HSBC has announced its plan to provide $1 billion in financing to early-stage climate tech companies globally.
This funding aims to support innovative companies developing solutions in areas such as electric vehicle charging, battery storage, sustainable food and agriculture, and carbon removal technologies.
The announcement follows the launch of HSBC Innovation Banking and HSBC Asset Management’s Climate Tech Venture Capital strategy.
Barry O’Byrne, CEO of global commercial banking at HSBC, stated, “Access to finance is critical for early-stage climate tech companies to create and scale real-world solutions. We are already collaborating with some of the most promising companies at the forefront of climate tech, from seed stage to global scale-up. With HSBC’s global reach, in-house climate tech expertise, and our newly launched Innovation Banking proposition, we can provide these pioneering companies with unparalleled support.”
HSBC aims to enhance its support for the climate tech innovation ecosystem, working to accelerate the market entry of these essential technologies at scale.