European venture capital firm 360 Capital said on Monday it had raised 140 million euros ($145.5 million) for a fund focused on technologies aimed at protecting the environment.

The company's 360 Life II fund will focus on investments in areas such as renewable energy, hydrogen and reducing pollution and waste.

WHY IT'S IMPORTANT:

The fund-raising comes as countries around the world face up to the impact of climate change and global warming.

Data from European Union scientists this month showed that 2024 will be the hottest year since records began, while an agreement at November's COP29 summit to set aside $300 billion annually by 2035 to finance tackling climate change has been criticised by some for being insufficient.

BY THE NUMBERS:

Italian investment company A2A has committed 40 million euros to 360 Capital's climate tech fund, while Italian electrochemistry company De Nora has committed 10 million euros.

France's state-owned investment firm Bpifrance has also invested in the fund.

KEY QUOTE:

"This initiative represents a crucial step for us, as we firmly believe that it is essential to increasingly open up to innovation in order to tackle the climate challenges that our planet is facing," said De Nora CEO Paolo Dellacha.

($1 = 0.9623 euros)

(Reporting by Sudip Kar-Gupta, Editing by William Maclean)