HSBC makes $100bn green pledge
Bank also aims to source all power from renewables by 2030
HSBC bank has pledged to provide $100bn in sustainable financing and investment by 2025, as one of five new commitments to help combat climate change.
The bank plans to source all its electricity from renewable energy by 2030, with an interim target of 90% by 2025.
It said long-term agreements with suppliers will be signed to support the development of new renewable power facilities.
HSBC will also reduce its exposure to coal, by discontinuing the financing of new coal-fired power plants in developed markets and of thermal coal mines worldwide.
The bank will also provide more details of its approach to climate-related risks and opportunities in its next two annual reports, and aims to promote the development of industry-wide definitions and standards on clean tech financing.
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.”