Silicon Valley Bank (SVB) is committing at least $5 billion in loans, investments and other financial support to sustainability efforts by 2027.
According to the bank, this commitment aims to support companies that are working to decarbonize the infrastructure and energy industries and quicken the sustainable transition across sectors.
Sectors include: circular economy, climate resilience, energy efficiency and demand management, green buildings, renewable energy, sustainable agriculture, sustainable transport, technology solutions that mitigate emissions, waste management and water technology.
“Our ability to make a meaningful difference for people and the planet, and to address the systemic risk that climate change presents, is magnified by the outsized impact our innovative clients make,” said Greg Becker, CEO, Silicon Valley Bank.
“Over the last 12 years, our Climate Tech and Sustainability and Project Finance teams, for example, have supported hundreds of companies that are working to accelerate the transition to a more sustainable, low carbon world,” he added.
SVB’s project finance team specializes in construction financing, back-leverage debt financing and syndication financing.
The bank’s climate tech and sustainability team works with companies across sectors innovating for positive environmental change.
The bank has said it is prepared to invest in the expansion of its platform, including lending and investing, to accommodate clients and climate-positive projects in the coming years.
In November Citi Bank teamed up with Breakthrough Energy Catalyst to accelerate clean energy technology development.
The bank said it was aiming to deploy $100m over the next five years to help fund the project and to scale and commercialize climate technology programs.
Last month, a two-year commitment made by Regions Bank to advance initiatives that promote economic empowerment and racial equity for black and ethnic minorities, surpassed $12 million.