In an effort to encourage developing climate-tech businesses globally and to contribute in the reduction of carbon emissions, HSBC Holdings announced on Wednesday that it planned to allocate $1 billion in financing.
The funding is anticipated to benefit start-ups in the fields of EV charging, battery storage, sustainable food and agriculture, and carbon removal technology.According to Barry O’Byrne, CEO of global commercial banking at HSBC, “access to finance is critical for early-stage climate tech companies to create and scale real-world solutions.”
The London-based HSBC would also provide $100 million to Breakthrough Energy Catalyst, a different platform that supports and finances businesses that are converting to cleaner energy sources by utilizing innovative technology.The financing news comes shortly after the lender introduced HSBC Innovation Banking, a brand-new division that specializes in banking services for start-ups, investors, and the larger IT community.
Additionally, HSBC unveiled a new climate-tech venture capital strategy that intends to fund start-up businesses working towards a net-zero transition.
