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 out there on Google Cloud that assist clients obtain targets together with carbon emission discount, elevated sustainability in worth chains, and processing of ESG information to assist determine local weather dangers.
Below the brand new partnership, Google Cloud will introduce GCR-Sustainability firms to HSBC’s specialist local weather tech finance crew to discover enterprise debt financing choices.
Key targets of the partnership embody:
- Google Cloud will proceed to extend the variety of companions within the GCR – Sustainability programme over the following two years.
- HSBC will search financing alternatives for firms throughout 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 economic banking sustainability at HSBC, mentioned: “A step change is required to scale up the brand new applied sciences that may play a crucial position 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 dimensions of local weather problem requires a world ecosystem of know-how 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 companion 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 Power. LevelTen Power supplies renewable transaction infrastructure for consumers, sellers, advisors and financiers within the clear power economic system. Up to now, 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 crew at HSBC.
“This enterprise debt bundle will allow us to scale our platform, which supplies transaction infrastructure for carbon-free power consumers, sellers and financiers. HSBC’s international attain aligns with our worldwide presence, whereas giving us alternatives to attach with HSBC purchasers that want 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 traders.
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