HSBC pledges $100bn to fight climate change

HSBC has pledged to provide $100 billion (£76bn) in sustainable financing by 2025 in a bid to fight climate change. It plans to intensify support for clean energy and low […]

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By Priyanka Shrestha

HSBC has pledged to provide $100 billion (£76bn) in sustainable financing by 2025 in a bid to fight climate change.

It plans to intensify support for clean energy and low carbon technologies as well as projects that support the UN’s Sustainable Development Goals.

The banking giant also aims to source 100% of its electricity from renewable sources by 2030, with an interim target of 90% by 2025.

It has pledged to reduce its exposure to thermal coal and discontinue financing of new coal-fired power plants in developed markets and thermal coal mines worldwide as well as adopt the recommendations of the Task Force on Climate-related Financial Disclosures to improve transparency.

Over the past year, HSBC has reduced water use by 9%, carbon emissions by 9%, energy use by 13% and signed agreements with clean energy producers to source 24% of its electricity from renewables.