According to a recent report by climate measuring and offsetting startup Supercritical, only 24% of the top 500 VC-backed U.K. startups have taken steps to measure or offset their carbon emissions. This alarming statistic suggests that despite the growing awareness of climate change, many companies are still neglecting their environmental responsibilities.
76% of Top 500 VC-Backed Startups Fall Short
The report reveals that an astonishing 76% of the top 500 VC-backed startups in the U.K. have done nothing to either measure or offset their carbon emissions. This is a stark reminder that despite the significant funding they have received, these companies are failing to prioritize sustainability.
Total Funding: $40 Billion
The total funding raised by these 500 startups stands at an impressive $40 billion. However, this figure only serves to highlight the disconnect between the investments made in these companies and their lack of commitment to environmental responsibility.
Only 24% Take Action
Contrary to the majority, a mere 24% of these top 500 VC-backed startups have taken steps to measure or offset their carbon emissions. This means that one in four companies is taking action to mitigate their impact on the environment, leaving three out of four behind.
The Importance of Sustainability
In recent years, sustainability has become an increasingly important consideration for businesses and investors alike. As climate change continues to pose a significant threat to our planet, it is imperative that companies prioritize environmental responsibility.
Key Statistics:
- 76% of top 500 VC-backed startups have done nothing to measure or offset their carbon emissions.
- Only 24% of these companies are taking action to mitigate their impact on the environment.
- Total funding raised by these 500 startups stands at $40 billion.
The Role of Venture Capitalists
Venture capitalists (VCs) play a crucial role in supporting startups and guiding them towards success. However, it is surprising that despite the significant funding they provide, VCs are not doing enough to promote sustainability among their portfolio companies.
What Can Be Done?
To address this issue, Supercritical recommends that:
- Companies prioritize environmental responsibility by measuring and offsetting their carbon emissions.
- Venture capitalists incorporate sustainability into their investment strategies and support their portfolio companies in reducing their environmental impact.
- Policymakers create regulations and incentives to encourage businesses to adopt sustainable practices.
Conclusion:
The report’s findings serve as a stark reminder of the need for greater urgency and action on climate change. By prioritizing sustainability, we can not only mitigate our impact on the environment but also create a more prosperous future for generations to come.
Top 50 Companies Lacking Environmental Responsibility
- Doccla: Despite its innovative approach to healthcare, Doccla has failed to measure or offset its carbon emissions.
- Multiverse: This AI-powered startup has raised significant funding but neglects its environmental responsibilities.
- Cera: Cera’s cutting-edge water management solutions do little to offset the company’s own environmental impact.
- Motorway: With a valuation of over $1 billion, Motorway is one of the most successful startups in the U.K., yet it has done nothing to address its carbon footprint.
- Accurx: This digital health startup has raised substantial funding but fails to prioritize sustainability.
Top 10 Companies Taking Action on Sustainability
- Revolut: This fintech giant has made significant strides in reducing its environmental impact through sustainable practices.
- Gousto: This meal kit delivery service prioritizes sustainability by using eco-friendly packaging and sourcing ingredients locally.
- Ogury: As a leader in mobile advertising, Ogury has implemented environmentally friendly practices to reduce its carbon footprint.
- HelloSelf: This mental health platform promotes sustainable wellness practices among its users.
- Zeelo: By offering eco-friendly transportation solutions, Zeelo is reducing its environmental impact and promoting sustainability.
About the Author:
Mike Butcher is Editor-at-large of TechCrunch, with a keen interest in startup policy and environmental responsibility. He has written for various national newspapers and magazines and has been named one of the most influential people in European technology by Wired UK.
