HSBC has partnered with Google Cloud to accelerate action on climate change via financing for companies in the Google Cloud Ready – Sustainability (GCR-Sustainability) programme.
In a statement, the firms said the deal will allow Google Cloud to introduce GCR-Sustainability companies to HSBC’s specialist climate tech finance team to explore venture debt financing options
GCR-Sustainability is a validation programme for companies with Google Cloud-based solutions targeting carbon emission reduction, increased sustainability in value chains, and the processing of ESG data to help identify climate risks.
Among the partnership’s key goals, Google Cloud will continue to increase the number of partners in the GCR – Sustainability programme over the next two years.
HSBC will seek financing opportunities for companies within the GCR-Sustainability ecosystem, as part of its ambition to deploy $1bn of climate tech finance, as well as facilitating connections with HSBC’s customer base.
“A step change is needed to scale up the new technologies that will play a critical role in supporting global decarbonisation,” said Natalie Blyth, Global Head of Commercial Banking Sustainability at HSBC.
She added: “Partnerships and innovative financing solutions are key, especially during a period when investment in climate tech startups has fallen. By combining financing support, cloud technologies and connectivity to partners across our combined footprints, we will help climate tech vendors accelerate their growth, and develop the solutions we urgently need at scale.”
Justin Keeble, Managing Director for Global Sustainability at Google Cloud said: “The scale of climate challenge requires a global ecosystem of technology providers bringing solutions that drive impact. This is why we launched our Google Cloud Ready – Sustainability ecosystem which – one year in – includes leading climate tech companies. Many of these partners need access to finance and we are excited to partner with HSBC to support firms key to climate action.”
The partnership launches with a venture debt financing package from HSBC delivered to GCR-Sustainability-validated company LevelTen Energy. LevelTen Energy provides renewable transaction infrastructure for buyers, sellers, advisors and financiers in the clean energy economy. To date, the company has facilitated over $5 billion in clean energy transactions.
“This venture debt package will enable us to scale our platform, which provides transaction infrastructure for carbon-free energy buyers, sellers and financiers. HSBC’s global reach aligns with our international presence, while giving us opportunities to connect with HSBC clients that are looking to achieve sustainability goals,” Ross Trenary, Chief Financial Officer of LevelTen said.
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Image source: HSBC
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