硅谷银行（SVB）：2026气候科技的未来：AI、能源与脱碳的交汇点研究报告（英文版）（21页）.pdf

1、April 2026FUTURE OF CLIMATE TECH 20263Letter From the Authors4Click Through to Key Takeaways 5Investment Landscape 11Company Operations14Energy and Power:The Enduring Surge2FUTURE OF CLIMATE TECH 2026Climate tech had a better year on paper than it did in practice.Venture capital(VC)investment in cli

2、mate technology surged to the third-highest year ever.While that headline flatters the market,it did little for many founders who continued to battle a constrained capital environment.Capital was concentrated in a few dozen deals,and growth was confined to a few promising subsectors and top performe

3、rs.Power generation was the only major subsector to see deal activity grow.The top 50 deals drove 59%of investment.Companies without investment are holding the pattern:cut burn,extend runway,improve gross margins and attempt to grow amid constraints.There is a key contradiction that runs through thi

4、s report:Climate change is increasingly costly,yet fewer companies are willing to say it.The direct costs of climate and weather billion-dollar disasters have reached$1.5T in the last 10 years,and the total economic losses are manyfold higher.Solutions are increasingly needed,but we are talking less

5、 about them.Mentions of climate change and related terms on earnings calls have fallen 69%since 2023.Despite the dampened mood,the long-term case for climate tech has never been stronger.Climate change costs are rising.Power demand is growing across industry,transportation and compute.Data centers a

6、re bigger and more power-dense.Technical electric grid issues like interconnection queues and transmission upgrades have left the stuffy confines of utility commission meetings to become a significant economic constraint discussed by big tech.Foundational technologies like solar and storage have rac