to climate technology advancements.

Three-quarters - 71 per cent - of ClimateTech leaders are calling on the government for support for tech companies that combat “short-lived pollutants”, such as CO2, and 61 per cent want funding for green innovation.

In addition, more investment in renewable energy - 58 per cent - green housing and green urban development - 56 per cent - and sustainable transport - 48 per cent - is needed, said respondents.

Over a third - 36 per cent - of ClimateTech leaders said they had raised less than £1 million, suggesting an "increase in competition” and a “spread of smaller investments” in the industry.

Over the past year, 39 per cent were unable to secure enough funding, 28 per cent said they had faced competition with other start-ups and 23 per cent struggled to find the right talent.

When seeking investment, 80 per cent had to approach five venture capital funds to raise the required funding, and 10 per cent had to approach over ten funds.

Stephen Murphy, lead for ClimateTech Summit, a London Tech Week conference, said: “ClimateTech has a huge part to play in the reversal of the climate crisis and the race to Net Zero. We must invest in our planet, and support the technology leaders that will enable us to change the course of our future.

“Businesses, governments and citizens are all accountable and must come together to rewrite our future footsteps on this planet.”

London Tech Week takes place on 13-17 June 2022.

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