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Biztech Asia
Home News

HSBC targets net zero economy

by editorial
12/10/20
in News
2 min read
0
HSBC targets net zero economy

Stuart Milne, CEO of HSBC Malaysia

HSBC sets out an ambitious plan to prioritise financing and investment that supports the transition to a net zero global economy, citing a landmark opportunity to build a thriving, resilient future for society and businesses.

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.

HSBC also aims to be net zero in its operations and supply chain by 2030. The bank pledged to work with its customers in all sectors to develop tailored solutions to reduce emissions.

The bank will increasingly prioritise 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 USD750 billion and USD1 trillion of finance and investment by 2030 to help with their transition.

To achieve this ambition, HSBC aims to:

  • Align its business activities to the goals of the Paris Agreement and a pathway to net zero by 2050 or sooner
  • Enhance its support for customers in their transition to low carbon, providing dedicated
    financing support and advice for their unique transition journeys
  • Unlock new climate solutions by creating one of the world’s leading natural capital managers, creating a USD100 million venture debt fund for CleanTech innovation, and launching a philanthropic programme to donate USD100 million to bring new solutions to viability and scale
  • 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 USD100 billion of sustainable finance by 2025, and has since launched a number of award-winning products, and been recognised as a leading bank for sustainable finance.

However, the bank recognises 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.

According to Group Chief Executive Noel Quinn, HSBC has long been committed to opening up opportunities for their customers and the communities they 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,” Quinn said.

In a similar note, HSBC Malaysia Chief Executive Officer Stuart Milne also commented that their new ambitious plan will allow HSBC in Malaysia to play a key role in building a net zero economy in the country, leveraging on their leadership and contributions in recent years to help clients transition to a low-carbon business mode.

“Our aim to be a leading partner in the transition to a low-carbon world will allow us to accelerate our efforts to deliver the Group’s first sustainable banking entity with our Islamic banking subsidiary HSBC Amanah and more broadly support Malaysia’s climate ambition.

“We will continue to work with our customers to support them to thrive through this transition by offering industry leading sustainable product offerings, while embedding sustainability in everything that we do,” Milne said.

 

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