A glimpse into climate innovation ecosystems in Latin America and the Caribbean

Amsterdam, 13 August 2024 – Climate innovation in Latin America and the Caribbean (LAC) has grown significantly, originating from social entrepreneurship and evolving to address local environmental challenges. A report by EIT Climate-KIC in partnership with Briter Bridges and funded by Salesforce reveals that over 325 deals brought more than $3.4 billion in funding into LAC’s climate tech ecosystem between 2015 and Q1 2024.

The report, titled “A glimpse into climate innovation ecosystems in Latin America and the Caribbean”, also highlights the urgency for climate action. Recent factors like urbanisation, economic growth, and rising middle classes are exerting pressure on LAC’s natural resources. Funding for climate tech in the region remains lower than global trends, signalling an opportunity for early and growth-stage investors to enter an underfunded market. Investments have been diverse: 19% in solar energy, 18% in alternative proteins, 7% in crop farming, 5% in batteries, 4% in vehicles, and 3% in wind energy. Brazil and Mexico have captured the largest shares of funding volume for climate tech in LAC, reflecting the maturity of their surrounding start-up ecosystems.

Using data from Briter Intelligence and insights from key stakeholders, the report highlights several critical trends: funding for climate innovation is growing but still lags behind other sectors; there is an urgent need for diversified funding to support scalable business models; and regulatory and cultural barriers are significant challenges.

Organisations strengthening the entrepreneurship ecosystem
This report is a product of EIT Climate-KIC in partnership with Briter Bridges, who provided the data and analysis, and funded by Salesforce. This collaboration highlights the importance of Entrepreneurship Support Organisations (ESOs) in fostering a diverse and inclusive climate innovation ecosystem. By strengthening ESOs, the programme aims to build a robust community that can advance gender-inclusive climate action and create a sustainable future for the region.

Invitation to an online event
Join us on August 27 at 5pm CEST for an event where we will dive deeper into the report’s findings. This event will bring together opinion leaders and the entrepreneurial community to share insights and learn from each other. Register here.

Report
The full report, “A Glimpse into Climate Innovation Ecosystems in Latin America and the Caribbean,” is now available for download.

EIT Climate-KIC’s Commitment to LAC
EIT Climate-KIC is dedicated to developing a robust climate innovation ecosystem in LAC. Over the past eight years, we have supported to the region’s dynamic climate landscape by supporting over 125 Climathons in 55 cities, working with start-ups in incubation and acceleration programmes, collaborating with 14 development agencies, and partnering with more than 25 ESOs. These efforts have resulted in the creation and support of over 300 climate ventures. In 2024, we are deepening our engagement through programmes with key local partners like IDB Lab, and global initiatives such as the CATAL1.5°T programme, enhancing our collaborative efforts to support climate ventures and ecosystem actors.

About EIT Climate-KIC 
EIT Climate-KIC is Europe’s leading climate innovation agency and community, using a systems approach to shape innovation to support cities, regions, countries and industries to meet their climate ambitions. Together with partners across the globe, EIT Climate-KIC acts to bridge the gap between climate commitments and current reality by enabling decision-makers to investors to act. EIT Climate-KIC finds and implements solutions in integrated ways, mobilising finance and building skills to accelerate learning and open pathways to shift mindsets and change behaviours.

About Salesforce
Salesforce empowers companies of every size and industry to connect with their customers through the power of data + AI + CRM + trust. For more information about Salesforce (NYSE: CRM), visit: www.salesforce.com.

About Briter Bridges
Briter Bridges is a leading intelligence and research firm providing data and insights on business, innovation, and investment trends across emerging markets. With an active presence in Nairobi, Lagos, Tunis, Cape Town, and London, we have built a knowledge infrastructure to enable access to unavailable information and spotlight business activities across underserved markets. Since 2018, we have been producing state-of-the-art mappings, databases, and reports, and have provided advisory to a global clientele, including investors, governments, DFIs, consultancies, and academics, such as the World Bank, United Nations agencies, Bill and Melinda Gates Foundation, Amazon, Boston Consulting Group, and Salesforce. 
Our flagship product, Briter Intelligence, is a key source for business and investment information across Africa and underserved markets. The platform is a portal to comprehensive information on companies, investors, enablers and several types of stakeholders across more than 80 industries and 400 verticals, from agriculture to fintech and logistics. Subscribers can dive into more than a decade’s worth of data on investments, businesses and investors’ profiles, events, and macro indicators.