Google Cloud established an advisory board for its joint Point Carbon Zero program with the Monetary Authority of Singapore (MAS) in an effort to spur funding and adoption of fintech solutions in Asia that mitigate climate change and limit negative corporate environmental impacts.

According to the cloud giant, the new advisory board will guide the program's ecosystem engagement strategy and initiatives and includes senior executives representing Chubb, DBS, Fidelity International, Goldman Sachs, HSBC, KPMG in Singapore, the National University of Singapore, OCBC, the Singapore FinTech Association, Standard Chartered Bank, UOB, and XL Ventures.

This "diverse" group of experts on sustainability and finance represents the program's focus on an integrative approach to foster trusted and efficient flows of environmental, social, and governance (ESG) data and build data-driven tools to help organizations decarbonize, according to Google Cloud.

Google Cloud also introduced a climate finance accelerator that offers mentorship and funding to climate fintech companies and startups that have a market-ready solution. The accelerator is welcoming applications from organizations with innovative solutions to real-world problems financial institutions face.

In January, the new advisory board, ESG-focused venture capital firms, and Google Cloud tech partners will watch presentations from the top 15 accelerator finalists, who have until Dec. 3 to submit an application. Those finalists will be matched with the company that wrote the problem statement their solution addresses for a six-week solution refinement program with mentorship from Google Cloud's technical experts and the advisory board.

Applicants' solutions might focus on, for example, enabling cross-sector clients to gain access to and report quality and consistent ESG data, supporting carbon-intensive financial clients in framing an achievable and credible transition plan, or supporting clients' carbon footprint reduction by means of company culture.

According to Sherie Ng, Google Cloud country director for Singapore and Malaysia, and chairperson of the Point Carbon Zero program's board, “Southeast Asia is one of the regions that is most exposed to the risks and consequences of climate change, and its digital economy is projected to produce 20 million tons of carbon emissions in 2030, according to the latest e-Conomy SEA 2022 report," Ng said, adding that this program is a centered effort to direct capital toward sustainability projects in Asia and develop digital solutions to minimize and reverse the region's environmental impact.

"Digital transformation and decarbonization can happen in tandem and at scale as congruent imperatives within every organization," Ng said.