HSBC has announced that it plans to make $1bn of financing available to early-stage climate tech companies around the world.
The financing is expected to support start-ups to create a range of new solutions, including EV charging, battery storage, sustainable food and agriculture and carbon removal technologies. This announcement also follows the launch of HSBC Innovation Banking and of HSBC Asset Management’s Climate Tech Venture Capital strategy.
Estimates suggest almost half the emissions reductions required to reach net zero in 2050 will come from technologies that are currently at the demonstration or prototype phase.
HSBC aims to support climate tech innovation to scale, supporting early-stage companies and providing capital for first-of-a-kind demonstration projects, including through its $100m investment in Breakthrough Energy Catalyst.
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.”
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