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Friday, February 23, 2024

HSBC companions with Google Cloud to develop local weather tech ecosystem

HSBC has partnered with Google Cloud to speed up local weather mitigation and resilience by means of financing and assist for firms within the Google Cloud Prepared – Sustainability (GCR-Sustainability) programme.

GCR-Sustainability is a validation programme for firms with options accessible on Google Cloud that assist prospects obtain targets together with carbon emission discount, elevated sustainability in worth chains, and processing of ESG information to assist determine local weather dangers. 

Underneath the brand new partnership, Google Cloud will introduce GCR-Sustainability firms to HSBC’s specialist local weather tech finance staff to discover enterprise debt financing choices.

Key targets of the partnership embrace: 

  • Google Cloud will proceed to extend the variety of companions within the GCR – Sustainability programme over the subsequent two years.
  • HSBC will search financing alternatives for firms inside the GCR-Sustainability ecosystem, as a part of its ambition to deploy $1bn of local weather tech finance, in addition to facilitating connections with HSBC’s buyer base.

Natalie Blyth, international head of business banking sustainability at HSBC, mentioned: “A step change is required to scale up the brand new applied sciences that can play a essential function in supporting international decarbonisation.

“Partnerships and modern financing options are key, particularly throughout a interval when funding in local weather tech startups has fallen. By combining financing assist, cloud applied sciences and connectivity to companions throughout our mixed footprints, we are going to assist local weather tech distributors speed up their development, and develop the options we urgently want at scale.”

Justin Keeble, MD for international sustainability at Google Cloud, mentioned: “The size of local weather problem requires a worldwide ecosystem of expertise suppliers bringing options that drive influence. That is why we launched our Google Cloud Prepared – Sustainability ecosystem which – one yr in – consists of main local weather tech firms. Many of those companions want entry to finance and we’re excited to accomplice with HSBC to assist companies key to local weather motion.” 

The partnership launches with a enterprise debt financing bundle from HSBC delivered to GCR-Sustainability-validated firm LevelTen Vitality. LevelTen Vitality gives renewable transaction infrastructure for patrons, sellers, advisors and financiers within the clear power economic system. To this point, the corporate has facilitated over $5 billion in clear power transactions.

Ross Trenary, CFO of LevelTen, mentioned: “We’re proud to be a GCR-Sustainability-validated firm and are trying ahead to working carefully with the staff at HSBC.

“This enterprise debt bundle will allow us to scale our platform, which gives transaction infrastructure for carbon-free power patrons, sellers and financiers. HSBC’s international attain aligns with our worldwide presence, whereas giving us alternatives to attach with HSBC shoppers that wish to obtain sustainability targets.”

The partnership builds on the launch of an HSBC credit score danger advisory device on Google Cloud. It additionally follows HSBC’s announcement of its ambition to deploy $1bn of financing to early-stage local weather tech firms and the launch of HSBC Innovation Banking – a specialised banking proposition to assist a broad vary of innovation enterprise and their buyers.

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