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HSBC to offer $100bn in sustainable financing by 2025

CTBR Staff Writer Published 07 November 2017

HSBC bank has committed $100bn towards sustainable financing and investment by 2025, as part of its efforts to combat climate change.

The bank seeks to invest in clean energy and lower-carbon technologies, as well as in projects that support the United Nation's Sustainable Development Goals.

In an effort to intensify its clean energy support, HSBC plans to source all of its power from renewable sources by 2030. It will also reduce its exposure to thermal coal and manage the transition path for other high-carbon sectors.

HSBC group chief executive Stuart Gulliver said: “For more than a decade, HSBC has helped clients break new ground in the green bond markets in Europe and Asia, and to finance some of the biggest climate-friendly infrastructure projects in the world.

“The $100bn commitment that we are announcing today acknowledges the scale of the challenge in making a transition to a low-carbon future.”

In order to support the development of new renewable power facilities, the bank said it would sign long-term agreements with potential suppliers.

HSBC also said it seeks to improve transparency by adopting the recommendations of the Task Force on Climate-related Financial Disclosures.

More details on its approach to climate-related risks and opportunities are planned to be announced by the bank in its next two annual reports.

Further commitments include promoting the development of industry-wide definitions and standards on clean tech financing, the bank said.