2024年气候技术的未来（英）

Investment Rating - The report indicates a resilient outlook for climate tech despite near-term capital challenges, suggesting a favorable long-term investment environment [4][31]. Core Insights - Climate tech is positioned for long-term adoption as it becomes cheaper to develop renewable energy compared to maintaining fossil fuel generation, with 88% of global carbon emissions now covered by net zero goals [4][6]. - The Inflation Reduction Act (IRA) is significantly impacting climate tech unit economics, with a 156% year-over-year increase in clean manufacturing investment in 2023 [6][22]. - There is a growing focus on hard-to-abate emissions sources, with venture capital activity in industrial materials and recycling increasing by 3% since 2021 [7][99]. - The climate tech sector is experiencing a decline in overall venture capital investment, but it has outperformed the broader market, with only a 14% drop in deal activity compared to 27% in the overall market [4][42]. - The report highlights a backlog of climate tech companies approaching exit opportunities, with 97 unicorns globally, although exit windows remain largely closed due to market conditions [8][22]. Macro - The impacts of climate change are increasingly visible, and solutions are supported by advantageous policies [10]. - The report notes a significant increase in disaster events in the US, with a 6.7x rise since the 1980s, indicating the urgency for climate solutions [14]. Capital - Climate tech fundraising has remained robust, with 86% of limited partners expressing interest in the sector, mitigating the funding downturn [32][33]. - The report indicates that climate tech VC investment has settled at levels similar to 2020, outperforming overall US VC fundraising [32][33]. - The IRA has expanded the Department of Energy's loan capacity significantly, leading to a spike in loan applications for clean energy projects [23][26]. Financial Benchmarks - Climate tech companies are increasingly focusing on profitability, with 76% of software companies and 65% of hardware companies reporting improvements in EBITDA margins year-over-year [64][65]. - The report highlights that climate tech hardware companies face longer go-to-market cycles and higher costs compared to software companies, impacting their revenue growth [59][60]. Sector Deep Dives - The electrification of homes, cars, and factories is essential for achieving net zero goals, with electricity generation expected to increase by nearly 60% by 2050 [87][88]. - Heavy industries, which account for about 24% of global emissions, are beginning to adopt climate tech solutions, with significant VC investment directed towards green cement and steel [99][100][112].