Chuka Umunna, JPMorgan’s head of environmental, social and governance, requires a brand new mannequin for financing inexperienced expertise

Business Standard

Startups within the inexperienced expertise business lack capital and want a brand new financing mannequin, a senior JP Morgan banker mentioned at a Reuters occasion in London on Monday.

“We have to construct a financing mannequin for inexperienced expertise firms,” Chuka Umunna, head of EMEA ESG and Inexperienced Economic system Funding Banking, informed the Reuters Europe Power Transition 2023 convention.

Umunna mentioned many of the capital raised in inexperienced expertise was flowing into sectors together with electrical automobiles and low-carbon vitality, whereas different sectors akin to sustainable meals ecosystems that “in some instances contribute extra to international greenhouse gasoline emissions” didn’t see the significance. huge. Similar quantity.

That is partly because of the capital necessities of some inexperienced expertise firms within the early levels of improvement, he mentioned.

Umunna mentioned that elevating capital for inexperienced expertise firms typically has not been resistant to geopolitical turmoil “which is worrying the market,” in addition to issues concerning the weak economic system, particularly in Europe and in public markets.

The previous British lawmaker added that deal exercise is rising in personal markets.

First revealed: November 13, 2023 | 8:50 pm he

(tags for translation) JPMorgan ESG

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