UK Cleantech 2023 Progress Report

UK cleantech remained buoyant, but scaleup gap remains.

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Why Cleantech for UK

The UK is home to a mature cleantech ecosystem, a thriving innovation scene and strong overall investment. It is one of the most important markets for cleantech globally, with 2022 VC investments breaking records for a second consecutive year.

However, this world-leading capability is not consistently converted into world-leading cleantech scale-ups. Smart, targeted interventions aimed at boosting early stage innovation, de-risking first commercial projects and making cleantech work for the whole country can supercharge UK cleantech, paving the way for a new generation of global technology champions.

As countries around the world move to enact ambitious measures aimed at boosting cleantech growth, we must act now to secure continued climate leadership and a better, prosperous future for all.

The UK is one of the most important markets for cleantech globally

£2,6

billion

Invested in UK Cleantech 2023

Investment in UK Cleantech by Sector (2023)

Read our Progress Report for 2023

Cleantech VC investment in the UK closed on £2.6 billion, matching 2021 levels but slumping off slightly year-on-year compared to 2022

2023 was all about Energy and Power

There were positive policy signals, but numerous questions remain outstanding

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Cleantech for UK is a new initiative to establish a dialogue between the UK’s policy-making community and those living the reality of creating, incubating, investing in and scaling cleantech companies

Supercharging UK cleantech innovation in four steps

Better commercialisation of innovation, focussing on spin-out and scale-up

Deploying new models to turn innovation into impact, from novel cleantech incubation and acceleration strategies to commercial de-risking and securing demand for cleantech solutions, will accelerate UK cleantech scaleup

Stable, long-term policy signals and regulation

Long term demand signals are needed to provide certainty to encourage innovators and investors to enter cleantech markets.
Forward thinking, principles-based regulation which keeps up with the pace of innovation will enable faster growth

Strengthen cleantech ecosystem connections within the UK and abroad

Better synergies between different parts of the ecosystem will unlock new investments, boost regional initiatives and increase bargaining power on the global stage

Ensure all parts of value chain for development and deployment of cleantech

The UK cleantech ecosystem must ensure the entire value chain for cleantech solutions is well developed, including customers, suppliers, infrastructure, and logistics to connect supply and demand