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Silicon Valley Bank Collapse Hurts Climate Startups

The sudden collapse of Californian bank SVB had imperilled dozens of startups crucial to combatting climate change.

The New York Times reports some 1,500 startups focused on green energy, battery storage and other green tech were impacted by the banking crisis.

The US Federal Treasury moved Sunday to head off a full blown finanical crisis, promising to honour all depositors of SVB – as other arms of the bank were sold off.

However, there were concerns for other banks at writting.

The NY Times reported green sector analysts were still concerned the crisis could impact the long-term viability of some startups. Innovation in the sector is crucial to ambitious climate change goals and any headwinds would impact momentum.

“Silicon Valley Bank was in many ways a climate bank,” said Kiran Bhatraju, chief executive of Arcadia, the largest community solar manager in the country. “When you have the majority of the market banking through one institution, there’s going to be a lot of collateral damage,” The Times reported.

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