Sustainability - an underlying theme for the ecosystem The Sustainability / Climate theme has matured to an extent that it is now a cross-cutting trend that is trans- forming a very wide range of sectors. Looking at the distribution of capital invested in 2023, the largest 昀氀ows of capital under this theme went to the Transportation, Energy, Manufacturing and Carbon sectors. Trans- portation alone accounted for a third (33%) of all capital invested under the Sustainability / Climate theme in European tech in 2023, followed by Energy (24%). Share (%) of underlying categories for sustainability, 2023 Notes: Data is as of 31st of July. Excludes Sources: Powered by the following: biotech, secondary transactions, dept, lending capital, and grants. Europe must elevate its ambition on policy and legislation. Shilpika Gautam Founder & CEO, Opna To nurture and scale the early-stage climate ecosystem, Europe must elevate its ambition on policy and legislation, innovate on available capital stacks (from the existing valleys of death in startup funding to its growth capital) and make it much easier for startups to do business, across the continent. | 156