HSBC and Google Cloud announced the launch of a new partnership aimed at financing and supporting companies providing climate mitigation and resilience solutions.
The new partnership will connect HSBC’s specialist climate tech finance team with companies in the Google Cloud Ready – Sustainability (GCR-Sustainability) validation programme to explore venture debt financing options. Launched in 2022, GCR-Sustainability showcases companies with solutions available on Google Cloud to help businesses and governments accelerate their sustainability programs and initiatives, including carbon emission reduction, value chain sustainability improvement and ESG data processing to help identify climate risks.
According to the companies, the new partnership targets key goals including increasing the number of partners in the GCR – Sustainability programme over the next two years, and providing financing opportunities for HSBC, following its announcement last year of a goal to make $1 billion available to support early-stage climate tech companies around the world.
With the launch of the new collaboration, HSBC and Google announced the partnership’s first venture debt package, provided to LevelTen Energy, a provider of renewable transaction infrastructure connecting and supporting renewable energy buyers, advisors and sellers. In addition to its validation in GCR-Sustainability, LevelTen partnered with Google last year to develop a faster and easier RFP process for renewable Power Purchase Agreements (PPAs), speeding up the time to negotiate and execute deals by around 80% and enabling the acceleration of clean energy deployment.
Source– HSBC, Google Partner to Finance and Grow Climate Tech Companies – ESG Today
About the Authors
Associate Director, Investment Banking
Prachurjya has over 16 years of experience in investment banking with Acuity Knowledge Partners. At Acuity, he has led sector and product-specialist pilot teams across Capital Markets, ESG, Debt Advisory, Loan Syndications, Metals & Mining and Real Estate. He has been actively involved in setting up and on-boarding new ESG Advisory, ESG DCM and Sustainable Finance teams for various bulge bracket investment banks. Within DCM and Rating Advisory, he has been instrumental in helping the clients achieve over 30% in annual savings on both regular and adhoc tasks through standardization of the outputs and deployment of our proprietary BEAT tools.
Delivery Manager, Investment Banking
Puja has 6 years of extensive experience in ESG, Climate Change & Sustainability and she is supervising the ESG team at Acuity. She also has diverse experience in conducting ESIA, EHS compliance audits, ESG Risks and Controls, EHS & ESG Due Diligence assessments. Prior to joining Acuity, she was working with companies like KPMG Global Services, EY India and ERM India. She has expertise in provisioning extensive research requirements for clients through preparation of Peer Benchmarking, Target Compilation, Sustainability report, Sustainable Finance Updates and Sectoral ESG Thematic Detailing Engagement.
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