Every industry has a crucial role to play in tackling climate change. The Finance sector is no different. HSBC which is one of the leading International banks in the world on Friday, 2nd August has committed to source 100% of its electricity from renewable resources by 2030.
“We aim to lead by example in the transition to a low-carbon world and HSBC will be powered by 100% sustainable energy by 2030,” said Surendra Rosha, CEO of HSBC, India at the Bloomberg New Energy Finance (BNEF) Summit in New Delhi.
The Company has made several commitments in the area os sustainable finance to combat climate change. This also includes providing USD 100 billion of financing and investments toward the development of clean energy, lower-carbon technologies by 2025 in support of UN Sustainable Development Goals (SDGs).
This announcement particularly comes from HSBC shortly after the German energy company EnBW launched its first two green bonds with an issue size of €1bn in a bid to invest with climate-friendly growth project in the country last month
Recently in Germany, Thomas Kusterer, Chief Financial Officer, EnBW said that the proceeds from them will be funding offshore and onshore wind power and photovoltaic.
“The 2 Hybrid bonds on the capital market will be funding renewable energy projects in line with its strategy thereby investing increasingly in such projects,” he said.
HSBC plays the role of joint lead managers along with other global leaders in finance such as Barclays, BayernLB, Citi and Morgan Stanley, whereas BNP Paribas and Deutsche Bank include the syndicate of banks as joint global coordinators and joint structuring advisors.
Since November 2017 HSBC claims to have met 5 sustainable finance commitments.
As a member of the International Capital Market, Association’s Executive Committee for the Green Bond Principles, which are a set of voluntary standards for issuers of green bonds, HSBC aims to provide sustainable financing that helps businesses transition from carbon-intensive activities to low carbon economy thus reducing transition risks ensuring cleaner future and also helping in developing energy sources and technology for climate and environmental projects.
Leaders around the world feel there is a need to build a socially responsible investment fund and meet the growing client demand. HSBC offers to provide the same and develop investment products and other services to enable sustainable investments to flow in the
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