Multinational banking and financial services firm HSBC has announced a pledge of $100 billion in sustainable financing and investment in support of climate action and sustainable growth.
One of five new commitments the global financial institution is making to address climate change and support sustainable growth in the communities it serves, the initiative will increase the firm's support for clean energy and lower-carbon technologies, as well as for projects that support the implementation of the United Nations' Sustainable Development Goals.
To that end, HSBC has pledged to source 100 percent of its electricity from renewable sources by 2030, with an interim target of 90 percent by 2025; reduce its exposure to thermal coal and actively manage the transition path for other high-carbon sectors, including discontinuing the financing of new coal-fired power plants in developed markets and of thermal coal mines worldwide; adopt the recommendations of the Task Force on Climate-related Financial Disclosures to improve transparency; and help shape the debate about sustainable finance and investment and promote the development of industry-wide definitions and standards.
"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 HSBC chief executive Stuart Gulliver. "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."