9.3 C
Monday, February 12, 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 way of financing and assist for corporations within the Google Cloud Prepared – Sustainability (GCR-Sustainability) programme.

GCR-Sustainability is a validation programme for corporations with options out there 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 determine local weather dangers. 

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

Key objectives 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 corporations 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 economic banking sustainability at HSBC, mentioned: “A step change is required to scale up the brand new applied sciences that can play a vital position in supporting international decarbonisation.

“Partnerships and revolutionary 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 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 world ecosystem of expertise suppliers bringing options that drive influence. For this reason we launched our Google Cloud Prepared – Sustainability ecosystem which – one yr in – contains 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 bundle from HSBC delivered to GCR-Sustainability-validated firm LevelTen Power. LevelTen Power gives renewable transaction infrastructure for patrons, sellers, advisors and financiers within the clear power financial 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 wanting ahead to working intently 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 purchasers that need 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 buyers.

Take a look at the upcoming Cloud Transformation Convention, a free digital occasion for enterprise and expertise leaders to discover the evolving panorama of cloud transformation. Ebook your free digital ticket to deep dive into the practicalities and alternatives surrounding cloud adoption. Be taught extra right here.

Tags: local weather, google cloud, HSBC

Latest news
Related news


Please enter your comment!
Please enter your name here