SINGAPORE (Reuters) - HSBC Holdings and Singapore state investor Temasek are teaming up to set up a debt financing platform for sustainable infrastructure projects, with an initial focus on Southeast Asia. The two companies said in a joint statement on Thursday they would invest a combined amount of up to $150 million of equity to fund loans in the initial phase. The Singapore-based platform aims to allocate more than $1 billion of loans within five years. “The platform will target renewable energy and storage, water and waste treatment and sustainable transport to help meet carbon reduction targets and build resilience to offset the impact of climate change,” the companies said. Noel Quinn, group chief executive of HSBC, said the partnership “aims to tackle some of the biggest barriers to financing sustainable infrastructure where it’s needed the most.” Globally, governments, companies and investors are taking steps to develop climate finance plans to fund the transition to a low-carbon economy. Some $2 trillion in infrastructure investment is needed over the next decade to enable Southeast Asia’s sustainable transition, a report issued by Bain & Company, Microsoft and Temasek said on Wednesday. HSBC and Temasek said the Asian Development Bank would offer technical and other assistance to the platform, while Clifford Capital Holdings, a Singapore-based specialist financing and distribution platform for infrastructure assets, would assist with project finance expertise. “Public funding alone will not cover the scale of climate change mitigation and transition required across Southeast Asia,” said Dilhan Pillay, CEO of Temasek International. “By joining forces, we can catalyse our capital, multiplying impact and scaling to meet the opportunities.” Reporting by Anshuman Daga; Editing by Edmund Blair Our Standards: The Thomson Reuters Trust Principles.