HSBC has partnered with Google Cloud to speed up local weather mitigation and resilience by financing and assist for corporations within the Google Cloud Prepared – Sustainability (GCR-Sustainability) programme.
GCR-Sustainability is a validation programme for corporations with options obtainable on Google Cloud that assist clients obtain objectives together with carbon emission discount, elevated sustainability in worth chains, and processing of ESG knowledge to assist establish local weather dangers.
Underneath the brand new partnership, Google Cloud will introduce GCR-Sustainability corporations to HSBC’s specialist local weather tech finance group to discover enterprise debt financing choices.
Key objectives of the partnership embody:
- 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 corporations 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, world head of business banking sustainability at HSBC, stated: “A step change is required to scale up the brand new applied sciences that may play a vital function in supporting world 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’ll assist local weather tech distributors speed up their progress, and develop the options we urgently want at scale.”
Justin Keeble, MD for world sustainability at Google Cloud, stated: “The size of local weather problem requires a worldwide ecosystem of expertise suppliers bringing options that drive influence. For this reason we launched our Google Cloud Prepared – Sustainability ecosystem which – one yr in – consists of main local weather tech corporations. Many of those companions want entry to finance and we’re excited to companion with HSBC to assist corporations key to local weather motion.”
The partnership launches with a enterprise debt financing package deal from HSBC delivered to GCR-Sustainability-validated firm LevelTen Power. LevelTen Power supplies renewable transaction infrastructure for patrons, sellers, advisors and financiers within the clear vitality economic system. To this point, the corporate has facilitated over $5 billion in clear vitality transactions.
Ross Trenary, CFO of LevelTen, stated: “We’re proud to be a GCR-Sustainability-validated firm and are wanting ahead to working carefully with the group at HSBC.
“This enterprise debt package deal will allow us to scale our platform, which supplies transaction infrastructure for carbon-free vitality patrons, sellers and financiers. HSBC’s world attain aligns with our worldwide presence, whereas giving us alternatives to attach with HSBC purchasers that wish to obtain sustainability objectives.”
The partnership builds on the launch of an HSBC credit score threat 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 corporations 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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