Commercial, Energy Efficiency, GHG Emissions  -  February 9, 2024

HSBC Enters Partnership for Climate Tech

HSBC announced a partnership to increase climate mitigation and resilience through financing.

The partnership was entered into with Google Cloud and supports companies in the Google Cloud Ready-Sustainability (GCR-Sustainability) program.

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

In the new partnership, Google Cloud will introduce GCR-Sustainability companies to HSBC’s specialist climate tech finance team to explore venture debt financing options. One goal of the two companies is for Google Cloud to continue to increase the number of partners in the GCR-Sustainability program over the next two years.

HSBC will also seek financing opportunities for companies within the GCR-Sustainability ecosystem, as part of its goal 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, in a statement. "Partnerships and innovative financing solutions are key, especially during a period when investment in climate tech startups has fallen1. 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.”

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