GOOGLE Cloud has launched a climate finance accelerator in collaboration with the Monetary Authority of Singapore (MAS) and KPMG to channel capital towards companies with market-ready climate fintech solutions.
The programme will also facilitate financial institutions' adoptions of these solutions, the growth accelerator shared in a press statement on Thursday (Nov 3).
MAS, KPMG and Google Cloud will shortlist up to 15 finalists by January 2023 for the six-week climate finance accelerator, which is now open to climate fintech firms and startups.
Companies are invited to submit innovative solutions to problem statements that reflect financial institutions' real-world challenges. These include standardising and streamlining ESG (environmental, social and governance) and carbon emissions data to help entities and managers make efficient and reliable decisions.
The launch of the climate finance accelerator comes as part of three key updates to the Point Carbon Zero Program. Other updates include the appointment of an advisory board, as well as the onboarding of several high-growth technology firms to Google Cloud to build their digital offerings.
"No one organisation can solve a complex and constantly evolving challenge like climate change on its own. Collaboration and partnerships are critical, whether it's getting granular ESG data to understand problems that are unique to this region, or addressing problem statements on where and how sustainable finance can incentivise change," said Dr Darian McBain, MAS' special adviser to the Point Carbon Zero Program.
All eligible applicants will also be given the opportunity to tap cloud computing credits of up to US$100,000 each year for two years under the Google for Startups Cloud Program.