(Pitchbook) When tech investor Abe Yokell heard about the $369 billion bill to fund climate investment in the US, he almost fell out of his seat.
Yokell, a managing partner at Congruent Ventures, wasn’t alone. Climate tech investors and advocates were shocked by the agreement between Senators Joe Manchin and Chuck Schumer that, if passed, would be the largest investment in decarbonization the US has ever made.
Just weeks ago, the Democrats’ push to fund climate initiatives seemed dead. Now, with Arizona Senator Kyrsten Sinema’s support, the bill appears poised to pass.
If it does make it all the way to President Biden’s desk, the package will supercharge an already strong environment for climate tech investment. US VC funding for climate tech has been on a tear in recent years, topping $16 billion in 2021, more than double the prior year, according to PitchBook data. And leading private equity firms from TPG to Brookfield Asset Management have raised billions to finance green projects.
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