british bank HSBC We partnered with google cloudaims to accelerate climate change mitigation and resilience through funding and support for companies participating in the Google Cloud Ready – Sustainability program.
Under the new partnership, Google Cloud will introduce companies participating in the program to HSBC’s climate technology finance specialist team to explore venture debt financing options. HSBC will explore financing opportunities for businesses within the sustainability ecosystem as part of its ambition to roll out $1 billion in climate technology financing.
The Google Cloud Ready Validation Program features solutions available on Google Cloud that help customers achieve their goals, including reducing carbon emissions, improving value chain sustainability, and processing ESG data to help identify climate risks. Targeted at companies that are
Natalie BryceHSBC’s Global Head of Commercial Banking Sustainability explained:
“Partnerships and innovative financing solutions are key, especially at a time when investment in climate change technology startups is declining. By working together across our combined footprint, we will help climate change technology vendors accelerate growth and develop urgently needed solutions at scale.”
The partnership builds on the launch of the HSBC Credit Risk Advisory Tool on Google Cloud. It also marks HSBC’s announcement of its ambition to deploy $1 billion in financing to early-stage climate technology companies and the launch of HSBC Innovation Banking, a specialist banking business supporting a wide range of innovation businesses and their investors. It continues.
Supporting companies that are key to combating climate change
Justin KeebleManaging Director of Global Sustainability at Google Cloud, added: “The scale of the climate problem requires a global ecosystem of technology providers delivering solutions that drive impact. This is why we launched the Google Cloud Ready – Sustainability Ecosystem. This includes major climate technology companies in the coming year. Many of these partners need access to capital and we are excited to partner with HSBC to support companies that are key to combating climate change. I am.”
Google Cloud will also continue to increase the number of partners in the Google Cloud Ready – Sustainability program over the next two years.
The partnership began with a venture debt financing package from HSBC provided to GCR Sustainability Certified Companies level ten energy. LevelTen Energy provides renewable energy trading infrastructure to buyers, sellers, advisors, and financiers in the clean energy economy. To date, the company has facilitated over $5 billion in clean energy transactions.
Ross TrenaryLevelTen’s Chief Financial Officer also explained the potential impact of this package: HSBC’s global reach coincides with our international presence and at the same time gives us the opportunity to connect with HSBC’s customers as they aim to achieve their sustainability goals. ”