VC firms form UN-backed alliance to guide startups towards net-zero.
More than 20 venture capital firms, including Tiger Global and Union Square Ventures, have formed the Venture Climate Alliance (VCA) to increase commitments to climate tech and ensure net-zero emissions by 2050. The VCA will guide portfolio companies on how to decarbonize their operations and require generalist VC firms to align their early-stage startup bets with net-zero goals. The UN has approved the VCA as part of its Race to Zero campaign, and the alliance will fall under the Glasgow Financial Alliance for Net Zero (GFANZ). The VCA aims to amplify efforts by tech startups and their venture backers to combat the climate crisis with new technologies.