HSBC on Monday announced that it would provide $100 billion in sustainable financing and investment globally by 2025 to support the transition to a low-carbon economy.
In a news release, HSBC said that the goal was one of five new commitments that it made to tackle climate change and support sustainable growth in the communities it serves.
In addition to the $100 billion in financing, HSBC will source all of its electricity from renewable energy by 2030 and reduce its exposure to thermal coal, the release said.
HSBC also pledged to discontinue financing of new coal-fired power plants in developed markets and of thermal coal mines worldwide.
The bank also pledged to both lead and shape the debate surrounding sustainable finance and investment.
‘The $100 billion commitment that we are announcing today acknowledges the scale of the challenge in making a transition to a low-carbon future,’ HSBC group chief executive Stuart Gulliver said in a statement.
‘We are committed to being a leading global partner to the public and private sectors as they make that transition,’ he said.
HSBC said that in the past year it had managed to cut both water use and carbon emissions by 9 per cent respectively, while energy consumption had fallen by 13 per cent.
It has also signed agreements with clean energy producers to source 24 per cent of its electricity from renewable sources.
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