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NEW YORK – The collapse of Silicon Valley Financial institution in March appeared to bode ailing for the worldwide clean-energy race.
Simply as not too long ago enacted U.S. funding packages and the remainder of President Joe Biden’s local weather goals have been about to take off, the high-tech start-up sector’s financial institution of alternative went bust, and commentators are warning of a looming slowdown in “the transition to scrub power.”
But, reasonably than hampering the clean-energy race, this episode ought to be a teachable second. Sure, the preliminary handwringing over the banking fallout and its implications for local weather coverage have been justified. SVB occupied an vital place within the startup sector and it was particularly tapped in to clean-tech companies (its web site nonetheless boasts “over 1,550 outstanding shoppers” amongst clean-tech and sustainability startups). But when we be taught the appropriate lesson right here, SVB’s bust could grow to be a godsend.
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