HSBC Partners With Google Cloud to Grow Climate Tech Ecosystem
08 Febrero 2024 - 9:39AM
Business Wire
- Collaboration to support companies in “Google Cloud Ready –
Sustainability” ecosystem, through financing and tech support
- HSBC delivers partnership’s first venture debt funding, to
LevelTen Energy
HSBC today announced a partnership with Google Cloud to
accelerate climate mitigation and resilience through financing and
support for companies in the Google Cloud Ready – Sustainability
(GCR-Sustainability) programme.
GCR-Sustainability is a validation programme for companies with
solutions available on Google Cloud that help customers achieve
goals including carbon emission reduction, increased sustainability
in value chains, and processing of ESG data to help identify
climate risks.
Under the new partnership, Google Cloud will introduce
GCR-Sustainability companies to HSBC’s specialist climate tech
finance team to explore venture debt financing options.
Key goals of the partnership include:
- 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. "Partnerships and innovative financing
solutions are key, especially during a period when investment in
climate tech startups has fallen1. 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.”
“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,” said
Justin Keeble, Managing Director for Global Sustainability at
Google Cloud.
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.
“We are proud to be a GCR-Sustainability-validated company and
are looking forward to working closely with the team at HSBC,”
said Ross Trenary, Chief Financial Officer of LevelTen.
“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.”
The partnership builds on the launch of an HSBC credit risk
advisory tool on Google Cloud. It also follows HSBC’s announcement
of its ambition to deploy $1bn of financing to early-stage climate
tech companies and the launch of HSBC Innovation Banking – a
specialised banking proposition to support a broad range of
innovation businesses and their investors.
Note to Editors:
The Hongkong and Shanghai Banking Corporation
Limited The Hongkong and Shanghai Banking Corporation
Limited is the founding member of the HSBC Group. HSBC serves
customers worldwide from offices in 62 countries and territories.
With assets of $3,021bn at 30 September 2023, HSBC is one of the
world’s largest banking and financial services organisations.
1
https://www.pwc.com/gx/en/issues/esg/state-of-climate-tech-2023-investment.html
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