12 Feb HSBC and Google Cloud Collaborate to Expand Climate Tech Ecosystem

HSBC and Google Cloud Collaborate to Expand Climate Tech Ecosystem

Expansion of the Climate Tech Ecosystem

HSBC has forged a groundbreaking partnership with Google Cloud to bolster climate mitigation and resilience efforts by extending financing and support to companies enrolled in the Google Cloud Ready–Sustainability (GCR-Sustainability) program.

The GCR-Sustainability program serves as a validation platform for companies offering solutions on Google Cloud that facilitate carbon emission reduction, enhance sustainability in value chains, and leverage ESG data to identify climate risks. With this partnership, Google Cloud will connect sustainability companies with HSBC’s specialized climate tech finance team to explore venture debt financing opportunities.

Key Objectives of the Partnership

The collaboration between HSBC and Google Cloud sets forth ambitious objectives:

– Google Cloud aims to expand the GCR – Sustainability program by onboarding more partners over the next two years.

– HSBC is committed to identifying financing opportunities for companies within the GCR-Sustainability ecosystem, aligning with its goal to deploy $1 billion of climate tech finance. Additionally, HSBC will facilitate connections between these companies and its extensive customer base.

Natalie Blyth, Global Head of Commercial Banking Sustainability at HSBC, emphasizes the pivotal role of partnerships and innovative financing solutions in scaling climate technologies. She underscores the urgency of accelerating the deployment of new technologies to support global decarbonization efforts.

Justin Keeble, MD for Global Sustainability at Google Cloud, highlights the importance of a global ecosystem of technology providers in addressing the climate challenge. He emphasizes the need for climate tech firms to have access to finance and expresses excitement about partnering with HSBC to support companies driving climate action.

Promoting Sustainable Finance Solutions

The partnership starts with HSBC delivering a venture debt financing package to LevelTen Energy, a GCR-Sustainability-validated company. LevelTen Energy provides renewable transaction infrastructure for stakeholders in the clean energy economy. This financing will enable LevelTen Energy to scale its platform, facilitating carbon-free energy transactions and advancing sustainability goals.

Ross Trenary, CFO of LevelTen, expresses pride in their validation as a GCR-sustainable company and looks forward to collaborating with HSBC. He highlights how the venture debt package will fuel their platform’s expansion, aligning with their global mission to facilitate clean energy transactions.

This partnership builds upon the launch of an HSBC credit risk advisory tool on Google Cloud and HSBC’s recent announcement of deploying $1 billion to early-stage climate tech companies. It also aligns with the launch of HSBC Innovation Banking, a specialized proposition to support innovation businesses and investors.

As HSBC and Google Cloud join forces, they underscore their commitment to driving climate action and fostering innovation in the fight against climate change.

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