HSBC & Google Cloud: Supporting Climate Tech Startups

HSBC has announced its new collaboration with Google Cloud to financially support companies in the ‘Google Cloud Ready–Sustainability’ ecosystem

Leading global bank HSBC has partnered with Google Cloud to support climate tech startups that are part of the ‘Google Cloud Ready (GCR) – Sustainability’ programme. 

Google’s GCR-Sustainability programme offers climate tech startups validation for the effectiveness of their solution in driving sustainability forward. 

Startups on the programme include tech companies helping customers and businesses achieve carbon emission reduction goals, increasing sustainability in the value chain and processing ESG data to identify climate risks. 

Per the collaboration, HSBC will provide both venture debt financing and technological support for startups in Google Cloud’s programme.

HSBC & Google Cloud: Prioritising climate tech 

The two core aims of HSBC and Google Cloud’s partnership include increasing the number of partners in Google Cloud’s programme over the next two years and helping HSBC complete its mission to deploy US$1bn of climate tech finance. 

This pledge came as part of HSBC’s recently announced net zero transition plan, a feat it hopes to achieve by 2050. 

HSBC's Three-Pronged Approach to Reaching Net Zero by 2050

Indeed, sustainability has been at the forefront of leading banks’ forward-looking agendas so far this year, as pressure mounts on global institutions to double down on their efforts to achieve net zero goals. 

Just this week, the EU’s climate service announced global warming had exceeded the 1.5C threshold across an entire year for the first time, putting sustainability issues even further under the spotlight. 

And, for HSBC and Google Cloud, it is technology that will help define a future of carbon emissions reduction.

Natalie Blyth, Global Head of Commercial Banking Sustainability at HSBC, says: “A step change is needed to scale up the new technologies that will play a critical role in supporting global decarbonisation.

"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.”

Justin Keeble, Managing Director for Global Sustainability at Google Cloud, adds: “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.” 

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