About 76% of the top 500 venture capital-backed startups in the UK have done nothing to measure or offset their carbon emissions, according to new research shared exclusively with TechCrunch. In total, these companies have raised $40 billion in venture capital funding. Moreover, among the venture capital funds considered, the highest tier one received only 37 points out of a possible 100 points in the rating, while the lowest one received 3.
It turns out that the fintech companies are doing the best on climate: Monzo (raised $1.2 billion), Oaknorth Bank (raised $861 million), and Tide (raised $294 million). It was followed by College (an artificial intelligence developer, which raised $52 million) and insurance technology company Yulife (which raised $207 million). The worst performers among the top 100 companies in the 500 index were Doccla ($23), Multiverse ($414 million), Cera ($303 million), and Motorway ($272 million).
Investors such as Latitude, Molten Ventures and Tencent had high average climate scores, while Samos Accel and Passion Capital had the lowest.
VC Leaderboard Companies are ranked according to the climate actions of their portfolio. The average climate score for each venture capitalist was calculated by summing the climate scores across all of their investments in the top 500 companies divided by the number of top 500 companies they invested in.
Some ‘household names’ in UK venture capital ranked outside the top 10, including Notion Capital (11), GV, Index Ventures (13), Balderton Capital (18) and Seedcamp (27).
The report was published by the climate measurement and compensation startup Above embarrassment, looked at a potential range of actions covering emissions measurement, carbon reduction, offsetting procurement and employment for climate change. Supercritical is largely aimed at catering to technology companies.
The research analyzed 500 venture capital-backed companies headquartered in the UK, with funding of more than $20 million and a headcount of more than 30.
In the index, education technology companies scored the highest on average, followed by climate technology, food technology, transportation, and real estate.
The index also estimated the cost of climate awareness, using data from Supercritical’s clients. The report found that the average cost of high-quality carbon measurement and offsets was £61,635 per year, equivalent to just £4.98 per employee per week.
“Ending climate change must be everyone’s business,” said Dr. Steve Smith, University of Oxford (co-chair of the Net Zero Tracker and co-author of the Oxford Principles for Net Zero Carbon Offsetting) in a statement. “Businesses around the world have recognized this fact, with a third pledging The world’s largest public limited companies now reach net zero emissions. It is becoming increasingly difficult to excuse those who do not have a climate target, and easier for companies to measure their carbon footprint.
52 of the top 100 companies in the index were founded since 2016, suggesting that younger companies are quicker to scale their footprint than established companies.
Michelle Yeo, co-founder of Supercritical, told me: “Our research shows that measuring emissions and offsetting them with high-quality removals would cost an average of £5 per employee per week… We believe our community has a responsibility to act and show the world what climate leadership looks like. We solve Problems, innovating, moving fast, data-driven, thinking from first principles – there is no greater challenge today than the climate crisis.
Below are UK technology companies ranked from 1 to 100 for climate effectiveness by Supercritical Climate Report 100. The rating is a combination of whether a company has measured its carbon footprint; Planned and/or initiated reductions; Purchased removal compensation; Buy conventional offsets; Setting a climate target; It is communication of progress; Or has a climate role in the work
Monzo Bank
Oak North Bank
Tides
college
Yuleef
Immersive labs
Title3words
Information Network
Origami energy
Umitria
Perlego
All plants
Bumper
Fu Satellite
Graphics
The student
Impala
Urban jungle
Habito
Pangaea
GoCardless
Unfido
TVS Supply Chain Solutions
Ziggo
Soldo
Money box
MoneyFarm
Silvera
BCP Group
Wildant
winnow
Connexin
Culture Trip
lesbla
Rofco
Dayy
strange
Altruistic
revolution
Justo
Oguri
Anifan
Fnatic
Olio
My dear
an item
Timit
Lifebeat
The modern milkman
Dronamix
Bike club
Exmos
Skirura
Acorex
RedShift
Ledgy
thirdfort
Landbay
Zumo
Everledger
nothing
Iso Digital Health
Nut box
Wirex
Burkebox
Wage flow (formerly Iran)
Zillow
Hello self
PhoreMost
Zen teaching
Bemeri
Conex One
Okbotika
Carawao
Bayhawk
Huma
Bit vitality
Birdie
Sensat
Raylo
Induction Healthcare Group PLC
causaLens
Hoxton Farms
VFC Foods
Previse
Etopia Project
Bundaval
Protector technology
source
to divide
Prolific
high
Dukla
The multiverse
Walk
highway