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  "documentTitle": "Innovation thesis climate fintech",
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      "text": "The UK has fallen three places in EY's Renewable Energy Country Attractiveness Index to #7.",
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      "text": "International competition: $370bn US IRA, €1tn EU pledge, UK #7 ranking",
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      "text": "That is not to say that new financing will not be required if political ambition and net zero targets are to be met – indeed, the size of the climate financing gap indicates that additional public finance commitments will likely be necessary in the future – but by focusing first on maximising existing resources, it enables a rigorous approach to public spending and helps future financing propositions be better targeted to achieve value for money. This analysis therefore sits alongside adjacent policy workstreams such as how best to deploy the additional capital earmarked for the National Wealth Fund and, separately, the extent to which public policy can or should encourage pension fund assets to be deployed into UK private markets including growing companies.",
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      "kind": "paragraph",
      "text": "Given the current challenging UK fiscal position, politicians, policymakers and public servants are actively looking for ways to optimise existing resources before committing to new schemes requiring additional spending commitments. This note will therefore focus on how the challenges facing climate tech financing at the growth stage could be addressed through optimising the activities of key institutions and deploying their toolkits in different or expanded ways from within existing financing envelopes.",
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      "text": "Many of the innovative climate technologies which are critical for net zero delivery have long lead times for scale-up and deployment. Creating a vibrant and effective ecosystem for financing the growth of these companies therefore needs to begin now if net zero targets that rely on their deployment are to be met.",
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      "text": "Additionally, effective operation of the UK ecosystem of public support for climate tech is increasingly in the spotlight as international competition increases. While the UK has historically been a leader in decarbonisation, renewables and climate innovation, international competition (including the US's $370bn Inflation Reduction Act support for clean energy, and the EU Commission's pledge to mobilise €1tn in public and private sustainable investments over the next decade), and recent missteps in financing (including the failure of Allocation Round 5 of the CfD mechanism for renewable energy) have seen its international attractiveness for climate tech companies fall. 81% of surveyed energy companies felt the UK was falling behind other governments in the race to become the most investable market for low-carbon energy; and in the last year the UK fell three places to #7 in EY's latest Renewable Energy Country Attractiveness Index. Companies are carefully watching the UK's regime of support and are considering the location of their climate tech firms with this in mind. Without further action, the UK risks losing many of these innovative companies to competitor jurisdictions.",
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      "text": "33-38. References to UK Sustainable Investment and Finance Association, Mission Zero, European Commission, and EY Renewable Energy Country Attractiveness Index.",
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      "text": "RESEARCH QUESTION: How can existing UK public finance support for growth-stage climate tech companies be optimised to bridge the ‘missing middle’ financing gap?",
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