HSBC sets aside US$5 billion in sustainable financing to fund projects in the Greater Bay Area to reduce carbon emissions
- HSBC’s GBA Sustainability Fund, which runs for 18 months, will accept applications from companies that engage in projects to remove carbon emissions
- These include climate change adaptation, pollution prevention, wastewater management, clean transport, renewable energy, sustainable water resources
These include manufacturers and real estate developers involved in sectors such as climate change adaptation, pollution prevention, wastewater management, clean transportation, renewable energy, sustainable water resources and others, the bank said. Emerging climate technology businesses that are at a pre-profit stage will also be eligible for the scheme.
“HSBC is dialling up all-round support for businesses of all sizes to transition towards low carbon operations,” said Frank Fang, general manager and head of commercial banking in Hong Kong and Macau at HSBC.
“As an up-and-coming economic powerhouse, the Greater Bay Area holds enormous potential in sustainable developments,” Fang said. “The new scheme will enable us to offer a scalable solution for more companies in GBA to seize the long-term growth opportunities that a net zero future offers.”
Some climate campaigners have said that is not enough and the bank should completely end its relationship with oil and gas providers and other companies that produce a substantial amount of greenhouse gas emissions in their operations.