As increasing natural disasters like wildfires and hurricanes threaten homes in high risk areas, climate tech start-ups are helping homeowners protect their properties without having to relocate. In November 2021, climate technology saw its highest gain in venture capital than in any year prior, CNBC reports. From wildfire sprinkler systems to 3-D home renderings that help homeowners reduce property flammability, new environmental start-ups are part of a growing market with the opportunity to adapt and fortify homes in a rapidly changing climate.
With homes and buildings specifically, climate change poses a risk to as much as $35 trillion of real estate assets by 2070, Smithies noted, citing a 2016 report by the United Nations Framework Convention on Climate Change.
“What we have right now is an opportunity to get those best and brightest minds to go and work on something that is actually worthwhile,” said Greg Smithies, partner and head of climate tech at Fifth Wall, a venture capital firm. To date, Fifth Wall has raised more than $300 million for its climate tech fund.
“People’s first tendency is to move away. But people need to get their heads around the fact that this is a large scale crisis, and it’s not going to go away,” [Firemaps CEO Jahan] Khanna said. “Absent us doing that hard work, it’s going to continue to get worse. We have to deal with this problem or it’s going to get worse.”