Union Square Ventures, despite the recession, announced last month that it had secured 200 million for a climate fund, its second such fund in less than two years.

After a successful 2022, the new fund will undoubtedly give climate tech a boost as 2023 begins. PitchBook reports that in2021, the market saw 44.8 billion invested across 1,130 acquisitions, which looked unlikely to be repeated nine months ago. There’s a chance that 2022 will end up with numbers that are on par with or even higher than those from ’22.

There were several compelling reasons for USV’s general and limited partners to initiate a fresh capital raising. According to Mona Alsubaei, a member of USV’s investment team, the firm’s current limited partners were interested in another climate fund for the effect, as well as because they are seeking a secure investment.

“Many investors” she said, “both general partners and limited partners,” are avoiding high-risk areas. Consider the environment, and you’ll see that it touches on energy, food, and minerals—three of the main causes of the current market collapse. You put money into climate change by purchasing those.