Sustainable Finance

Silicon Valley Bank Declares $5 Billion Climate Commitment

Published on: 11 January 2022 06:15 PM
by KnowESG

A Brief Summary

Bank for innovative companies and investors, Silicon Valley Bank, announces its commitment towards achieving sustainability goals to protect the planet. The bank has pledged to provide at least $5 billion in loans, investments and other financings to support sustainability efforts by 2027. One of the main goals of the bank is to provide support to those companies that are looking forward to decarbonizing, net-zeroing emissions and transitioning to a sustainable economy in several related sectors.

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The new $5 billion commitment will cover project finance focusing on decarbonizing and enhancing climate resilience in energy and infrastructure sectors, loans for companies' development, establishing climate solutions technologies, sustainable solutions companies and direct equity investments in climate tech.

Furthermore, the bank stated that it has plans to expand its platform in future to serve many more clients and climate-oriented projects in areas such as advisory services, affordable housing, investment banking, tax equity investment etc.

Greg Becker, CEO, Silicon Valley Bank, said: "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. 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.”

SVB has likewise resolved to minimise its emissions and has set goals for itself, such as using 100 per cent renewable energy and operating in a carbon-neutral manner by 2025.