Will the Banking Busts Hurt Clean Tech?
Rather than impeding the clean-energy race, the recent collapse of the US start-up community's go-to bank offers valuable lessons for managing the public-private minuet that the net-zero transition requires. The doomsayers are missing the bigger picture.
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NEW YORK – The collapse of Silicon Valley Bank last month seemed to bode ill for the global clean-energy race. Just as recently enacted US investment packages and the rest of President Joe Biden’s climate dreams were about to take off, the high-tech start-up sector’s bank of choice went bust, and commentators are warning of a looming slowdown in “the transition to clean energy.”