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.
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.
The Future Industries Partnership hopes to select and support climate tech start-ups offering the "most promising solutions" across Asia and the Middle East.
Over 18 months, selected start-ups will receive "hands-on catalytic technical and commercial help" to develop bankable propositions and raise capital from potential investors and corporations to deploy their technologies.
Rapidly growing markets like Asia and the Middle East can lead on industrial decarbonisation by choosing innovation and entrepreneurship, says Rushad Nanavatty, managing director of Third Derivative. "By applying our collective expertise and connecting start-ups with investors and corporate partners, we're enabling breakthrough technologies to achieve commercialisation and scale."
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Julian Wentzel, group chief sustainability officer at HSBC, says: "By connecting start-ups, corporates, investors and financial institutions, the Future Industries Partnership aims to use our global network to help take game-changing ideas and make them a reality, opening up opportunities for economic growth."
Decarbonising heavy industry is one of the greatest challenges in the climate transition, says George Northcott, president at Founders Factory. "While breakthrough climate technologies show great potential, too many struggle to move beyond the lab due to funding gaps, complex regulations and difficulty accessing industrial customers."
Founders Factory announced an expansion into Singapore in October 2024 in partnership with Enterprise Singapore. Its new "venture studio" here focuses on new ventures in artificial intelligence (AI), quantum, robotics and climate tech.
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"Through the Future Industries Partnership and working with HSBC and Third Derivative, we're addressing these barriers head-on," adds Northcott. "By combining deep technical expertise, global investor and corporate networks, and tailored commercial support, we're helping future industrial leaders become bankable, scalable, and ready for deployment across Asia and the Middle East."
Visit Third Derivative's website for start-up eligibility requirements and more information on how to get involved with the Partnership.
