The amount of money going into climate and cleantech venture capital investments so far this year is nearly a quarter less than at this time last year, according to new PitchBook data shared exclusively with Cipher.

The chart above illustrates the impacts of both acute and broad economic challenges facing this sector.

These challenges include the ongoing aftermath from the collapse in March of Silicon Valley Bank, which has been the lender of choice for many cleantech startups. At a more macro level, persistently high interest rates and inflation are also weighing on the space and the economy writ large.