HSBC commits €86bn to tackle climate change, biggest outlay by a European lender
HSBC has pledged to provide €86bn worth of finance to help transition to a low-carbon economy.
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.
HSBC's pledge is one of five commitments laid out in a statement on Monday as it looks to support the implementation of the United Nation's Sustainable Development Goals.
See also:
- November's issue of the Business Review Europe magazine - OUT NOW!
- Profile: the new CEO of HSBC, John Flint
- European companies looking to move supply chains away from the UK, according to CIPS survey
It is also aiming to use renewable sources only for its energy by 2030, while in addition looking to 'lead and shape' future debate about sustainable finance and investment.
"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," said outgoing Group Chief Executive Stuart Gulliver.
"The 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."
In July, JP Morgan Chase announced a $200bn clean finance fund and reaffirmed its commitment to using 100% renewable power by 2020.