HSBC Asset Management has announced the appointment of a new Climate Technology (Climatech) team as part of its strategy to expand direct investment in alternatives.

The team will develop a venture capital investment strategy, providing clients with opportunities to invest globally in technology start-ups that are addressing the challenges of climate change.

It will focus on companies across the energy, transportation, insurance, agriculture and supply chain sectors, with the first fund planned to be launched before the end of 2021 with an intended cornerstone investment from HSBC.

Joanna Munro, Global CIO, HSBC Asset Management said: “Technology will play a major role in enabling the energy transition, funded by public money, private capital and philanthropic commitments like HSBC’s Climate Solutions Partnership with the World Resources Institute and WWF.

“The appointment of this team will allow us to provide clients with early exposure to sectors which are just emerging as such but will become major sources of financial and environmental value over the decade.”

Christophe Defert joins as Head of Climate Technology Venture Investments and Michel D’Aurizio joins as Investment Director, Climate Technology.

The Climatech team will report to Remi Bourrette, Head of Venture and Growth Investments, who joined the company last year from HSBC Global Banking and Markets.