HSBC has announced an investment of $1 billion to early-stage climate technology companies in the world.
The finances will assist start-ups in creating solutions for EV charging, battery storage, sustainable food and agriculture, and carbon removal technologies.
The report says that the announcement also follows the launch of HSBC Innovation Banking and HSBC Asset Management’s Climate Tech Venture Capital strategy.
The company’s climate tech proposition plans to support such tech in reaching the market quickly.
Barry O’Byrne, CEO of Global Commercial Banking at HSBC said, “Access to finance is critical for early-stage climate tech companies to create and scale real-world solutions.”
“We are already working with some of the most exciting companies at the forefront of climate tech, from seed to global scale-up.”
“With HSBC’s global reach, in-house climate tech expertise, and newly launched Innovation Banking proposition, we can offer these pioneer companies unrivalled support.”
It said that most investment in climate tech focuses in the USA and Europe. The company plans to invest in potential climate tech around the globe.
According to the company’s site, emissions reductions for the 2050 net zero goals. The company proposes to support climate tech innovations and early-stage companies. It can supply capital for unique projects, including through its $100m investment in Breakthrough Energy Catalyst.
Source: https://www.hsbc.com/news-and-views/news/media-releases/2023/hsbc-plans-climate-tech-funding-push
