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In 2023, climate tech investment trends shifted from innovation-focused funding to larger-scale, 'boring' deployments. The annual report highlights a decline in funding to $32 billion, a 30% drop from 2022. Venture and growth investments, crucial indicators, experienced a decrease in deal activity, with growth investment falling by 41%. The challenging macro environment, marked by higher interest rates, impacted deployment, resulting in project cancellations and company closures. Despite the setbacks, the report anticipates a critical year in 2024 as climate tech moves from the lab to large-scale deployment. Key points include a 23% CAGR since 2020, a 3% decrease in overall deal activity, a 28% decrease in average deal size, and shifts in verticals, with transportation and energy leading. The cumulative data since 2020 shows over 2,600 climate tech companies raising $142 billion in venture funding across 4,156 deals.

Original article posted on January 5, 2024