• HSBC partners with Google Cloud to enhance support for climate tech startups, offering specialized financing and banking services.
• The collaboration includes $1bn earmarked for early-stage climate tech ventures, with significant funds already deployed.
• HSBC aims to connect startups with crucial resources and network opportunities to accelerate their journey toward net zero emissions.

Expanding Climate Tech Support

HSBC has deepened its collaboration with Google Cloud, launching new initiatives to support the burgeoning climate tech sector. This partnership, particularly through the Google Cloud Ready – Sustainability (GCRS) program, offers tailored financial products and services in the U.S. and UK, designed to propel the growth of innovative startups.

“We are pleased to welcome Atlas AI – a geospatial AI platform providing insights into environmental, social, and economic changes – as the first company to benefit from this,” illustrates the targeted approach of the initiative.

Strategic Financial Commitment

The partnership initially launched in 2021 with a significant commitment: HSBC set aside $1bn to fund early-stage climate tech companies. To date, over half of this venture debt capital has been allocated, underscoring the demand and HSBC’s intent to increase its investment in the sector.

Celine Herweijer, Group Chief Sustainability Officer at HSBC, comments on the program’s success, “One year since announcing our US$1bn venture debt capital earmarked for climate tech start-ups in NYC, we’ve already allocated over half, spotlighting the pressing need and our plan to escalate our efforts.”

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Comprehensive Support System

Apart from financing, HSBC plans to facilitate connections between its network of clients and GCRS companies. The creation of a directory of ESG service providers aims to assist clients in transitioning to net zero, supporting HSBC’s broader strategy to reduce financed emissions and achieve its own operational net zero by 2030.

Natalie Blyth, Global Head of Commercial Banking Sustainability at HSBC, details the expanded support: “This collaboration means climate tech start-ups within Google Cloud Ready – Sustainability in the US and UK can now leverage HSBC’s bespoke offerings, aimed at fuelling their growth aspirations.”

Through these strategic initiatives, HSBC not only supports the growth of climate tech ventures but also aligns its operations with global sustainability goals, paving the way for a more sustainable future.