HSBC earmarks $1b to support climate tech start-ups

They hope to fund start-ups offering a range of climate tech solutions.

HSBC is allocating $1b of financing to early-stage climate tech companies globally.

In a press release, HSBC said that it hopes to support start-ups that create a range of new solutions, such as EV charging, battery storage, sustainable food and agriculture, and carbon removal technologies.

HSBC cited recent data showing that venture capital funding to climate start-ups fell by 40% in the first half of 2023.

ALSO READ: HSBC taps 8 ex-Credit Suisse bankers for equities business: report

Barry O’Byrne, CEO of Global Commercial Banking at HSBC, shared that the bank is already working with emerging climate tech companies.

“Access to finance is critical for early-stage climate tech companies to create and scale real-world solutions,” O’Byrne said.

“With HSBC’s global reach, in-house climate tech expertise, and newly launched Innovation Banking proposition, we can offer these pioneer companies unrivaled support,” he added.

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