Billion-dollar investment in budding green enterprises to boost climate action
HSBC, the global banking and financial services organization, has announced a groundbreaking project aimed at funding technologies for electric vehicles, sustainable agriculture, and other climate solutions. The initiative, spearheaded by HSBC Innovation Banking division, will collaborate with businesses in the climate tech space and support them through investments.
Gerd Pircher, CEO of HSBC Italy, stated that the bank will evaluate opportunities in all markets for the climate tech project. This project is not limited to the US and Europe; it is open to companies from anywhere in the world.
The goal of this project is to make a concrete contribution to the environmental emergency through the development and implementation of new climate solutions. HSBC aims to support the growth and development of climate technology startups to help combat the environmental crisis and reach net-zero emissions by 2050.
HSBC's focus is on high-potential climate tech companies, regardless of their location. The project will provide funding to companies working in the sub-sectors of clean energy, sustainable agriculture, sustainable transportation, sustainable industry, carbon capture and storage, sustainability management, and sustainable built environment.
Eligible companies must be backed by venture capital funds and operate in one of the target sub-sectors. HSBC has experience working with over 3,000 companies and venture capital funds at various stages of life.
HSBC's project includes supporting companies from their birth to IPO, acquisitions, and international expansion. Companies admitted to the project will align with HSBC's climate policies, including its coal and energy policies.
HSBC's billion-dollar investment in climate technology startups is targeted at sub-sectors including electric vehicles, battery storage, and low-carbon agriculture. These areas represent key innovation fields for developing climate solutions as part of HSBC's strategy to support environmental sustainability and net-zero transition technologies.
In addition, HSBC supports climate technologies through HSBC Asset Management and its investment in Breakthrough Energy Catalyst. The bank acquired Silicon Valley Bank UK and created HSBC Innovation Banking to collaborate with businesses throughout their growth cycle.
The project is aimed at supporting climate technology innovation on a large scale due to the estimated need for almost half of the CO2 emission reductions to come from technologies currently in the research or experimental phase to reach net-zero by 2050. The HSBC Innovation Banking division was created to facilitate this ambitious goal.
- HSBC's groundbreaking project in environmental science extends beyond US and European markets, seeking high-potential climate tech companies worldwide, particularly in the sub-sectors of clean energy, electric vehicles, battery storage, low-carbon agriculture, and more.
- To combat climate-change and support the net-zero emissions by 2050 goal, HSBC's project will provide funding for selected companies, collaborating with venture capital funds, and supporting them throughout their growth cycle, from birth to IPO, acquisitions, and international expansion.
- The HSBC Innovation Banking division is instrumental in the project, aiming to support climate technology innovation on a large scale, targeting investments in areas like electric vehicles, battery storage, and low-carbon agriculture, considering their potential in developing climate solutions as part of HSBC's strategy for environmental sustainability and net-zero transition technologies.
