HSBC sets USD-100bn sustainable financing goal by 2025

Author: Mrs. Gemstone. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.

November 6 (Renewables Now) - HSBC Holdings plc (LON:HSBA) has set a goal to provide USD 100 billion (EUR 86bn) in sustainable financing and investment by 2025.

The UK bank said it will increase its support for clean energy and lower-carbon technologies, and projects in line with the UN's Sustainable Development Goals.

HSBC unveiled the goal today along with four other commitments as part of an update on measures related to its social, environmental and governance (ESG) responsibilities.

The other objectives include sourcing 90% of the group's electricity from renewable sources by 2025 and 100% by 2030. The bank has also pledged to reduce its exposure to thermal coal, which includes stopping to finance new coal-fired power plants in developed countries and thermal coal mines around the world.

HSBC further promises to improve transparency on climate-related risks and opportunities and to promote the development of industry-wide definitions and standards about sustainable finance and investment.

(USD 1 = EUR 0.862)

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Browse all articles from Plamena Tisheva

Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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