2025年第二季度碳与排放技术风险投资趋势

EMERGING TECH RESEARCH Carbon & EmissionsTech VC Trends VC activity across the carbon & emissions tech ecosystem REPORT PREVIEWThe full report is available through Contents Carbon & emissions tech landscape3 Institutional Research Group Carbon & emissions tech VC ecosystem market map4 Analysis John MacDonaghSenior Research Analyst,Carbon & Emissions Tech and Clean Energy Techjohn.macdonagh@pitchbook.com VC activity5 Carbon & emissions tech VC deal summary23 Data Oscar AllawayData Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byDrew SandersandJenna O’Malley Published on August 11, 2025 Carbon &emissions techlandscape Carbon techIndustryBuilt environmentLand use Carbon & emissions tech VC ecosystem market map VC activity Quarterly VC activity Quarterly deal activity in the carbon & emissions tech space fell to $2.1 billion across 207 dealsin Q2 2025, down 44.2% from Q1 2025’s $3.8 billion. This puts quarterly deal value at its lowestfigure since Q1 2021’s $1.4 billion, with deal count also dropping to levels not seen since 2020.Quarterly deal values in 2024 averaged $3.3 billion, putting Q2 2025’s VC deal value 35.4% lowerthan 2024’s quarterly average. Some of this decline is due to a lack of megadeals in the vertical, with only three deals of $100million or more in Q2 and none larger than $200 million. By comparison, Q1 2025 saw five dealslarger than $100 million, two of which exceeded $500 million, which accounted for 42.0% of thequarter’s VC deal value. Q2’s three deals larger than $100 million accounted for just 24.9% of thequarter’s total deal value. Regions Europe and North America are consistently the two largest regions for VC deal value in carbon &emissions technologies, and the two have traded places since 2017 as to which region accountsfor the largest percentage of annual VC deal value in the vertical. From 2022 to 2024, Europe’scontributions exceeded those of North America—Europe accounted for between 40.7% and 41.9%of VC deal value during these three years, while North America accounted for between 36.3% and37.7% over the same years. In the first half of 2025, North America accounted for 44.8% of totalVC deal value in carbon & emissions tech, its highest percentage since 2018. After Europe and North America, Asia has accounted for between 12.3% and 17.5% of the globalshare of carbon & emissions tech VC deal value, while other regions, including Africa, the MiddleEast, Oceania, and the rest of the world, have never individually exceeded 3% in any given year.From 2017 onward, North America has accounted for the largest number of carbon & emissionstech VC deals of any region in every year except 2023, when Europe’s deals were slightly higher. Top segments and categories In Q2 2025, the industry segment was the largest by both VC deal value and deal count, with$885.8 million across 72 deals. The built environment and land-use segments followed this, at$538.4 million across 45 deals and $461.3 million across 58 deals, respectively. Carbon tech wasthe smallest segment of the quarter, with only $272.8 million across 37 deals. Compared to 2024,this represents much lower deal value for the carbon tech segment, which accounted for 28.1% oftotal VC in 2024 but only 12.6% in Q2 2025. Deal sizes Median deal size in the carbon & emissions tech space reached $5.1 million in the first half of2025, up from $3.7 million in 2024. Since 2017, median deal size has climbed every year, more thandoubling from $1.6 million in 2017. Looking at individual stages, pre-seed/seed median deal size hasclimbed in much the same way as overall deal value, either remaining flat or increasing year to yearsince 2017. Median early-stage and late-stage deal size has also increased substantially since 2017,although with less consistency than for pre-seed/seed stage deals. Median early-stage VC deal sizepeaked at $5.1 million in 2022 before falling to $3.2 million in 2023 and then $3.4 million in 2024. Forlate-stage deals, peak median deal size was $7.3 million in 2023; it then fell to $5.7 million in 2024. The top categories of the quarter in the vertical were building energy efficiency, with $403.2million raised, green chemicals & materials, at $382.6 million, and green mining at $276.8 million.Only two other categories saw more than $100 million in VC deal value in Q2: climate/Earth dataat $217.7 million and low-carbon manufacturing & industrial process technologies at $100.8 million. VC exits Exits remain limited in the carbon & emissions tech vertical, with exit value data being extremelylimited for the 15 carbon & emissions tech exits seen in the first half of 2025. Of these 15 exits,13 were acquisitions, and two were buyouts, with no public listings of carbon & emissions techcompanies so far in 2025. Looking at previous years, acquisitions were frequently the mostcommon exit type for the space. Regulatory and policy change impacts The signing of the “One Big Beautiful