Some 76% of the top 500 VC-backed UK startups have done nothing to either measure or offset their carbon emissions, according to new research shared exclusively with TechCrunch. In total, these companies have raised $40 billion in VC funding. Furthermore, of the VCs looked at, the highest only scored 37 out of a possible 100 […],
Lack of Environmental Awareness: Majority of UK Startups Fail to Address Carbon Emissions
Neglecting Responsibility
New research reveals that a staggering 76% of the top 500 VC-backed startups in the UK have made no effort to measure or offset their carbon emissions. These startups, which collectively raised a remarkable $40 billion in VC funding, are failing to take environmental responsibility seriously. This poses a concerning revelation about the lack of environmental awareness and sustainability practices within the startup ecosystem.
VCs Falling Short
The research also sheds light on the low scores achieved by venture capital firms in terms of addressing carbon emissions. Among the VCs analyzed, the highest score achieved was a disappointing 37 out of a possible 100. This highlights a significant gap in efforts made by both startups and VCs to tackle the pressing issue of carbon emissions. Such a lack of commitment to carbon neutrality is not only detrimental to the environment but also implies potential consequences for the long-term success and reputation of these startups.
Call for Immediate Action
It is high time for startups and venture capital firms to prioritize sustainability and take responsibility for their carbon emissions. With climate change becoming an urgent global concern, the technology industry needs to lead the way in adopting greener practices. Startups should implement measurement and offsetting strategies, while VCs must play a crucial role in providing guidance and support in this critical area. Only through collective effort can the startup community in the UK make a meaningful impact toward a more sustainable and environmentally-friendly future.
References:
TechCrunch – www.techcrunch.com
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