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Over half of UK’s decarbonisation is dependent on technologies that are not yet commercially mature: PwC’s Net Zero Future50 report

April 9, 2025
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Consultancy firm PwC UK’s latest research emphasises the crucial role of climate technology in steering the world towards net zero emissions and highlights the importance of innovation for the UK’s growth and competitiveness.

PwC’s “Net Zero Future50” report reveals that more than half (56%) of the UK’s decarbonisation efforts rely on technologies that are not yet commercially mature. This underscores the urgent need for unparalleled levels of innovation, investment, and collaboration to achieve climate targets as well as the significant future growth potential that this sector represents.

The Net Zero Future50 report analyses the UK’s rapidly growing climate tech sector and identifies 50 innovative start-ups with the potential to scale rapidly, create employment and significantly enhance the UK’s decarbonisation efforts.

The report highlights a positive shift in funding over the past decade, with climate tech’s share of early-stage financing increasing from 1% to around 10%. This growth demonstrates climate tech’s crucial role in the net zero pathway and the significant growth opportunity it represents for investors. In the past year, Private Equity and Venture Capital investment into UK-based climate tech companies has shown resilience and growth, totalling £4.5 billion in 2024, up from £3.6 billion in 2023.

James Pincus, corporate finance partner at PwC UK, said:

“While technology alone can’t solve the climate crisis, climate tech and innovation are essential to drive forward the net zero agenda. The recent growth in UK climate tech investment is encouraging, but we must continue to identify and invest in innovative solutions, seek increased government support and focus investor attention across a broader range of sectors, especially where decarbonisation is more challenging. The current emphasis on established technologies and short-term profits has led to a ‘Carbon Funding Gap,’ across many high emission sectors.”

Key sectors such as mobility and energy currently receive over half (57%) of the UK’s venture funding and almost 70% globally, highlighting a focus on sectors perceived as easier to decarbonise. However, high-emission sectors like Buildings, Food, Agriculture, and Heavy Industry have been deprioritised, revealing a ‘Carbon Funding Gap’ that presents an opportunity for increased capital allocation.

Our analysis reveals that the Industrials and Built Environment sectors demonstrate the largest funding gaps in the UK. Each sector accounts for approximately 20% of total emissions but receives only about 10% of VC investment. These sectors are considered some of the toughest to decarbonise, requiring substantial investments in R&D and Capex.

Matt Alabaster, strategy partner at PwC UK, added:

“The net zero agenda is not a cost to be borne by societies looking to do the right thing, it’s an opportunity for innovation, investment and policy to come together to enhance our economy’s  competitiveness and drive higher growth.

“Innovation in the UK is alive and well. We could have filled the report many times over with exciting young companies with new solutions that can drive efficiency and decarbonisation. We are shining a light on the technologies that are coming through and the entrepreneurs that are working hard to make them a reality.

“But the innovators can’t do it all themselves – they need engaged investors, supportive policy frameworks and accessible routes to market in order to reach commercial scale.

“The Government has rightly identified Clean Energy Industries as a priority sector in its Industrial Strategy Green Paper. If the industrial strategy can provide a supportive policy environment and catalyse investment, companies such as those identified in our report could have a material impact not only on decarbonisation, but also on the UK’s growth agenda.”

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