Europe’s Emerging Climate Tech Innovations.

Feeling the Heat of Climate Change

Barack Obama once poignantly stated, “We are the first generation to feel the impact of climate change and the last generation that can do something about it.” This sentiment resonates more than ever as we face the escalating challenges of global warming. The Paris Agreement’s ambitious goals, including capping global warming at 1.5°C and achieving net-zero emissions by 2050, are now more critical than ever. Initially, it was believed that the crucial 1.5°C threshold wouldn’t be crossed until March 2045. However, recent data, examined on the 8th anniversary of the agreement, paint a more urgent picture, indicating we could reach this milestone as soon as February 2034. This alarming shift underscores the need for transformative change and increased funding for climate technology innovations.

The State of Climate Tech Funding

The world of climate tech funding is a dynamic and ever-evolving landscape. Despite a dip in funding for climate tech startups in 2023, there’s renewed hope as we saw an uptick towards the end of the year. The United States has been a significant player, raising three times more funding than China, the second highest, in the past five years. However, Europe is not far behind, with countries like the United Kingdom, Germany, and Sweden making substantial contributions to climate tech funding globally.

Sweden’s Remarkable Growth in Climate Tech Funding

Sweden’s commitment to climate technology funding is nothing short of impressive. In the third quarter of 2023 alone, Sweden saw a staggering 224% increase in funding, propelling it ahead of the United Kingdom and Germany in global rankings. This surge underscores Sweden’s dedication to fostering innovation in the fight against climate change.

The European Climate Tech Landscape

Europe’s climate tech scene is vibrant and diverse, with numerous countries contributing to its growth. In addition to the prominent players like the UK, Germany, and Sweden, nations such as Spain and Ukraine are emerging with their own exciting lineup of startups.


Carbominer, a Ukrainian startup, is revolutionizing climate technology with its modular “plug-and-play” Direct Air Capture (DAC) technology. This innovation provides a sustainable, fossil-free alternative for EU agriculture growers, capturing CO₂ directly from the air. In 2023, Carbominer received a significant €1.5 million grant from the European Innovation Council (EIC) Accelerator, bolstering its mission to deploy modular DAC systems across Europe.

H2 Green Steel

H2 Green Steel, hailing from Sweden, is making waves in the European Steel industry. The industry, a major carbon emitter, is undergoing a transformation thanks to H2 Green Steel’s use of green hydrogen. The company’s achievements in 2023, including recognition as the “Sustainability deal of the year” by Project Finance International (PFI), position it as a key player in the decarbonization efforts.


The UK-based startup Levidian is grabbing headlines with its LOOP technology, a patented decarbonization device. This technology integrates with existing infrastructure to strip carbon from gas flows, enabling businesses to decarbonize immediately. Levidian’s recent pilot project with Tadweer in Abu Dhabi highlights its global impact and promising future.

ReFi Pools

Spain’s ReFi Pools is redefining carbon offset investments with its secure marketplace for future carbon credits. Blending advanced financial tools with risk reduction strategies, the company is democratizing sustainable investments. Selected for the AWS Global Fintech Accelerator, ReFi Pools is set to make significant strides in both the fintech and climate tech sectors.


Germany’s NovoCarbo is a leader in biochar carbon removal. Aiming to remove one million tons of CO₂ from the atmosphere by 2030, the company’s recent expansion, including the Carbon Removal Park Baltic Sea, positions it for significant growth. Biochar is emerging as a promising method for carbon removal, and NovoCarbo’s innovative approach is gaining international attention.

The Role of Innovative Startups in Climate Goals

Startups play a crucial role in achieving climate goals. Innovations from companies like Carbominer, H2 Green Steel, Levidian, ReFi Pools, and NovoCarbo are not only advancing technology but also driving progress towards a more sustainable future.

The Importance of Continued Investment in Climate Tech

Continued investment in climate technology is essential for the development of innovative solutions. Funding not only supports technological advancements but also enables these startups to scale their impact globally.

The Global Race to Net Zero

The race to net-zero emissions is a global challenge. While Europe may not be leading in all aspects, the region is still a hub of innovation, contributing significantly to the global effort to combat climate change.

Europe’s Position in the Climate Race

Europe’s strengths and challenges in the climate race are multifaceted. The region’s commitment to funding and innovation positions it as a key player in the global effort to achieve net-zero emissions.

The Path Ahead for Europe

Looking ahead, Europe faces both opportunities and challenges in its journey towards a sustainable future. The region’s ongoing commitment to innovation and investment in climate tech will be crucial in shaping its role in the global fight against climate change.

Europe’s Pivotal Role in Climate Innovation

As UN Secretary-General António Guterres rightly said, “The climate emergency is a race we are losing, but it is a race we can win.” To emerge victorious, we must continue to invest in and support innovative climate technologies. European startups like Carbominer, H2 Green Steel, Levidian, ReFi Pools, and NovoCarbo are at the forefront of this innovation, offering groundbreaking solutions to combat climate change. As we collectively strive towards the 2050 net-zero emissions goal, it’s clear that technology will play a pivotal role in creating a sustainable and resilient world. For more information on LCM and our role in the Clean Tech space, get in touch below.

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