January 28 (Renewables Now) - HSBC Singapore announced on Friday a new product enabling corporate clients to finance renewable energy, energy efficiency and other green projects.
With the HSBC Green Deposit Account, available in Singaporean and US dollars, companies can apportion cash savings into projects with a positive impact on the environment, explained David Koh, head of global liquidity and cash management. “Given that liquidity is critical for business operations, this is a simple and immediate solution for any corporate to begin or widen their sustainability strategy,” he said.
Clients will have access to a quarterly, portfolio-level report showing how their funds have been deployed.
Before launching the product, HSBC Singapore studied the local appetite for it. A recent survey showed that sustainability is becoming very important for Singapore’s businesses. In it, 64% of the companies surveyed said they had a role to play in delivering the UN’s Sustainable Development Goals, just higher than the global average.
Southeast Asia’s GDP could fall by 11% by the end of the century due to climate change, according to a forecast by the Asian Development Bank (ADB).