(Reuters) -HSBC Holdings said on Wednesday it plans to allocate $1 billion in financing to support emerging climate-tech companies around the world, in a push to help reduce carbon emissions.
The financing is expected to support start-ups in EV charging, battery storage, sustainable food and agriculture and carbon removal technologies, HSBC said.
“Access to finance is critical for early-stage climate tech companies to create and scale real-world solutions,” said Barry O’Byrne, CEO of global commercial banking at HSBC.
London-based HSBC would also invest $100 million in Breakthrough Energy Catalyst, a separate platform that funds and invests in firms using emerging technologies to transition to cleaner sources of energy.
The funding announcement follows the lender’s recent launch of HSBC Innovation Banking, a new unit focusing on banking services to start-ups, investors and wider tech community.
HSBC also launched a new climate-tech venture capital strategy, which aims to invest in early-stage companies dedicated to achieve a net-zero transition.
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Nivedita Bhattacharjee and Shilpi Majumdar)