HSBC to offer $1 trillion sustainable finance

MANAMA: HSBC is aiming to provide up to $1 trillion of financing and investment globally by 2030 to support customers in their transition to lower carbon emissions.

This has emerged as the bank announced the formation of a dedicated Sustainable and Transition Finance Team in the Middle East, North Africa and Turkey (Menat).

The team will help institutions, corporates and individuals transition to a more sustainable economy.

It will work closely with HSBC’s recently-launched global environmental, social and governance (ESG) solutions team.

HSBC Group chief executive Noel Quinn said: “With a presence in all of our markets across Menat, the team will work with HSBC bankers to provide advice, expertise and financing solutions to customers across all sectors and segments – no matter what stage of the sustainability journey they are on.”

The Menat Sustainable and Transition Finance Team will be co-led by HSBC’s Menat global banking head Gareth Thomas and commercial banking head Daniel Howlett.

They will be supported by business leads in global banking, commercial banking, markets and securities services, wealth and personal banking, asset management, global trade and receivables finance, and global liquidity and cash management.

Country leads have also been appointed in each of HSBC’s nine markets in Menat.

Mr Thomas said: “Our customers in Menat are interested in an increasing range of sustainable finance options and the creation of our new sustainable and transition finance team is designed to specifically respond to that demand.”

In 2020, HSBC saw a six-fold increase in its sustainable and transition finance activity in Menat over 2019, with the bank bringing a number of innovative deals to market.

According to Mr Howlett at the heart of the plan is a goal to reduce financed emissions from the bank’s portfolio of customers to net-zero by 2050 or sooner, with HSBC being net-zero in its own operations by 2030.




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