Google Cloud Join Forces With HSBC To Assist Climate Tech Companies
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The Hong Kong and Shanghai Banking Corporation Limited (HSBC) has announced a strategic partnership with Google Cloud. This collaboration is aimed at providing venture debt financing options to climate technology businesses. Both parties are looking to support the climate firm with $1 billion in funds.
The Google Cloud sustainability validation program is tailored for businesses with solutions accessible on Google Cloud. These solutions help clients in achieving sustainable goals such as processing ESG data to help find climate risks, increasing sustainability across value chains, and reducing carbon emissions.
HSBC Aims To Assist Climate Technology Vendors In Expanding Their Operations
As part of this new alliance, these companies will be granted access to HSBC’s dedicated climate technology finance team to investigate available venture debt financing options.
This agreement has already resulted in HSBC putting together a financing arrangement for LevelTen Energy. The firm offers a renewable transaction system for financiers, advisors, sellers, and buyers in the clean energy sector.
Global Head of Commercial Banking Sustainability at HSBC, Natalie Blyth, stated that the company needs an advancement to increase the adoption of innovative technologies. She said that these technologies will play a key role in facilitating global decarbonization.
She emphasized the significance of innovative financing solutions and partnerships, especially during a time when investment in climate tech startups was reduced. By merging connectivity to partners across its combined footprints, cloud technologies, and financing support, HSBC aims to support climate technology vendors in boosting their development. This incorporation will also help the firm in developing the solutions needed at a large scale.
HSBC Aims To Advance Banking Initiative into the Google Cloud Ecosystem
The Managing Director for Global Sustainability at Google Cloud, Justin Keeble, highlighted that the scale of the climate crisis requires a worldwide system of technology providers bringing solutions to them.
He highlighted the launch of the Google Cloud Ready network, which one year in is now included as a leading climate technology firm. However, many of these partners require access to finance, expressing excitement for partnering with HSBC to support companies key to climate action.
The collaborative effort builds on the release of an HSBC credit risk advisory tool within the Google Cloud. Following an announcement by HSBC of its aim to deploy $1bn worth of financing to early-stage climate technology firms and the introduction of HSBC Advance Banking.
This advanced banking is a unique banking initiative, with a focus on assisting a large range of advanced industries and their investors.
The HSBC Group, founded in Hong Kong in 1865 by Thomas Sutherland, a Scottish banker, is a British banking group and the World’s second-largest.
