2023-09-20 22:01:59
HSBC announced yesterday that it plans to provide financing facilities worth one billion US dollars to early-stage climate technology companies around the world.
These financing facilities are expected to provide support to startups to create a range of new solutions, including electric vehicle charging, battery storage, sustainable food and agriculture, and carbon removal technologies. The announcement also follows HSBC’s launch of the HSBC Innovation Banking platform and HSBC’s asset management strategy for climate technology venture capital.
Barry O’Byrne, CEO of Global Commercial Banking at HSBC, said: “Access to financing is critical for early-stage climate technology companies to create and scale realistic solutions. We are already working with some of the most promising and pioneering companies in the field of climate technology, from their inception to the expansion of their business on a global level. “With HSBC’s global reach, in-house climate technology expertise and newly launched HSBC Innovation Banking platform offerings, we can provide these leading companies with unparalleled support.”
Patricia Gomez, Regional Head of Corporate Banking at HSBC Middle East, North Africa and Turkey, said: The Middle East region plays a major role in the process of transitioning the global economy to carbon neutrality, and with the United Nations Climate Change Conference (COP28) being held in the UAE this year, The focus on financing climate-related projects from our clients across the MENA and Turkey region is a clear indication of the transformative investment opportunities available. We look forward to having active discussions on how to leverage this financing to support the ambitions of our commercial banking clients.
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