HSBC partners with CDL-Vancouver to support Canadian climate ventures and the Net Zero transition
Supporting Canadian ventures to commercialize and scale-up climate solution technologies within the CDL Climate venture portfolio.
Creative Destruction Lab-Vancouver (CDL-Vancouver), based at UBC Sauder School of Business, University of British Columbia, welcomes HSBC Bank Canada (HSBC) as a CDL-Vancouver Climate stream Founding Partner. This partnership will help support ventures commercializing high impact, scalable climate solutions across Canada and enable access to global networks for founders.
“We could not be happier with our partnership with HSBC and the possibilities this partnership opens up for Canadian climate ventures. If you consider CDL as a translation mechanism for the commercialization of science and technology for the betterment of the human condition, you can then see this partnership as a catalyst for scaling positive impact for the world,” said Darrell Kopke, director of CDL-Vancouver at Sauder School of Business, University of British Columbia.
“We are thrilled to support UBC’s Creative Destruction Lab Climate Stream as we partner to accelerate innovation and scale climate change solutions. We recognize our planet urgently needs drastic and lasting action to protect our communities and environment from the damaging effects of climate change. This partnership aims to unlock next generation climate solutions that will put the world on a path to net zero. We look forward to making a meaningful impact together, working with UBC to find opportunities to support climate ventures to achieve their goals, while advancing our shared vision,” said Kim Hallwood, Head of Corporate Sustainability at HSBC Bank Canada.
CDL-Vancouver’s Climate stream commitment
Since launching in 2016, CDL-Vancouver has supported the creation of over CAD $3 billion in equity value by portfolio ventures that have attended at least three program sessions and, as part of the venture portfolio, supported the technology translation of impactful technologies from university research labs from B.C., Canada and beyond.
A high intake of climate relevant ventures in the first few program cycles such as Clir, Ecoation, Ionomr Innovations, Plantible Foods and Miru led to a dedicated Climate stream launched in 2020. The stream focuses on sub-themes such as GHG reduction and Carbon Removal, Renewable & Alternative Energy Transition, Circular Economy, and Resource Optimization and Preservation attracting ventures such as Lucent BioSciences, Orbillion Bio, BioForm, and Salo Sciences.
CDL-Vancouver core programming supports founders in developing entrepreneurial skills through objective-based mentorship that will help accelerate the scaling of climate ventures to unlock additional job creation, climate impacts and equity value creation.
HSBC’s net zero ambition
HSBC’s support of the CDL-Vancouver Climate stream builds on their growing commitment in this space. One of the bank’s strategic priorities is to play a leading role in mobilizing the transition to a global net zero economy by 2050 or sooner, in line with the goals of the Paris Agreement. In Canada, HSBC has three partnerships focused on this priority with UBC’s Creative Destruction Lab, MaRS Discovery District and the University of Calgary. HSBC also recently became an anchor partner in Breakthrough Energy Catalyst, a global initiative working to accelerate technology development for high-carbon sectors to achieve net zero.
About Creative Destruction Lab
Creative Destruction Lab (CDL) is a nonprofit organization that delivers an objectives-based program for massively scalable, seed-stage, science- and technology-based companies. Its nine-month program allows founders to learn from experienced entrepreneurs, increasing their likelihood of success. Founded in 2012 by Professor Ajay Agrawal at the University of Toronto’s Rotman School of Management, the program has expanded to eleven sites across five countries: Oxford, Seattle, Paris, Atlanta, Madison, Vancouver, Calgary, Montreal, Halifax and Estonia. Learn more at https://creativedestructionlab.com.
About CDL Climate
A specialized Stream at Creative Destruction Lab to support venture founders developing high impact, scalable solutions to climate challenges. CDL Climate operates at CDL- Vancouver (UBC Sauder School of Business, University of British Columbia), CDL-Paris (HEC Paris) and CDL-Oxford (Saïd Business School, University of Oxford).
HSBC Bank Canada, a subsidiary of HSBC Holdings plc ('HSBC Group'), is the leading international bank in the country. We help companies and individuals across Canada to do business and manage their finances here and internationally through four businesses: Commercial Banking, Global Banking, Markets and Securities Services, and Wealth and Personal Banking. HSBC Group has committed to becoming net-zero in its operations and financed emissions and is working with our customers to accelerate the transition to a low carbon economy.
HSBC Holdings plc, the parent company of HSBC Bank Canada, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,958bn at 31 December 2021, HSBC is one of the world’s largest banking and financial services organizations.
For more information visit www.hsbc.ca or follow us on Twitter: @HSBC_CA or Facebook: @HSBCCanada