A new climate tech accelerator has been launched as a joint programme from Barclays Eagle Labs and Sustainable Ventures.
The initiative will see the climate conscious investor and the entrepreneurial network deliver support for UK-registered startups developing technology with sustainability at its core, or with a clear aspiration to grow into a more climate-focused enterprise.
Participants will receive commercial and technical support, access to the learning platforms of the two companies and up to $250,000 in Google Cloud credits.
“This programme will provide hundreds of climate tech companies with advice and support, giving them an unfair business advantage that will help them scale faster from idea to exit,” said Andrew Wordsworth, founder and chief executive of Sustainable Ventures.
“This partnership with Barclays Eagle Labs will scale up our award winning model of expert advice, networks, and hubs to reach more companies across the nation. These climate tech companies will play a vital role in helping the UK meet its net zero targets.”
Barclays said it is committed to scaling climate tech with a mandate through Barclays Climate Ventures to invest up to £500m by 2027 into relevant companies.
The bank is also one of the world’s largest funders of fossil fuels, having invested over $200bn into coal, oil and gas since the Paris Agreement in 2015 according to Bank.Green.
“At Barclays, we recognise the critical role that scaling climate tech is going to play in accelerating the UK’s transition, and in achieving our ambition to become a net zero bank by 2050,” said Abdul Qureshi, head of Business Banking at Barclays.
“Supporting UK founders as they work to grow their businesses from idea through to IPO is central to the mission of Barclays Innovation Banking, and scaling climate tech in particular requires integrated support that brings capital and expertise together in one place.
“Together, we are creating a platform that helps ambitious UK climate startups to overcome the barriers to growth and become the market-leading businesses that the transition demands.”
