Justin Keeble, Managing Director for Global Sustainability at Google Cloud, 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.”
HSBC had previously said it would aim to provide US$1 billion in funding to climate tech companies by 2030.
Climate tech finance ‘increasing odds of success’
Martin Richards, HSBC’s Global Head of Climate Tech and Sustainable Finance, added:
“We feel like we are increasing our odds of success by working with partners like Google. We recognise we’re taking credit risks but that is all part of banking.”
The Google Cloud Ready – Sustainability (GCR-Sustainability) programme allows companies with solutions available on Google Cloud that help their customers achieve goals — including carbon emission reduction, increased sustainability in value chains, and processing of ESG data — to help identify climate risks.
Members of the programme undergo a rigorous validation process initiated by Google, with the technology giant assessing the quality and efficacy of the technology in development as well as its traction among customers.
Why is Google and HSBC investing in climate tech?
The International Energy Agency (IEA) states, off the back of its research, that to reduce emissions enough to hit 2050 net-zero goals, around 50% will require technology that is yet to be scaled to its full potential.
Google launched GCR-Sustainability in 2022, with the programme putting companies on display that have imagined up solutions available on Google Cloud that can make an actionable difference businesses and governments to accelerate their sustainability programs and initiatives.
Both companies are certain that the pair working together is integral to boosting the number of partners in the GCR – Sustainability programme over the next two years.
“A step change is needed to scale up the new technologies that will play a critical role in supporting global decarbonisation,” Natalie Blyth, Global Head of Commercial Banking Sustainability at HSBC added. “Partnerships and innovative financing solutions are key, especially during a period when investment in climate tech startups has fallen. 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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