Silicon Valley Bank pledges $5B for cleantech investments, says it will be carbon neutral by 2025
Silicon Valley Bank on Monday said it plans to provide at least $5 billion by 2027 in loans, investments and other financing to support sustainability efforts.
The Santa Clara-based banking unit of SVB Financial Group Inc. (Nasdaq:SIVB), which has major operations in Tempe, also set a goal of achieving carbon neutral operations by 2025. It said it plans to have its operations running 100% on renewable electricity by that date, as well.
“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,” CEO Greg Becker said in Monday’s announcement.
SVB said that as part of its new pledge it will expand its platform that lends to and invests in climate-positive projects. Its project finance team specializes in construction financing, back-leverage debt financing and syndication financing. The bank said that its climate tech and sustainability team works with hundreds of companies that are working on innovating for positive environmental change.
SVB said it aims to back companies that are working to decarbonize the energy and infrastructure industries in a number of areas, including energy efficiency and demand management, green buildings, renewable energy, sustainable agriculture, transportation, waste management, pollution control and water technology.