HSBC and Google Cloud today announced the launch of a new partnership aimed at financing and supporting companies providing climate mitigation and resilience solutions.
The new partnership will connect HSBC’s specialist climate technology finance team with companies in the Google Cloud Ready – Sustainability (GCR-Sustainability) validation program to explore venture debt financing options. Launching in 2022, GCR-Sustainability will showcase companies with solutions available on Google Cloud to help businesses and governments accelerate their sustainability programs and initiatives, including reducing carbon emissions, improving value chain sustainability and processing ESG data to help identify climate risks.
Justin Keeble, Managing Director of Global Sustainability at Google Cloud, said:
“The scale of the climate challenge requires a global ecosystem of technology providers offering solutions that scale the impact. That’s why we launched our Google Cloud Ready – Sustainability ecosystem, which – one year later – includes leading climate technology companies. Many of these partners need access to finance and we are pleased to be working with HSBC to support businesses critical to climate action.”
According to the companies, the new partnership focuses on key objectives, including increasing the number of partners in the GCR – Sustainability Program over the next two years, and providing financing opportunities for HSBC, following last year’s announcement of a target to make $1 billion available to support start-up climate technology companies around the world.
Natalie Blyth, Global Head of Commercial Banking Sustainability at HSBC, said:
“A step change is needed to scale up the new technologies that will play a critical role in supporting global decarbonization. Partnerships and innovative financing solutions are crucial, especially at a time when investments in climate technology startups have fallen. By combining financing support, cloud technologies and connectivity with partners across our combined footprint, we will help climate technology providers accelerate their growth and develop the solutions we urgently need at scale.”
With the launch of the new partnership, HSBC and Google announced the partnership’s first debt package, provided to LevelTen Energy, a renewable transaction infrastructure provider that connects and supports buyers, advisors and sellers of renewable energy. In addition to GCR sustainability validation, LevelTen partnered with Google last year to develop a faster and simpler RFP process for Sustainable Power Purchase Agreements (PPAs), reducing the time to negotiate and execute deals by approximately 80 % is accelerated and the acceleration is made possible. of the use of clean energy.
Ross Trenary, Chief Financial Officer of LevelTen, said:
“We are proud to be a GCR Sustainability validated company and look forward to working closely with the team at HSBC. This venture debt package will enable us to scale our platform, which provides transaction infrastructure for buyers, sellers and financiers of carbon-free energy. HSBC’s global reach aligns with our international presence while providing us with the opportunity to connect with HSBC customers looking to achieve sustainability goals.”