Economy

HSBC makes $100bn green pledge

HSBC makes $100bn green pledge”

The bank, the biggest in Europe, will use the capital to further its support for clean energy and lower-carbon technologies in communities all over the world.

Worldwide banking and financial services major HSBC today announced it has pledged to provide $100 billion in sustainable financing and investment by 2025 and discontinue financing coal-based power generation capacity.

HSBC will provide the financing and investment by 2025.

The bank plans to source all its electricity from renewable energy by 2030, with an interim target of 90% by 2025.

HSBC acknowledged such concerns in its new package of green measures, declaring it would "reduce its exposure to thermal coal and actively manage the transition path for other high-carbon sectors". It will no longer bankroll new coal-fired power plants in developed countries, though it will continue to finance them in developing countries (which admittedly is where most of the demand is). Adopt the recommendations of the Task Force on Climate-related Financial Disclosures to improve transparency.

Bank of England governor Mark Carney has made an environmentally friendly financial sector a priority, saying past year that "green investment represents a "major opportunity for both long-term investors and macroeconomic policymakers seeking to jump-start growth".

"The $100 billion commitment that we are announcing today acknowledges the scale of the challenge in making a transition to a low-carbon future", Gulliver said.

HSBC joins other global banking institutions fighting for clean energy While based in the United Kingdom, the bank's operations are increasingly concentrated in Asia.

The TCFD has called for all listed firms to publish detailed information on the risks and opportunities they face as a result of climate change and the low carbon transition, including insight into how they would respond to different warming and decarbonisation scenarios.

The bank has in recent years been keen to boost its green and ethical credentials with involvement in partnerships such as WaterAid, focused on the provision of safe water and sanitation in remote areas.

HSBC head of strategy Daniel Klier told the Financial Times that while the bank's rivals like ING and Deutsche Bank have stopped funding coal-fired plants entirely, such a policy would harm HSBC's Asian business.



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