@Shashi, there’s a lot of innovation activity in this modelling area, by research NGOs such as the Tyndall Centre, the Max Planck Institute etc.
However, although I’ve been out of the loop for a while, I suspect this activity is brittle. Their government-level funding is precarious. Also, wider institutions like the so-called carbon market in the EU are far more fragile than they appear to external onlookers, as carbon pricing relies (1) on all relevant stakeholders agreeing on an artificial pricing structure for greenhouse gases, (2) the global and national economies being sufficiently strong for everyone to agree to sustain this pricing structure, without ‘leakage’, and (3) no external shocks that disrupt this.
The extent to which the post-COVID global economy will still support a carbon market remains to be seen, especially given that if we’ve globally passed the point where an abatement-only strategy can stabilize climate change-- and an increasing number of scientists are suggesting this has already happened-- then carbon markets will collapse, as abatement and offsets become worthless. (Ironically, when approaching such a threshold, greenhouse gas sequestration technology such as that of the Carbon XPRIZE challenge becomes almost priceless, as the only way of avoiding collapse in the conventional carbon market.)
As far as I know the conventional VC investment in mathematical modelling of climate change is essentially nil, as the result would be a public good rather than a commercial commodity. So it looks a good area for an XPRIZE, to create or encourage creation of that public good?