Banking giant HSBC have promised $100 billion of finance for low-carbon technology and sustainable development to help fight climate change by 2025.
HSBC have unveiled a number of new commitments to tackle climate change and cut climate-related risks in their own business model. By 2025, the banking giant have promised it will make up to $100 billion available for financing low-carbon projects and stop financing mines that produce coal for power generation.
HSBC have also pledged that by 2030, they will source a hundred per cent of their electricity from renewable sources, with an interim target of 90% by 2025.
Stuart Gulliver, Group Chief Executive 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-billlion commitment that we are announcing today acknowledges the scale of the challenge in making 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.”
Over the last year HSBC have reduced their energy consumption by 13 per cent and their carbon emissions by 9 per cent.
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