In a pivotal move to enhance climate technology and sustainability, HSBC has partnered with Google Cloud. This collaboration aims to catalyze growth in the climate tech sector, focusing on accelerating climate mitigation and resilience. The partnership centers around the Google Cloud Ready–Sustainability (GCR-Sustainability) program, which is instrumental in validating companies that contribute to environmental sustainability.
Unveiling the GCR-Sustainability Program
The GCR-Sustainability program, designed as a validation mechanism, supports companies offering solutions on Google Cloud to achieve sustainability goals. These goals encompass reducing carbon emissions, enhancing sustainability across value chains, and efficiently processing Environmental, Social, and Governance (ESG) data to identify climate risks. Check out the video below on Google Cloud talking about GCR-Sustainability Partners:
A Synergistic Partnership
This partnership creates a unique synergy between Google Cloud and HSBC. Google Cloud introduces companies within the GCR-Sustainability program to HSBC’s specialized climate tech finance team, exploring venture debt financing options essential for their growth. This collaboration is underpinned by the objective to expand the GCR-Sustainability Program and scout for financing opportunities for these companies, reinforcing HSBC’s ambition to deploy $1 billion in climate tech finance.
Voices from the Partnership
Natalie Blyth, HSBC’s Global Head of Commercial Banking Sustainability, emphasizes the critical need for a “step change” in scaling technologies essential for global decarbonization. Blyth highlights, “By combining financing support, cloud technologies, and connectivity to partners across our combined footprints, we aim to accelerate the growth of climate tech vendors and develop urgently needed solutions at scale.”
Furthermore, Justin Keeble, Managing Director for Global Sustainability at Google Cloud, shares this enthusiasm, underlining the importance of a global ecosystem of technology providers that deliver impactful solutions. Keeble articulates, “This partnership with HSBC, which will provide essential finance access to firms pivotal in climate action, is a testament to our commitment.”
A Practical Example of the Partnership
The collaboration has already benefited LevelTen Energy, a company validated by the GCR-Sustainability program specializing in renewable transaction infrastructure. Ross Trenary, Chief Financial Officer of LevelTen, shared his optimism about the partnership, highlighting the opportunity it presents for scaling their platform and connecting with HSBC clients committed to sustainability goals.
Conclusion
The HSBC and Google Cloud partnership represents a significant leap towards building a robust climate tech ecosystem. By leveraging financial support and technological innovation, this initiative aims to accelerate the development and scaling of vital climate tech solutions. As the partnership progresses, it sets a promising path for innovative solutions to climate change, ensuring a sustainable future for all. To see more of the latest developments in Cloud Computing, visit here.
