The ramifications of Silicon Valley Bank’s collapse two weeks ago are still rippling across the global economy. SVB was a major lender to VCs, and served silicon valley: two factors that meant its rapid demise will affect the climate tech industry.
SVB worked with 1550 climate tech companies, and gave the industry billions in loans.
Other banks may fill the void to support this lucrative sector, but many carbon removal companies are now spending time figuring out their financial stability, rather than developing their CDR products.
Peter Reinhardt, Founder and CEO of Charm Industrial, told Semafor that “…the SVB collapse will cause a one to two-quarter delay on a lot of things in climate tech. That doesn’t sound like a lot, but when you look at how much needs to get deployed in the next decade, losing half a year is really not good.”
The business panel also discusses some other recent CDR business news:
- South Korea’s announced carbon exchange
- a new alliance of carbon removal companies
- Na’im’s work as the ED of the brand-new org Carbon Removal Canada
On This Episode
Resources
NYT Article on SVB’s climate lending
Semafor Article w/ Reinhardt quote
Na’im on diverse sources of funding
South Korea’s new carbon exchange
Carbon Removal Canada jobs- work with Na’im!
Connect with Nori
Nori’s other podcast Reversing Climate Change
Nori’s CDR meme twitter account
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