HSBC is to finance companies developing ClimateTech as part of a new partnership with Google Cloud.

The move involves the bank backing companies in the Google Cloud Ready- Sustainability Programme, an initiative for firms with solutions available on Google Cloud that help customers reduce carbon emissions, increase sustainability in value change, or process ESG data to help identify climate risks.

HSBC will seek financing opportunities for companies within the programme form part of the bank's ambition to deploy $1 billion of ClimateTech finance, as well as facilitating connections with HSBC’s customer base.

“A step change is needed to scale up the new technologies that will play a critical role in supporting global decarbonisation,” said Natalie Blyth, global head of commercial banking sustainability at HSBC. "Partnerships and innovative financing solutions are key, especially during a period when investment in ClimateTech start-ups 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.”

The new partnership launches with a venture debt financing package from HSBC for LevelTen Energy, a company providing renewable transaction infrastructure for buyers, sellers, advisors and financiers in the clean energy economy.

To date, the business has facilitated over $5 billion in clean energy transactions.

“The scale of climate challenge requires a global ecosystem of technology providers bringing solutions that drive impact," said Justin Keeble, managing director for global sustainability at Google Cloud. "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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