HSBC allocates $100 billion financing to sustainable development
(30 November 2017 – Global) HSBC has promised US$100 billion of finance for low-carbon technology and sustainable development by 2025 as part of a package of measures to strengthen its commitment to tackling climate change and other “green” goals.
The UK-based bank will also reduce support for coal-fired power generation and increase disclosure of “climate risks” in its lending book under new policies announced on Monday.
HSBC said the funding would be aimed at projects that contributed to reducing carbon emissions or meeting the UN’s sustainable development goals, which cover a range of social and environmental challenges.
The bank’s head of strategy, Daniel Klier, said he believed HSBC’s pledge was the biggest of its kind by a European or Asian lender and would be made in the form of bond issuance, loans and investment.
Klier added that HSBC wanted to help position the banks two key regions, London and Hong Kong as the leading global centres for green finance.
HSBC’s announcement follows that of US-based JPMorgan Chase early this year. That bank said it will facilitate US$200 billion of finance for clean energy projects by 2025 and highlights a widening push by the world’s biggest banks to promote “green” investment.
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