Today, the State of Massachusetts, US, announced a ten-year strategy to support a broad range of technologies aimed at addressing the challenges of climate change and promoting environmental sustainability. The sustainable and biobased materials, circular manufacturing, and innovations in sustainable foods that our clients are developing and commercializing are at the heart of climatetech, they will be critical in reducing emissions and building resilience to climate change. We applaud the Healey-Driscoll Administration for their leadership in this area.

The new Climatetech initiative includes capital investments ($400 million), tax incentives ($300 million), and a $30 M capital fund to support research, development, innovation, manufacturing, deployment and commercialization in the climatetech sector. The bill also proposes reauthorizing the current Life Sciences Initiative at $1 billion for 10 years – a key component since many climatetech solutions are based on biotechnology.

Within the US, Massachusetts trailed only California in venture capital investment in this area over the past five years. The state has all the ingredients to develop a leading global climatetech ecosystem that can drive innovations to fight climate change, and several of our clients already have a presence in the state or are considering this location.

Climatetech plays a crucial role in the global effort to combat climate change and achieve a more sustainable future. Today’s announcement from Massachusetts, and funding initiatives from other regional players, will promote the science, engineering, policy, and entrepreneurship, and regulatory support to develop safe and practical solutions that address the urgent environmental challenges we face.