Europe talks a big game on climate change, but its political will is not matched by start-up investment figures.

Globally, venture capital deals in the cleantech space grew by 77 per cent to $10.8bn (€9.4bn) in 2018, and in the US by 54 per cent to $3.7bn. Europe, in contrast, has seen a rise of only 10 per cent to a measly $560m worth of venture financing this year, according to data analysed by Pitchbook for the Daily Telegraph.

For that to change, governments will have to show investors that there is money to be made. If the EU is to make good on its policy targets, it would do well to direct some of its recently formed €2.1bn fund of funds, VentureEU, towards clean energy VC managers.