Google Cloud Ramps Up ESG in Asian Fintech With Updated Point Carbon Zero Programme

Google cloud introduces three major updates to the Points Carbon Zero program. This includes the establishment of an advisory board, the launch of the Climate Finance Accelerator and the participation of several high-growth technology companies.

Google Cloud launched the program in July. Monetary Authority of Singapore (MAS).

The program aims to foster the incubation and adoption of climate fintech solutions in Asia over the next three years.

For updates on the programs announced this week, Singapore Fintech Festivalseeks to further expand the ambition and reach of those achieving net zero in the region.

Here’s what we’ve updated and what it means for the program’s future capabilities.

Establishment of the Point Carbon Zero Program Advisory Board

The first update includes the appointment of an advisory board, which will work together to guide the program’s ecosystem engagement strategy and initiatives.

The Board is made up of 12 senior executives from the region’s leading financial and technology companies. Goldman saxophone, HSBC When KPMG Singaporeamong other things.

YOU MAY ALSO LIKE

Hong Kong Pioneering Digital Currency: Project e-HKD+

January 24, 2025

FiX25 Fintech Islands Experience: Catalyzing Innovation in the Caribbean

January 23, 2025

Revolutionizing Remittances: VCASH’s eNaira API Transforms Global Transfers

October 8, 2024

U.S Manufacturing New Federal Incentives and Their Impact on Fintech and Digital Finance

October 5, 2024

Board elections deliberately bring together sustainability and finance experts from the private sector, public service, academia and civil society.

This diversity reflects the integrated approach needed to facilitate the efficient flow of environmental, social and governance (ESG) data.

The Board designs data-driven solutions and financial instruments to advance the organization’s decarbonization agenda.

The Board plays a key role in refining the mechanics of the Point Carbon Zero Climate Finance Accelerator, acting as the program’s executive sponsor, mentor and judge.

Climate Finance Accelerator

Hosted by Google Cloud in partnership with Singapore’s MAS and KPMG, the first-ever Climate Finance Accelerator aims to direct capital to companies with market-ready climate fintech solutions.

We also aim to drive adoption of these solutions by financial institutions to impact multinational corporations (MNCs) and small and medium enterprises (SMEs).

Accelerators are actively seeking solutions developed by climate-friendly fintechs to address problem statements made jointly with stakeholders

These problem statements reflect the following real-world challenges facing financial institutions:

• Identifying and quantifying synergies and trade-offs between social and environmental aspects of ESG to help organizations more effectively access and adopt transition funding.
• Leverage retrospective, forward-looking datasets to help organizations create achievable, science-based transition paths that can be evaluated against a codified taxonomy.
• Standardize the calculation, validation and disclosure of carbon emissions data across the industry and enable clients, especially those in hard-to-reduce sectors, to monitor and manage their funded emissions.
• By automating the resource-intensive process of pooling validated carbon footprint data from multinational clients and their suppliers, relationship managers can help clients understand how their clients are addressing their net zero commitments. Efficient and reliable evaluation of
• Integrate ESG impact analysis into staff performance metrics to encourage actions that reduce carbon emissions throughout the organization and its supply chain.
• Enables relationship managers to provide small businesses with bespoke financing solutions tied to implementing sustainable business practices.

All eligible applicants will have the opportunity to access up to $100,000 in cloud computing credits each year for two years under the Google for Startups cloud program.

By January 2023, up to 15 finalists will be shortlisted and matched with problem statement owners in a six-week program.

During this six-week pairing, finalists will work on refining their solutions. Get guidance from our board of directors and Google Cloud technical subject matter experts.

Sophisticated finalists will pitch their solutions to the board of directors, problem statement owners, venture capital and asset management firms, and Google Cloud’s technology ecosystem partners at a demo day on the Google Singapore campus.

Demo Day will be followed by industry engagement sessions between finalists and financial institutions at the recently launched ESG Impact Hub.

Accelerator submissions are open until December 3rd of this year.

No single organization can solve a complex and ever-evolving challenge like climate change, he said. Dr. Darien McBainMAS Special Advisor to the Point Carbon Zero Program.

Whether it is obtaining detailed ESG data to understand issues specific to the region or addressing issue statements about where and how sustainable finance can drive change, collaboration and Partnerships are important,” McBain continues.

Anton ludenklauKPMG International Partner and Global Head of Innovation in Financial Services added:

To further drive the significant transition to a net-zero economy, businesses and financial institutions will need to partner in new ways to develop robust ecosystems capable of system-wide transformation.

Building and scaling digital services on a carbon-neutral cloud infrastructure

Technology companies that provide digital solutions that advance financial inclusion and sustainable development in a variety of ways are also partnering with the Point Carbon Zero program to power their products using Google Cloud’s carbon-neutral infrastructure and services. scaling.

By moving critical IT workloads and applications to the cloud, businesses inherit Google Cloud’s carbon neutrality and improve their sustainability profile.

They include:

• Aguri G8is an agrifintech platform that connects institutional lenders with underserved smallholder farming communities.
• capturean application that helps consumers track and reduce the carbon footprint associated with their daily lifestyle activities.
• Climate Impact Xthe market and exchange of quality environmental credits.
• fundis a tokenized and decentralized finance (DeFi) platform and marketplace for content creators to be involved in the business decisions of sports brands.
• The Techis an insurtech company that enables traditional insurers and digital lifestyle platforms to deliver digital insurance solutions to consumers.

Southeast Asia is one of the most exposed regions to climate change risks and impacts, with its digital economy generating 20 million tonnes of carbon emissions in 2030, according to the latest e-Conomy SEA 2022 report. It is predicted.” Sherry NgCountry Director, Singapore and Malaysia, Google Cloud.

Ng also chairs the Point Carbon Zero Program Advisory Board.

Through the Point Carbon Zero Program, we will direct capital flows towards sustainability projects in Asia and work together to provide digitization solutions that minimize or reverse this environmental impact. I am working on it.

Digital transformation and decarbonization have the potential to occur in parallel and at scale as unifying imperatives within all organizations.