中国碳中和领域创投趋势（2022）摘要报告
随着“碳达峰、碳中和”（下称“双碳”）成为人们关注的热点，国内许多私募股权投资基金（PE）、风险投资基金（VC）开始将双碳领域作为重点关注方向，双碳方向股权投资也成为了一级市场的重要组成部分。由于碳中和科技投资缺乏权威并形成共识的界定标准，一级市场股权投资数据来源较少等原因，碳中和科技领域创投的数据跟踪研究不多。本报告旨在综合多种公开数据及投资机构问卷反馈，跟踪研究中国碳中和科技领域私募股权投资基金、风险投资基金的发展进程、现状及趋势，为关注这一领域的投资人提供参考。
As "carbon peak and carbon neutrality" becomes a hot topic, many domestic private equity funds (PE) and venture capital funds (VC) in China have begun to focus on the ”dual carbon field“ as a key direction, and equity investments in this area have become an important part of the primary market. Due to the lack of authoritative and consensus-based definitions for Climate tech investments and limited data sources for primary market equity investments, there is not much research on Climate tech venture capital. This report aims to track and study the development, current status, and trends of China's Climate tech field private equity and venture capital funds by synthesizing various public data and investor questionnaire feedback, providing a reference for investors interested in this field.
自2020年中国提出双碳远景目标以来，碳中和科技领域的一级市场投资比重显著增加。根据本报告综合投资机构访谈、问卷等一手信息及公开数据的梳理和统计，2019年至2022年上半年，该领域共有1574起投资事件，1112家企业获得投资，共有1893家投资机构参与其中，总投资金额超过3500亿元。2021年至2022年间，共有约50家投资机构在碳中和科技领域中累计投资超过10亿人民币或10起投资事件。与2020年相比，2021年碳中和科技领域的投资事件数增长了180%，投资金额占整体一级市场投资比例接近14%，增幅非常明显。社会关注、资金、技术和人才都在涌入碳中和科技领域。
Since China proposed the carbon peak and carbon neutrality goals in 2020, the proportion of primary market investments in the Climate tech field has increased significantly. According to interviews with investment institutions, questionnaires, and other primary information, as well as the collation and statistics of public data, there were a total of 1,574 investment events in this field from 2019 to the first half of 2022, involving 1,112 companies and 1,893 investment institutions, with a total investment amount exceeding RMB 350 billion. Between 2021 and 2022, approximately 50 investment institutions have accumulated investments exceeding RMB 1 billion or 10 investment events in the Climate tech field. Compared to 2020, the number of investment events in the Climate tech field in 2021 increased by 180%, and the investment amount accounted for nearly 14% of the total primary market investment, showing significant growth. Social attention, funds, technology, and talent are all pouring into the Climate tech field.
为进一步研究碳中和科技领域投资的结构特征和行业趋势，本报告将碳中和科技领域细化为八个方向：能源与电力、交通与运输、工业、建筑、农业、新材料、信息化、负碳技术。我们发现，在这八个细分方向中，碳中和科技领域的投资较为集中地投向了能源和交通这两个方向。2021年，能源、交通方向获得的投资最多，这两个方向的投资事件数占碳中和科技领域投资事件总数超过75%的比例，投资金额占比超过90%。工业、建筑、农业等方向有不亚于能源及交通领域的减碳效益，但目前相对来说并没有得到同等级别的关注和投资，随着这些方向行业政策的不断出台以及行业内低碳技术的逐渐成熟，工业、建筑和农业等行业的创新企业也值得投资者更多关注。我们还发现，一些持续关注碳中和科技领域的投资机构，已经深入碳中和科技领域更细分、产业链更细节的地方去挖掘项目，寻找估值更加合理、成长更为确定的投资标的，规避热门赛道过于拥挤、估值虚高的风险。
To further study the structural characteristics and industry trends of investments in the Climate tech field, this report divides the field into eight directions: energy and power, transportation, industry, construction, agriculture, new materials, informatization, and negative carbon technologies. We found that investments in the Climate tech field are concentrated in the energy and transportation sectors. In 2021, energy and transportation received the most investments, with the number of investment events in these two directions accounting for more than 75% of the total investment events in the Climate tech field and the investment amount accounting for over 90%. Industries such as construction, agriculture, and others have carbon reduction benefits comparable to those in the energy and transportation sectors but have not received the same level of attention and investment. As industry policies continue to be introduced and low-carbon technologies in these sectors mature, innovative enterprises in industries like construction and agriculture are also worth more attention from investors. We also found that some investment institutions continuously focusing on the Climate tech field have delved deeper into more segmented and detailed areas of the industry chain to identify projects, looking for more reasonably valued and growth-assured investment targets while avoiding the risks of overly crowded and overvalued popular tracks.
下载报告：
China Climate Tech VentureInvestment Trends (2022) cn.pdf
China Climate Tech VentureInvestment Trends (2022) en.pdf
China Climate Tech VentureInvestment Trends (2022) cn&en.pdf