HSBC partners with Google Cloud, committing $1 billion to finance climate tech firms selected through Google’s sustainability program, enhancing global efforts against climate change and driving a low-carbon economy.
HSBC, the largest bank in Britain, has formed a strategic partnership with Google to finance rapidly expanding climate technology firms at the forefront of combating global climate change. Executives from both HSBC and Google have announced this collaboration.
According to the agreement, HSBC will offer financing to select companies identified by Google to participate in its Google Cloud Ready-Sustainability program. This initiative involves a rigorous validation process conducted by Google to evaluate the quality, effectiveness, and market traction of the technologies being developed.
Justin Keeble, managing director for global sustainability at Google Cloud, highlighted the increasing demand from companies to expedite their sustainability objectives. However, there is often uncertainty about which solutions are best suited to address their needs. Through HSBC’s financing, these chosen partners can scale their businesses, while HSBC itself will assist customers in accessing these innovative solutions.
Martin Richards, global head of climate tech and sustainable finance at HSBC, emphasized the reassurance provided by Google’s due diligence process, which complements the bank’s own assessment of potential venture debt deals. Venture debt involves providing financing to companies with higher inherent risks.
The collaboration with Google Cloud comes following HSBC’s acquisition of the UK unit of Silicon Valley Bank (SVB) and underscores its commitment to supporting climate tech companies. HSBC aims to provide $1 billion in funding to such companies by 2030, surpassing internal targets. This effort aligns with their broader goal of transitioning 1.3 million clients to net zero by 2050.
The partnership with Google will facilitate the introduction of cloud-based technology solutions designed to help customers reduce their carbon emissions by analyzing sustainability risks. Additionally, HSBC announced its first venture debt deal under the partnership with LevelTen Energy, a startup operating a marketplace for renewable energy buyers and sellers.
Both HSBC and Google recognize the pivotal role of technology and finance in driving climate action. They aim to leverage data insights to empower their customers to make informed decisions and accelerate the transition to a low-carbon economy.
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