HSBC Ventures has pledged to back growth-stage climate technology developers, providing them with the bank’s resources and network as well as capital.

UK-headquartered financial services firm HSBC Group has formed a $100m US-based venture capital vehicle dubbed HSBC Ventures which will back climate and net-zero emission technology developers.

HSBC Ventures’ portfolio companies will have access to its parent firm’s resources, including its global network, commercial and investment banking offerings and experience in supporting startup, scale-up and public companies.

Martin Richards, president of HSBC Ventures and HSBC global head of sustainable finance for commercial banking, said: “As the leading international bank for technology-led startups around the world, HSBC’s Ventures naturally extends our global focus on technology financing by supporting fast-paced growth enterprises with comprehensive banking products.”

Prasant Chunduru, global head of venture growth finance for HSBC, added: “We are excited to be a transformative partner to startups around the world in need of funding to scale their operations, whether that be through sales, marketing, inventory or acquisitions.”

Christophe Defert and Michael D’Aurizio, formerly vice-president and investment director respectively at energy utility Centrica subsidiary Centrica Innovations, joined HSBC’s asset management unit earlier this year to help launch the climatetech initiative.