The recent London Climate Technology Show 2024 highlighted the urgent need for significant financial support to scale power solutions in order to reach net zero emissions by 2050. Speakers at the event emphasized the lack of investment from both private investors and governments in key areas such as carbon capture, grid efficiency, and decarbonizing buildings. Teele Niidas, CMO of sustainable carbon material producer UP Catalyst, cited over-regulation as a major barrier to investment in the carbon management sector. Celestine Cheong from the UK Atomic Energy Authority pointed out the stark difference in funding between the fusion sector and fossil fuel subsidies, calling for increased investment. German politician Stefan Kaufmann stressed the need for funding for hydrogen corridors to compete with natural gas.
Collaboration between the public and private sectors was identified as crucial to accelerate the energy transition, with Sarah Mackintosh from Cleantech for UK emphasizing the role of policy in unlocking private investment. Microsoft’s $1bn Climate Innovation Fund was highlighted as a positive step towards funding climate and power innovations globally. Director James Lockyer expressed optimism about the growing sector, citing investments in companies focused on grid transmission, low-carbon steel, and batteries.
The event underscored the importance of overcoming underinvestment to effectively transition to a net-zero economy. Cleantech for UK called for a more structured public funding path to leverage private financing, highlighting the need for clear government funding in the clean tech sector. The industry remains hopeful for increased investment and collaboration to drive progress towards a sustainable future.
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