The amount invested in technology-based companies that try to tackle the climate crisis has risen to $87.5 million in the twelve months leading to June. According to the latest research by PwC, 30 were found.

It’s 210% higher than the $24.8 billion invested in climatetech in the same time period last year. This was stated by the financial services firm in their PwC “State of Climate Tech 2021” report. They also added that now 14 cents of every dollar of venture capital goes to climate tech.

PwC says that venture capital and private equity aren’t necessarily supporting the right climate-tech companies.

According to the firm, these are five of the most important technology solutions. They include solar power, wind energy, food waste technology and green hydrogen production. According to it, these five technologies received 25% of all climate tech investments between 2013 and June 2013. 2021, even though technologies in these areas represent over 80% of potential emissions reductions by 2050.

According to PwC, the largest share of climate technology funding was $58 billion. This includes those that focus on electric scooters, electric cars and flying taxis.

PwC stated that the average deal in climate tech was $96 million, an increase of $27million from the previous year. Additionally, the PwC report said that there were more active climate investors than ever before, rising from just 900 in 2020 to nearly 1,600 in 2021.

In the first half, 2021 climate tech SPACs (special-purpose acquisition companies), received $25 billion. They accounted for nearly a third the entire amount of climate technology funding.

Although overall growth is increasing, there has not been a significant increase in the number early-stage seed and series A investments made into climate technology since 2018. PwC added that it was important to invest more money in young start-ups with the potential for becoming companies of $1 billion or $10 billion.

Sweep, the French climate technology start-up, announced Tuesday that it had raised $22 million in a series A round. The Round was led by Balderton Capital. Balderton Capital is a London-based venture capital firm that previously backed Citymapper and Voi, as well as on-demand car service Virtuo.

Geographically, U.S.-based climate technology companies attract the highest venture capital funding. $56.5 billion was allocated to U.S. start-ups during the 12 months to June. 30. PwC stated that Chinese climate-tech companies raised $9 billion to become the second largest, surpassing those of other countries.

It world has 10 years to halve global greenhouse emissions if it is to have any hope of achieving net zero by 2050.

Emma Cox from PwC U.K. stated that innovation is crucial to meeting the challenge.

Our research shows that there are opportunities to channel and encourage investment into technology areas with the highest future emission reduction potential. This raises the question of why these sectors are missing out — are investors missing a value opportunity or is there an incentive problem that needs the attention of policy makers?”

Many investors, over time, have opted not to support climate tech startups because of concerns about their financial returns. According to PwC’s analysis, there was rapid growth in climate tech investments between 2013-2018, but this stalled between 2018-2020. This is due to the macroeconomic trends as well as the pandemic.

However, investments rebounded in the first six months of 2021 due to increased awareness about environmental, corporate and social governance (ESG). Companies also committed themselves to net zero strategies.