PitchBook-碳与排放技术风险投资趋势（英）-2025_12页_5mb

Q2 2025 Carbon & Emissions Tech VC Trends Summary

Q2 2025 saw a significant decline in venture capital (VC) deal activity for carbon and emissions technology, with total deal value dropping from $3.8 billion in Q1 2025 to $2.1 billion across 207 deals. This represents a 44.2% year-over-quarter decrease, bringing deal value to its lowest quarterly figure since Q1 2021. The lack of megadeals contributed to this drop, as only three deals reached $100 million or more, accounting for just 24.9% of the quarter's value.

North America dominated the market in the first half of 2025, capturing 44.8% of VC deal value, its highest share since 2018, while Europe's contribution decreased. Asia accounted for 12.3% to 17.5% of global share, with other regions contributing minimal impact. The industry segment was the largest, with $885.8 million across 72 deals, followed by built environment and land-use.

Median deal size increased from $3.7 million in 2024 to $5.1 million in the first half of 2025, climbing steadily since 2017. Top categories included building energy efficiency and green chemicals, while carbon tech saw lower performance in Q2. VC exits remain limited, with 15 exits in H1 2025 primarily through acquisitions.

The "One Big Beautiful Bill Act" introduced changes to carbon credit policies, benefiting carbon capture technologies by revising the 45Q tax credit, while impacting clean energy investments. Key trends include a focus on climate resilience, strong performance in water tech in prior quarters, and early-stage deals in areas like recycling and green construction.