HSBC has announced that it plans to offer $1bn of financing to early-stage climate tech companies around the world.
The capital is expected to support high-potential climate technology companies creating solutions including EV charging, battery storage, sustainable food and agriculture, and carbon removal technologies.
The news aligns with HSBC’s pledge to achieve financed net-zero emissions by 2050 at the latest.
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.”
This funding initiative extends the impact of HSBC Asset Management’s Climate Tech Venture Capital strategy, which aims to provide clients with global investment prospects in technology startups that tackle climate change issues.
The news follows hot on the heels of the announcement that HSBC has become the first UK bank to offer newcomers to the country the option to include international credit history when applying for a credit card.
The move is set to lessen the hurdles for migrants, allowing them to leverage their credit history built up overseas to enter the UK with a positive credit rating.
The bank has teamed up with international credit bureau Nova Credit to deliver the service, which offers data on credit history from 12 overseas countries.
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