HSBC will provide $100 billion in sustainable financing and investment by 2025 to help tackle climate change and support sustainable growth in the communities it serves.
The bank will strengthen its support for clean energy and lower-carbon technologies, as well as projects that support the implementation of the United Nation's Sustainable Development Goals, the bank said in a statement Monday.
HSBC also pledges to source 100 percent of its electricity from renewable sources by 2030, with an interim target of 90 percent by 2025.
By signing long-term agreements with suppliers, the bank aims to support the development of new renewable power facilities, it said.
The bank plans to reduce its exposure to thermal coal and actively manage the transition path for other high-carbon sectors. This includes discontinuing financing of new coal-fired power plants in developed markets and of thermal coal mines worldwide.
HSBC will adopt the recommendations of the Task Force on Climate-related Financial Disclosures to improve transparency.
It will lead and shape the debate about sustainable finance and investment. This includes promoting the development of industry-wide definitions and standards.
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 $100 billion commitment that we are announcing today acknowledges the scale of the challenge in making a transition to a low-carbon future. We are committed to being a leading global partner to the public and private sectors as they make that transition," Stuart Gulliver said.
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