HSBC and Google Cloud partner to offer climate tech start-ups financial support

HSBC has partnered with Google Cloud to offer financial support to climate technology start-ups in a bid to accelerate climate mitigation and resilience.

Through the new partnership, start-ups in the Google Cloud Ready – Sustainability (GCR-Sustainability) programme will be linked with HSBC’s specialist climate tech finance team to explore venture debt financing options.

GCR-Sustainability is a validation programme for companies that want to help customers achieve climate-related goals, such as carbon emission reduction, increased sustainability in value chains, and processing of ESG data to help identify climate risks.

Google Cloud managing director for global sustainability Justin Keeble said: “The scale of climate challenge requires a global ecosystem of technology providers bringing solutions that drive impact”.

“This is why we launched our Google Cloud Ready – Sustainability ecosystem which – one year in – includes leading climate tech companies. Many of these partners need access to finance and we are excited to partner with HSBC to support firms key to climate action.”

The idea is that the partnership will help Google Cloud to increase the number of partners in the GCR – Sustainability programme over the next two years and that HSBC will seek financing opportunities  for GCR-Sustainability companies, aligning with its ambition to deploy £792.7 million ($1 billion) in climate tech finance, while also facilitating connections with the bank’s customers.

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HSBC global head of commercial banking sustainability Natalie Blyth believes that “a step change is needed to scale up the new technologies” that will decarbonise the planet and that “partnerships and innovative financing solutions are key” to making it happen, as investment in climate tech start-ups continues to fall.

She said: “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.”

Kicking off the partnership, HSBC will deliver a venture debt financing package to GCR-Sustainability-validated company LevelTen Energy, which provides renewable transaction infrastructure for buyers, sellers, advisors and financiers in the clean energy economy.

LevelTen chief financial officer said: “This venture debt package will enable us to scale our platform, which provides transaction infrastructure for carbon-free energy buyers, sellers and financiers”.

Climate crisisEnergyFinanceInnovationNews

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