We are at a turning point in the world’s transition to a clean, low-carbon future. Global investment in renewable energy and cleantech outpaced fossil fuel investments by 80% reaching $1.8 trillion in 2023. And the US has invested $131 billion in emerging clean technology startups since 2018, more than all other western countries combined. Climate tech’s percentage share of overall venture capital investment is at an all-time high of 16%. Encouragely funding for climate technologies has proven resilient to yearly fluctuations seen in life sciences, software, and fintech.
In North America, Boston—not Silicon Valley—is ranked #1 in climate technology funding. Following the model that successfully developed the life sciences ecosystem, Governor Maura Healey plans to position Massachusetts as the world’s global hub for climate technology. Early in 2024, Governor Healey announced her commitment to invest over $1 billion to create a climate technoloigy corridor extending from Boston westward to the New York border. The early-stage startups located at Greentown Labs, The Engine, and university-affiliated startups will form the foundation for the expected boom in all areas related to climate technology as we transition to a net-zero world. Industry in Japan must look to take on a major role in Massachusetts’ thriving innovation ecosystems.
Where to find this article: www.asiafocus.biz/startups
Steven Thomas is a senior sales executive with 25 years of in-the-field experience leading companies in enterprise software and energy in Japan and Asia Pacific. He has served as Sales Director in Japan for VC-backed, high-growth software companies from startup to post IPO at Bladelogic (BMC Software), Object Design (Progress Software), Blackboard (BBBB) and Renewable Energy Group Srl. At present Steven leads Asia Focus G.K., a climate tech advisory company supporting energy-intensive to decarbonize through cutting-edge technologies.
Steven has a Master Science and Bachelor of Science in Electrical Engineering & Computer Science from Massachusetts Institute of Technology and an Executive MBA from Boston University.
