HSBC joined the initiative in 2015 and is an active member of the initiative as member of the Coordination Group and co-leader of the Work Stream 3 “City-level climate smart approaches and financial instruments”.

On the sidelines of COP23, HSBC announced five new commitments to tackle climate change and support sustainable growth in the communities it serves.

The bank will intensify its support for clean energy and lower-carbon technologies, as well as projects that support the implementation of the United Nations’ Sustainable Development Goals.

They pledged to:

  1. Provide USD100 billion in sustainable financing and investment by 2025. 
  2. Source 100 per cent of its electricity from renewable sources by 2030, with an interim target of 90 per cent by 2025. By signing long-term agreements with suppliers, HSBC aims to support the development of new renewable power facilities
  3. Reduce its exposure to thermal coal and actively manage the transition path for other high-carbon sectors. This includes discontinuing financing of new coal-fired power plants in developed markets and of thermal coal mines worldwide
  4. Adopt the recommendations of the Task Force on Climate-related Financial Disclosures to improve transparency. In its next two Group annual reports, HSBC will give more details on its approach to climate-related risks and opportunities
  5. Lead and shape the debate about sustainable finance and investment. This includes promoting the development of industry-wide definitions and standards

Stewart James, Managing Director, Group Government Affairs, HSBC was among the panelists of the event “Mainstreaming the Paris Agreement in the Financial Sector organised by the initiative. During his presentation, he emphasized the necessity of leadership at the highest level to support mainstreaming. He explained that the adoption of a political agreement during COP21, made Stuart Gulliver, HSBC’s CEO, realize that “private sector actors needed to be a huge part of the solution and it was going to have a profound impact on their business.”

Two years later, these pledges are presenting how a private financial institution is moving forward on the implementation of each of the 5 Principles for Climate Mainstreaming.

 

More information On the event