Production of industrial commodities is rapidly increasing across Asia and the Middle East, as their economies and cities continue to expand. However, nascent climate technologies in the industrial sectors only receive 10% of venture capital funding and only 3% of total global investment, say the three founding firms in a May 6 announcement.
HSBC has launched a new philanthropic initiative to fast-track the deployment of innovative climate technologies, with an aim to decarbonise heavy industries such as iron, steel, cement and chemicals across Asia and the Middle East.
The Future Industries Partnership, a three-year philanthropic programme launched in Singapore, will connect climate tech start-ups in the two regions with the expertise and networks of its founders: HSBC, Rocky Mountain Institute's US-based accelerator Third Derivative and the UK-headquartered accelerator Founders Factory.
