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HSBC pledges up to $1 tn to back clients to be more eco-friendly in next decade

HSBC pledges up to $1 tn to back clients to be more eco-friendly in next decade
Saturday 10 October , 2020
By Marwa Nassar - -

HSBC has announced its plans to achieve net zero carbon emissions by 2050 and pledged under its ambitious plan to earmark up to $ 1 trillion to support its clients to become more environment-friendly in the next decade.

The bank is committing to align its financed emissions – the carbon emissions of its portfolio of customers – to the Paris Agreement goal to achieve net zero by 2050 or sooner.

HSBC has both the scale and global reach to play a leading role in guiding its customers through this transition and helping them to achieve this ambitious goal. The bank also aims to be net zero in its operations and supply chain by 2030.

HSBC pledged to work with its customers in all sectors to develop tailored solutions to reduce emissions. The bank will increasingly prioritize financing and investment that contributes to the low carbon transition and will apply a climate lens to financing decisions. HSBC’s ambition is to support customers with between $750bn and $1 trillion of finance and investment by 2030 to help with their transition.

Under this ambitious plan, HSBC will enhance its support for customers in their transition to low carbon, providing dedicated financing support and advice for their unique transition journeys.

It will also work to unlock new climate solutions by creating one of the world’s leading natural capital managers, creating a $100m venture debt fund for CleanTech innovation, and launching a philanthropic program to donate $100m to bring new solutions to viability and scale.

The bank will also work in partnership with its peers, customers, regulators, governments and wider society to effect change across the financial system.
HSBC is well-established as a leading player in the transition to a low carbon economy. In 2017, the bank committed $100bn of sustainable finance by 2025, and has since launched a number of award-winning products, and been recognized as a leading bank for sustainable finance. However, the bank recognizes that achieving the Paris Agreement goal will require extra effort, at a faster pace, and plans to use its scale and global reach to seek to accelerate the transition to net zero.

Group Chief Executive Noel Quinn said “HSBC has long been committed to opening up opportunities for our customers and the communities we serve. As we enter a pivotal decade of change, we have a landmark opportunity to accelerate our efforts to build a healthier, more resilient and more sustainable future. Our net zero ambition represents a material step up in our support for customers as we collectively work towards building a thriving low carbon economy.”

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