HSBC, Google Cloud Team Up for Climate Tech Solutions
HSBC has teamed up with Google Cloud to speed up climate action efforts.
The collaboration aims to provide financing and support to companies in the Google Cloud Ready – Sustainability (GCR-Sustainability) programme.
GCR-Sustainability is a validation programme for companies with solutions on Google Cloud that help customers reduce carbon emissions, improve sustainability in supply chains, and analyse ESG data for climate risk assessment.
In this partnership, Google Cloud will connect GCR-Sustainability companies with HSBC's climate tech finance team to explore venture debt financing options.
Key goals include:
Expanding the GCR-Sustainability programme.
Identifying financing opportunities for GCR-Sustainability companies.
Deploying $1 billion in climate tech finance.
Facilitating connections with HSBC's client base.
Natalie Blyth, Global Head of Commercial Banking Sustainability at HSBC, stresses the need for scaling up new technologies to support global decarbonisation through partnerships and innovative financing.
Justin Keeble, Managing Director for Global Sustainability at Google Cloud, highlights the importance of a global technology ecosystem in addressing climate challenges.
The partnership begins with HSBC providing venture debt financing to LevelTen Energy, a GCR-Sustainability-validated company specialising in renewable transaction infrastructure.
Ross Trenary, Chief Financial Officer of LevelTen, looks forward to collaborating with HSBC to expand their platform for carbon-free energy transactions.
This partnership builds on HSBC's credit risk advisory tool on Google Cloud and its goal of financing early-stage climate tech companies. It also follows the launch of HSBC Innovation Banking to support innovative businesses and their investors.
Source: Google Cloud