The big question now is whether climate technology startups will still be able to secure attractive terms from banks, or if less startup-friendly lenders prove tougher partners.
For businesses with an environmental mission, the big question now is whether investor demand to address climate change will continue to help them secure attractive terms, or if less startup-friendly lenders prove tougher partners as theAt the start of 2022, SVB pledged to provide at least $5 billion in financing by 2027 to support sustainability efforts in industries including green buildings, renewable energy, and water technology – seen as growth markets as the world shifts away from fossil...
Equity valuations could be impaired between 5% and 50% over the coming year, Sonnenfeldt said, but the wide range shows the uncertainty of the situation: “We don’t know how bad it will, but it won’t be good,” he said. , UN climate envoy Mark Carney said he, too, did not expect a “material” impact on climate tech funding.
Mona Dajani, partner at law firm Shearman and Sterling, said most of her clean energy clients either banked with SVB or faced some other impact from its troubles. SVB “cultivated a reputation as being very friendly to clean energy…they were willing to underwrite more risk,” she said. “I’ve been waiting for a bit of a shakeout. With any new sector there’s a pattern. It was true for railroads, radio, and computers,” he said. “Not all the companies are going to make it and now that’s happening to climate companies.”
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