Major venture capital (VC) firms from Europe and the US have teamed up this week in the Venture Climate Alliance (VCA) to help startups and their early-stage investors move towards net zero. The VCA consists of both generalists and climate-focused firms, which together manage over $62 billion in assets.
Members of the alliance have pledged to track their Scope 1-3 emissions and work to reach either net zero or negative emissions for their own operations, such as office energy consumption and employee commutes, by 2030 or earlier. Furthermore, they intend to guide their portfolio startups to align with the same goals – net zero by 2050 or sooner – and to offer these companies whatever resources they may need to accomplish this. In addition to support for green tech, they will also provide help in dealing with climate-related risks, conforming to regulations and more. They will provide regular annual updates on their progress and that of their startup investments.
VCA’s founder and chair, Alexandra Harbour – principal of Prelude Ventures – notes that their aim is to bridge the gap between publicly traded, net zero-committed companies, and innovative early-stage businesses, which have the potential to decarbonise legacy industries. With the help of venture capitalists from both sides of the Atlantic, she believes the VCA has the power to influence the funding decisions that shape the future of climate startups.
Their founding members include Prelude Ventures, Capricorn Investment Group, DCVC, Energy Impact Partners, Galvanize Climate Solutions, S2G Ventures, Union Square Ventures, Tiger Global, World Fund and 2150. Other members of the alliance include Obvious Ventures, Congruent Ventures, Valo Ventures, Clean Energy Ventures, Fifth Wall, Overture Ventures, Blackhorn Ventures, Spring Lane Capital, Azolla Ventures, Systemiq Capital, The Westly Group, Innovation Endeavors, and ReGen Ventures.
The VCA is also a partner of the UN Climate Change High-Level Champions as part of their Race to Zero campaign and the Glasgow Financial Alliance for Net Zero (GFANZ).
Alexandra Harbour is an experienced venture capitalist and principal at Prelude Ventures. She is an advocate for climate action and tech startups, and has held leadership roles in numerous global organizations.
Prelude Ventures is an early-stage venture capital firm based in San Francisco, CA. Founded in 2018, they focus on industries like artificial intelligence, consumer tech, fintech, and healthcare. They are a founding member of the VCA and have successfully helped numerous startups access the capital and resources they need to grow.
