Your main article (“a green ray of hope in rising technology investment”, FT View, 31 December) quotes PwC’s State of Climate Tech report as saying “some 6,000 investors, ranging from venture capital and private equity firms to state funds and philanthropists, have supported more than 3,000 climate technology start-ups since 2013”. It is also important to recognize – as the PwC report did – the critical role that business angels play at the beginning of the entrepreneurial funding pipeline.
They are the “bees of the entrepreneurial ecosystem”, pollinating new businesses to enable them to grow. They invest their own money and expertise in new and early stage businesses.
John Kerry, U.S. special presidential envoy for climate change, has suggested that half of the technology needed to reach net zero has yet to be invented. The vital role of the many business angels now investing in “green technology” to enable these innovations to enter the market should not be ignored.
Professor Colin Mason
Adam Smith Business School
University of Glasgow
Glasgow, United Kingdom