The UK is set to double its level of investment in climate tech this year, claims a new report.

According to Tech Nation’s Climate Tech Report 2022, published ahead of COP 27, international investment into UK climate tech companies has almost doubled, rising from $4 million in 2021 to $7.5 billion so far in 2022.

It adds that the UK is on track to see climate tech companies raising nearly US$20 billion per year by 2030

The report also reveals that the UK is significantly ahead of other major markets in terms of investment in climate technologies. The US, Germany and Sweden have received $2.139 billion, $4.458 billion and $2.173 billion less investment in 2022 than in 2021, while investors are increasing spend in the UK.

The UK is second only to the US for the number of companies working to address the climate emergency, and houses eight climate tech unicorns: Octopus Energy, Newcleo, Depop, ITM Power, Ceres, OVO Energy, Smart Metering Systems (SMS plc) and Vertical Aerospace. A further 19 are valued between $250-800 million.

Tech Nation goes on to urge the government to protect R&D funding, with the country lagging £62 billion behind in R&D with investment falling by a fifth since 2014 and now being behind countries like Austria and Switzerland.

Gerard Grech, Chief Executive at Tech Nation, said: “It is imperative we match the rhetoric ambition of making the UK a ‘forward-facing science superpower’ with the R&D commitment needed to achieve this. COP27 focuses the mind; new technology development is critical for solving acute global challenges such as carbon reduction and removals, and deep tech will be an ever more essential component of the tech ecosystem.”

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