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In a bid to achieve its $1 billion climate tech finance goal, HSBC Holdings PLC (NYSE:HSBC) has partnered with Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) subsidiary Google.
What Happened: HSBC, the largest bank in the UK, has teamed up with Google to provide funding to fast-growing climate technology firms, Reuters reported on Thursday. The companies selected by Google for its Google Cloud Ready-Sustainability program will receive financing from HSBC.
Google evaluates the quality and effectiveness of the technology under development and its acceptance among customers. HSBC will provide the financing, allowing the selected partners to scale their businesses and assist customers in accessing this innovation.
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HSBC’s Global Head of Climate Tech and Sustainable Finance, Martin Richards, stated that the bank’s partnership with Google will enhance its chances of success. The tie-up with Google’s cloud computing arm follows HSBC’s acquisition of the UK unit of failed tech lender Silicon Valley Bank (SVB) in 2023.
“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,” Richards said.
“Technology and finance are going to be key enablers of climate action. HSBC were very drawn to our belief that essentially the sustainability challenge is really a Data Challenge,” said Justin Keeble, managing director for global sustainability at Google Cloud.
Why It Matters: This partnership comes at a time when major tech companies are making significant strides in the fight against climate change. In August, Google announced a partnership with American Express Global Business Travel and Shell Aviation for a sustainable aviation fuel program, aligning with its goal of achieving net zero across its operations by 2030.
Other tech giants are also stepping up their climate efforts. In April, Apple doubled its commitment to nature-based carbon removal projects and Microsoft pledged to become carbon-negative by 2030.
Image Via Shutterstock
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