Climate Techs Cherry-Picked by Google Funded by HSBC
In the face of the escalating climate crisis, a myriad of climate tech entrepreneurs are driven by the ambition to forge impactful solutions.
In a groundbreaking collaboration, two of the world's most eminent brands have pledged their support to empower these technological advancements.
The financial titan HSBC and tech giant Google are pooling resources to back burgeoning climate tech enterprises. These companies stand at the forefront of devising potentially transformative tech solutions aimed at mitigating climate change.
Justin Keeble, Managing Director for Global Sustainability at Google Cloud, captures the essence of this initiative: “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's earlier commitment to earmark upwards of US$1bn by 2030 towards climate tech firms underscores this joint venture's ambition.
Bolstering climate tech success
Martin Richards, HSBC’s Global Head of Climate Tech and Sustainable Finance, highlighted the significance of such collaborations. He said “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.”
Google's GCR-Sustainability initiative welcomes companies to showcase solutions hosted on Google Cloud that incentivise their clients towards achieving sustainability goals.
This includes innovations aimed at trimming carbon footprints, improving the sustainability of value chains and enhancing the processing of ESG data to pinpoint climate hazards.
A stringent evaluation steered by Google scrutinises these climate tech solutions, ensuring their effectiveness and customer impact.
Investing in the future of the planet
The International Energy Agency (IEA) lends credibility to this effort with findings that underscore the necessity for yet-to-be-scaled technologies to meet 2050 net-zero objectives.
Roughly half of the required emissions reductions depend on these innovations reaching their potential.
This is why Google and HSBC is investing in climate tech.
Launched in 2022, the GCR-Sustainability programme places spotlight on companies creating Google Cloud-based solutions with the power to significantly speed up sustainability measures across sectors.
Both HSBC and Google are adamant about the synergy between their forces being pivotal for elevating the presence and impact of partners within the GCR-Sustainability program over the forthcoming years.
“A step change is needed to scale up the new technologies that will play a critical role in supporting global decarbonisation,” stated Natalie Blyth, Global Head of Commercial Banking Sustainability at HSBC. “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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