How Is KR 10.3 Tracking?
It’s not enough to discover something the world needs. For a new company to succeed, it must have something the world is ready to adopt. The critical next steps— building a team, then selling, making, and supporting a product—all require money.
Enter venture capital. These funds are raised from institutional investors (including university endowments and pension funds) or from governments or high net worth individuals. The money is invested in private companies, with checks as small as $250,000 and as large as $250 million.
Our original action plan called for climate-linked venture capital to rise to $50 billion per year. The target was reached and surpassed in 2021, with investment totaling $59 billion. This landmark achievement was repeated in 2022 and 2023.
Funding has been unevenly dispersed, however, with nearly half channeled into transportation solutions. More investment is sorely needed in other areas, including zero-emissions buildings.