Towards supporting climate tech companies, Google and HSBC have joined forces to facilitate financial assistance for firms utilizing Google’s cloud platform. The collaboration aims to streamline access to financial support for climate tech companies running their operations on Google Cloud, thereby aiding in the acceleration of green initiatives.
The partnership, unveiled in a joint statement, involves members of the Google Cloud Ready – Sustainability (GCR-Sustainability) program gaining access to HSBC’s specialized climate tech-focused finance team, coming as part of HSBC’s commitment to deploying $1 billion of finance towards climate tech ventures.
Launched a year ago, the GCR-Sustainability program serves as a validation scheme for climate tech companies leveraging Google Cloud infrastructure. These companies offer solutions designed to enhance sustainability, reduce carbon emissions, and address climate risks in business operations.
According to global head of commercial banking sustainability at HSBC, Natalie Blyth, supporting green tech companies is crucial in combating the climate crisis, emphasizing the importance of partnerships and innovative financing solutions, especially in a period where investment in climate tech startups has dwindled.
The managing director for global sustainability at Google Cloud, Justin Keeble, highlighted the necessity of a global ecosystem to tackle the climate challenge effectively, stressing the importance of providing access to finance for climate tech startups, and the critical role they play in driving impactful solutions.
One of the early beneficiaries of this partnership is LevelTen Energy, a company specializing in renewable transaction infrastructure. LevelTen Energy, validated under the GCR-Sustainability program, has facilitated over $5 billion in clean energy transactions to date.
Ross Trenary, chief financial officer of LevelTen, expresses excitement about the venture debt package facilitated by HSBC, which will enable the company to scale its platform. He highlighted the alignment of HSBC’s global reach with LevelTen’s international presence,which he said provided opportunities to connect with clients striving to achieve sustainability goals.
By combining financial expertise with cutting-edge cloud technology, the partnership aims to catalyze the growth of climate tech startups and accelerate the development of sustainable solutions on a global scale.