HSBC Partners With Google Cloud to Grow Climate Tech Ecosystem

HSBC and Google Cloud have announced a partnership to accelerate climate mitigation and resilience through financing and support for companies in the Google Cloud Ready Sustainability (GCR-Sustainability) programme.

GCR-Sustainability is a validation programme for companies with solutions available on Google Cloud that help customers achieve goals including carbon emission reduction, increased sustainability in value chains, and processing of ESG data to help identify climate risks.

Under the new partnership, Google Cloud will introduce GCR-Sustainability companies to HSBC’s specialist climate tech finance team to explore venture debt financing options.

Key goals of the partnership include:

  • Google Cloud will continue to increase the number of partners in the GCR – Sustainability programme over the next two years.
  • HSBC will seek financing opportunities for companies within the GCR-Sustainability ecosystem, as part of its ambition to deploy $1 billion of climate tech finance, as well as facilitating connections with HSBC’s customer base.

“A step change is needed to scale up the new technologies that will play a critical role in supporting global decarbonisation,” said Natalie Blyth, Global Head of Commercial Banking Sustainability at HSBC.

“Partnerships and innovative financing solutions are key, especially during a period when investment in climate tech startups has fallen. By combining financing support, cloud technologies and connectivity to partners across our combined footprints, we will help climate tech vendors accelerate their growth, and develop the solutions we urgently need at scale.”

The partnership launches with a venture debt financing package from HSBC delivered to GCR-Sustainability-validated company LevelTen Energy.

LevelTen Energy provides renewable transaction infrastructure for buyers, sellers, advisors and financiers in the clean energy economy. To date, the company has facilitated over US$5 billion in clean energy transactions.

The partnership builds on the launch of an HSBC credit risk advisory tool on Google Cloud. It also follows HSBC’s announcement of its ambition to deploy US$1 billion of financing to early-stage climate tech companies and the launch of HSBC Innovation Banking, a specialised banking proposition to support a broad range of innovation businesses and their investors.