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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source:https:\/\/techcrunch.com\/2023\/05\/16\/climate-tech-diversity-investments\/<\/a><\/br> Historically, the Black<\/span> community in the U.S. has been disproportionately affected by the effects of climate change. Relegated for decades to a vulnerable economic and social class, the community is nearly always at risk of facing the brunt of natural disasters, no matter where they occur.<\/p>\n This issue has inspired many Black founders and investors to enter the climate space, given that the conversation of today\u2019s current crisis is led by white people and is hence missing some key perspectives.<\/p>\n \u201cIt\u2019s crucial we see more Black investors and creators tackling climate change because the battle against this existential crisis demands everyone\u2019s intellectual prowess, personal character and uniquely lived experience,\u201d Stonly Blue, managing partner at early-stage venture firm Third Sphere<\/a>, told TechCrunch+. \u201cWhen Black individuals are given the space and autonomy to expand their ambitions beyond societal \u2018survival,\u2019 the potential for innovation is immense.\u201d<\/p>\n The Black climate tech community is growing, according to investors and founders TechCrunch+ spoke to. But while funding to underrepresented founders in the space is dismal, it represents the sheer potential that remains.<\/p>\n Last year, U.S.-based Black climate tech founders received only 1% of all capital invested in climate tech startups, according to Crunchbase. That\u2019s $214 million out of $21.5 billion. In the first quarter of this year, it was even lower: such founders raised $24 million of the $3.4 billion allocated or only 0.7%.<\/p>\n While striking, these investment levels are quite close to what Black founders have raised overall. Last year, Black founders raised 1% of all venture funding, and last quarter, they received 0.69%. That stubbornly low figure is almost certainly not representative of Black participation in climate tech, even though the actual number of Black people involved in the space is unknown. The lack of funding and dearth of DEI data suggests that the venture community writ large is overlooking a vast amount of untapped potential.<\/p>\n \u201cThe planet will burn if we don\u2019t maximize the talent and genius embedded in the entire human race,\u201d Donnel Baird, founder and CEO of BlocPower<\/a>, said.<\/p>\n According to Blue, a growing number of Black venture capitalists are starting to take an interest in climate tech. Many hail from the energy, mobility or infrastructure sectors, as they intersect with the need for climate action.<\/p>\n On the other hand, those building the tech often have to work with material science, hard technology or industrial processes, and due to the time and complexity involved, they often choose against venture funding. However, that doesn\u2019t mean there isn\u2019t economic opportunity in backing those who do.<\/p>\n Anthony Oni, a managing partner at Energy Impact Partners<\/a>, noted that this sector would eventually become the largest economic and wealth-building opportunity in this lifetime, and the startup ecosystem can\u2019t afford to ignore ideas, no matter their origin.<\/p>\n<\/p><\/div>\n <\/br><\/br><\/br><\/p>\n
\nWithout Black representation in climate tech, \u2018the planet will burn\u2019<\/br>
\n2023-05-16 21:52:05<\/br><\/p>\nData visualization by Miranda Halpern<\/a>; created with Flourish<\/a><\/h6>\n
The early innings for Black climate tech<\/h2>\n