HSBC has launched a range of new green finance products to support UK businesses with their environmental and sustainability goals.

The range includes a Green Loan, with a minimum amount of £300,000 and a Green Revolving Credit Facility (RCF), claimed to be an industry first, which enables companies to access funds when required, depending on sustainable cash flow needs and is available for a minimum value of £1 million.

A Green Hire Purchase, Lease and Asset Loan is another product, which facilitates the financing of green assets.

The programme is part of the banking giant’s global commitment to provide $100 billion (£76bn) in sustainable financing and investment by 2025.

HSBC says it has already provided green loans worth £600 million to UK businesses as part of a pilot project launched in November 2018 for large corporate customers.

Rob King, HSBC UK Commercial Banking Head of Sustainable Finance adds: “We have seen strong demand from businesses since launching the Green Loan pilot last year so we are confident this suite of green finance products will support our customers to meet their sustainability agendas. Our customers are asking for more green finance products to support their specific ambitions.

“Our offering allows our customers to showcase their green credentials to stakeholders by demonstrating that a portion of their funding is ring-fenced for genuine environmental and sustainability activities. Many stakeholders are now considering a company’s green credentials when making decisions about whether to work with, work for or invest in that company.”