The Climate Brick penned an open letter to the wider climate tech community calling for a global framework and cooperation. Credit: metamorworks/shutterstock

Climate technology could combat around 90% of the world’s carbon emissions by 2050, according to a new report by The Climate Brick. 

The Climate Brick is a recently established group of EU and UK businesses and VC investors to help create and develop climate technologies. It was founded by VC investors EQT Ventures and Contrarian Ventures, but now includes cooperation from HSBC Innovation Banking UK, Norrsken and Einride. 

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The Climate Brick’s report analysed over 3,000 climate tech companies and interviewed over 100 climate experts. 

The Climate Brick touted its report as a “missing manual” for climate investment and includes recommendations for investors, founders and policy makers. 

In total, The Climate Brick identified that EU climate technology required around €270trn a year and stated that this funding needed to be appropriately allocated for climate technology companies to be successful. 

Its report identified seven different areas of business profiles and explained how funding and regulatory improvements could benefit each one. 

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For example, in developing new climate tech, its report suggested to policymakers that early public funding in support of businesses trying to establish patents was essential in enabling their success. 

Each business profile also includes a risk assessment and long-term roadmap. 

Sandra Malmberg, an EQT Venture partner and cofounder of The Climate Brick, stated that the journey to scale in climate tech is unconventional compared to traditional VC investment routes. 

“It can be CAPEX intensive, it is influenced by regulatory developments, has a complex stakeholder map – and traditional equity investment must be paired with other types of capital instruments,” she said. 

“The Climate Brick is the missing manual to unite the community, enable better steering and target setting, improve capital allocation, and make stakeholder involvement more efficient thereby generating impact at scale,” Malmberg stated. 

The Climate Brick stated that it would continue to be co-developed by its partners and has released an open letter to the climate tech community alongside its report. 

The letter encourages collaboration between the wide climate tech community to build a framework for a global transition to sustainable technology.