HSBC has announced that it plans to offer $1bn of financing to early-stage climate tech companies around the world.
In brief:
-The financing is expected to support high-potential climate technology companies
-The solutions that will be supported include EV charging, battery storage, sustainable food and agriculture, and carbon removal technologies.
-This announcement comes after the launch of HSBC Innovation Banking and of HSBC Asset Management's Climate Tech Venture Capital strategy.
What does this mean?
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.”
