Nov 6, 2017

HSBC promises $100bn to fight climate change

HSBC has promised $100bn of finance for low-carbon technology and sustainable development by 2025 as part of a package of measures to strengthen its commitment to tackling climate change and other "Green" goals. HSBC said the $100bn would be aimed at projects that contributed to reducing carbon emissions or meeting the UN's sustainable development goals, which cover a range of social and environmental challenges. HSBC said it would become more transparent about risks to its business - and to those of its clients - from climate change by adopting recommendations made by the Task Force on Climate-Related Financial Disclosures. "We will disclose our carbon footprint and stress test our lending book against carbon pricing," said Mr Klier, referring to the levying of charges on carbon emissions, seen as one of the main policy tools for tackling climate change. Mr Klier said HSBC wanted to help make London and Hong Kong - the bank's strongholds - the leading global centres for green finance.

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