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The Sydney of City has forked out $29 million to support the opening of a new hub that will allow up to 500 green-minded entrepreneurs to foster new relationships with investors, government agencies, climate action groups and other startups.
Called the Climate Tech Hub, the space will span across three floors of the new Salesforce Tower in Circular Quay and be run by climate change organisation Greenhouse – a Sydney-based company backed by early-stage investment firm Investible.
Of the $29 million committed by the local government, $22 million will be put towards negotiated rent abatement over the next 10 years, with the remainder to be used for fitting out the new location.
Slated to open in four months’ time, the climate tech hub will house a number of VCs and angel investors focused on investing in the sector, including Taronga Ventures and the Investible Climate Tech Fund.
"Climate change is the largest global challenge of our time. We must accelerate the adoption of technologies that transition us to a zero-carbon world if we are to have any chance of minimising environmental destruction,” Greenhouse chief collaboration officer Mark Rowland said.
"Initiatives that help climate tech startups flourish and scale can be far more effective and impactful when launched and grown within an ecosystem of supporters, customers, and investors, all in close proximity.
"In this focused and collaborative environment, we can turbocharge the solutions capable of amplified, meaningful, and lasting impact. This might explain why we've already received significant interest in the Climate Tech Hub from dozens of climate tech companies, climate action groups, and climate tech investors."
According to Greenhouse, the firm has already received more than 50 expressions of interest from climate tech companies – all of which are vying to access the building’s event and collaboration spaces, private office suites, meeting rooms, dedicated desks, as well as a recording studio.
By 2033, Greenhouse aims to have contributed to 10 per cent of Australia's total emissions reduction targets via its work with climate technology companies and corporates. Achieving this would remove at least 22 million megatonnes of greenhouse gas emissions per annum in the process.
"The innovation space in Salesforce Tower will be a hub for climate tech startups and scaleups – a cost-effective office space that will enable emerging companies to prosper and expand into global markets,” the City of Sydney Lord Mayor Clover Moore said.
"Sydney has a global reputation for innovation and entrepreneurship and has the highest concentration of startups in Australia.
"Businesses joining the tech hub will not only have the opportunity to accelerate their growth, they will be part of an industry that is set to play a critical role in the continued growth and economic success of wider Sydney and our national economy."
The new hub will be operated by Australian flexible workspace provider CreativeCubes, which is run by CEO Tabi Skovron and 30 per cent owned by Flight Centre co-founder Geoff Harris.
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