2026年一季度气候技术风险投资趋势（英）2026

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 John MacDonaghSenior Research Analyst, Carbon & Emissions Techand Clean Energy Techjohn.macdonagh@pitchbook.com Quarterly analysis4 Key takeaways Oscar Allaway VC activity Senior Data Analyst AI themes pbinstitutionalresearch@pitchbook.com Published on May 14, 2026 Conclusions Climate tech VC deal summary31 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 Key takeaways VC activity Overall VC deal activity •Q1 2026 was a strong quarter for climate tech VC, with deal value reaching $14.3 billion—thehighest since Q3 2023—driven by large transactions. Deals of $100 million or more accounted for64.2% of quarterly deal value, the highest share in five quarters. Climate tech VC deal value reached $14.3 billion in Q1 2026, the highest quarterly total since Q32023 and a continuation of the recovery that has built steadily since Q2 2025’s $9.4 billion. Largertransactions are driving most of the growth. Q1 2026 saw three climate tech deals of $1 billion or more,accounting for 26.3% of the quarter’s total deal value and up from two such deals in Q4 2025, whichrepresented 18.5% of that quarter’s total. The three quarters prior to Q4 2025 recorded no $1 billion-plus deals. The pattern holds more broadly across large deals: Q1 2026’s 31 transactions of $100million or more accounted for 64.2% of quarterly deal value, the highest share across both deal countand proportion of total value in the past five quarters. By contrast, the two smallest quarters of thatperiod, Q1 and Q2 2025, each saw less than half of their deal value derived from transactions of $100million or more. •Europe led regional deal value for the first time on record, posting $6.6 billion against NorthAmerica’s $5.5 billion, though the shift is heavily influenced by three $1 billion-plus deals raised byEuropean companies. •Median deal size and post-money valuation in Q1 2026 both exceeded historical annual figures, at$8.1 million and $34.3 million, respectively, continuing multiyear upward trends. Both figures arebased on a single quarter of 2026 data and may shift as the year progresses. •AI use cases and adoption have expanded within climate tech and are no longer constrained tospecific applications and technology segments, a pattern that reflects both the maturation of AIand the data-intensive nature of many climate tech applications. This growth relative to 2025 is likely heavily influenced by changing geopolitical conditions anda more stable policy and regulatory environment in the US. European appetite to reduce energyconsumption—and thus energy dependence—continues, though it is too early to tell how the Iran warwill affect climate tech adoption and supply chains. In the US, climate tech investment is facing a morechallenging yet clearer environment compared with Q1 and Q2 2025’s significant uncertainty aroundboth tariffs and the potential rollback of Biden-era policy supporting climate tech adoption. •The conflict in Iran introduces both headwinds and tailwinds for climate tech: near-term supplychain disruption for hardware-dependent verticals, alongside reinforcement of the investmentcase for technologies that displace fossil fuel consumption or reduce energy dependence. Energysecurity now serves as a core justification for deployment. Deal count in Q1 2026 reached 538, a 10% increase QoQ and a break from the steady decline thatran from 869 deals in Q4 2023 to 489 in Q4 2025. Whether this represents an inflection point or asingle-quarter deviation from the longer trend is not yet clear. Of the climate tech segments, the threewith the largest QoQ growth in deal count were industry (64 to 89), grid infrastructure (67 to 81), andcarbon tech (39 to 50). venture growth: Venture growth’s share declined from 23.6% in full-year 2025 to 17.2% in Q1 2026,while early-stage VC rose from 25.6% to 32.9% over the same period. Pre-seed/seed activity remainedbroadly stable as a proportion of overall deal value. Top deals and segments Medians continued to rise, though with only one quarter of 2026 data, each median is based on fewerdeals than prior years and could shift as the year progresses. Median deal size reached $8.1 millionin Q1 2026, the highest on record and up from $4.4 million in 2024, with annual increases averaging34.3% across 2024, 2025, and Q1 2026. The median post-money valuation reached $34.3 million—anew high-water mark for the space—following increases of 37.2% from 2024 to 2025 and a further51.1% from 2025 to Q1 2026. •Low