HSBC & Google: Funding the Transition to Sustainability
HSBC is a banking and finance giant serving more than 40 million customers across 64 countries and territories.
With reach and influence this wide, it has the opportunity to support the transition to a more sustainable world through financing climate technologies.
HSBC says it will make US$1bn of financing available for early-stage climate tech companies.
As part of this initiative, it has partnered with Google Cloud to provide products and services tailored to start-up growth ambitions for climate tech.
Natalie Blyth, Global Head of Commercial Banking Sustainability at HSBC, says: “We’ve taken our partnership with Google Cloud to the next level.
“Climate tech start-ups in the Google Cloud Ready – Sustainability (GCRS) ecosystem in the US and UK can now have access to HSBC products and services tailored to founders’ specific growth ambitions.
“This builds on the support we can offer these companies, including venture debt.
“We’re also holding networking events for them and working on a directory of ESG service providers that could offer our clients solutions to help them transition to net zero.”
Google Cloud’s sustainability programme
Google Cloud is a collection of cloud computing services that allows users to build and deploy services on Google’s infrastructure.
Launched in 2008, the platform now supports nearly 90% of generative AI ‘unicorns’ and more than 60% of funded gen AI start-ups.
The Google Cloud Ready - Sustainability (GCRS) programme aims to showcase Google Cloud partners that are committed to helping businesses and governments accelerate sustainability initiatives.
These partners create solutions that enhance the capabilities and ease adoption of Google Cloud technologies such as Google Earth Engine.
Companies in the programme include Airbus and BlueSky Resources.
HSBC’s collaboration with Google Cloud for sustainability
HSBC has developed its partnership with Google Cloud to offer banking support for climate tech companies in the GCRS programme.
In 2021 the banking giant announced it will make available US$1bn of financing for early-stage climate tech companies.
Celine Herweijer, Group Chief Sustainability Officer at HSBC, says: “One year since launching our US$1bn venture debt capital allocation for climate tech start-ups in NYC, we are already over half way there, proving the demand and why we will accelerate our efforts further.”
HSBC says to deepen its support of the climate tech ecosystem, companies in the GCRS programme can now gain access to HSBC services and products that are tailored to founders’ growth ambitions specifically in the US and UK.
This comes after the companies’ partnership in February 2024 that helped to introduce GCRS companies to HSBC’s specialist climate tech finance team.
The specialist team can support companies to explore banking support including venture debt.
HSBC’s sustainability initiatives
HSBC’s ambition is to align the financed emissions of its portfolio to net zero by 2050 and become net zero across its own operations and supply chain by 2030.
It also offers tools for its customers to reduce emissions, such as an electric vehicle cost comparison calculator and home energy efficiency calculator.
HSBC has a range of ESG and Sustainable Investing funds that align with EU Sustainable Finance Disclosures Regulation.
This range of funds includes its Global Transition Infrastructure Debt Fund, Floating Rate Infrastructure Strategy fund and Climate Technology Venture Strategy fund.
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