2025年四季度气候技术风险投资趋势（英）

EMERGING TECH RESEARCH Climate TechVC Trends VC activity across the climate tech ecosystem REPORT PREVIEW The full report is availablethrough the PitchBook Platform. Contents Climate tech landscape3 Institutional Research Group Quarterly analysis4 John MacDonaghSenior Research Analyst, Climate Techjohn.macdonagh@pitchbook.com Key takeaways pbinstitutionalresearch@pitchbook.com VC activity Published on February 5, 2026 AI themes Conclusions Climate tech VC deal summary30 Climate techlandscape Built environmentCarbon techClean fuelsDispatchableenergy sourcesGrid infrastructureIndustryIntermittentrenewable energyLand useLow-carbon mobilitySustainable food For the complete climate tech taxonomyand company list,click hereto see themarket map on the PitchBook Platform. Quarterly analysis 124 deals. Clean fuels lagged at $2.1 billion, facing cost and hydrogen-support headwinds. In Q42025, the built environment and grid infrastructure segments led in deal value at $2.3 billion and$2.2 billion, respectively, reflecting a shift toward resilience and cost reduction. Key takeaways •VC deal value in climate tech followed similar trends to global VC’s broader cycle, but with a moregradual decline.Climate tech VC deal value was essentially flat YoY in 2025, declining just 1.4%from $42.8 billion to $42.2 billion, and was down 28.5% from 2021—a smaller drop than the 31.9%decline for global VC. Deal value strengthened throughout the year, rising 39.2% from Q1 to $12.6billion in Q4, despite US policy and support uncertainty. Our coverage of the climate tech space is changing: Starting with this report, we will release quarterlyclimate tech reports in place of the previous carbon & emissions tech and clean energy reports. Thesegmentation and underlying data for the new climate tech coverage effectively combine those ofthe previous verticals, also adding climate-relevant content in the mobility and foodtech spaces,similar to the approach in our annual notes on the whole climate tech space. Combining the carbon& emissions tech and clean energy spaces provides a clearer picture of broader trends across theclimate tech space while still permitting analysis of the same segments and subsegments within theprevious verticals. •Deal count declined steadily.Deal count fell to a five-year low of 2,130 in 2025, with quarterlycounts declining throughout the year. Fewer deals and stable deal value pushed medians up in2025, with the median deal size reaching $6.7 million (up from $4.5 million in 2024) and the medianpre-money valuation rising to $25 million (up from $17.5 million in 2024). Pre-seed/seed and early-stage deal counts saw the most significant declines. VC activity •North America’s share of deal value surged, and late-stage VC remains the largest component ofdeal value.North America accounted for 56.6% of 2025 deal value (compared with Europe’s 23.1%and Asia’s 16.7%) and has averaged 46.8% of the total since 2020. By stage, late-stage VC has beenleading deal value, averaging 45.9% of annual totals from 2020 to 2025, followed by early-stage VCand venture growth at 26.3% and 23%, respectively. Overall VC deal activity In 2025, $42.2 billion in VC deal value was invested in climate tech, essentially flat compared with2024’s $42.8 billion—a decline of only 1.4%. Comparing trends in the climate tech space to global VCtrends, there are some similarities and some differences: •Deal value is shifting to different segments, focusing on dispatchable clean energy sources andresilience.In 2025, low-carbon mobility led with $7.7 billion across 224 deals, while dispatchableenergy sources—including nuclear and geothermal energy—ranked second at $6.7 billion from just •Both show sharp growth in VC deal value to a peak in 2021, with deal value approximately doublingfrom 2020 to 2021. •Following this increase, both climate tech and global VC show a roughly 30% decline in deal valuefrom 2021 to 2025. VC deal value in the climate tech space declined 28.5% from 2021 to 2025, whileglobal VC deal value declined 31.9% over the same period. Deal sizes and valuations In 2025, medians continued to climb as fewer deals accounted for relatively stable deal value. Themedian deal size reached $6.7 million, a new high for the space and up from $4.5 million in 2024,extending a generally steady rise from $2 million in 2019. The median pre-money valuation roseto $25 million in 2025 from $17.5 million in 2024, continuing an upward trend from $8.4 million in2018. Overall, the decline in deal count has outpaced the decline in deal value, increasing medians inthe space. •The climate tech space differs from global VC in that the decline in deal value between 2021 and2025 was more gradual, with most of the decline spread between 2022 and 2024. By contrast, globalVC deal value shows a sharper decline from 2021 to 2023, followed by a recovery from 2023 to 2025. Climate tech VC deal value stayed flat from 2024 to 2025 despite policy uncer