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International banking and financial services major HSBC today announced it has pledged to provide $100 billion in sustainable financing and investment by 2025 and discontinue financing coal-based power generation capacity.
The London-based organization announced that the goal is one of the five new commitments made by the company to tackle climate change and support sustainable growth in the world. HSBC has also pledged to source 100 per cent of its electricity from renewable sources by 2030, with an interim target of 90 per cent by 2025.
The company said it pledges to reduce its exposure to thermal coal and actively manage the transition path for other high-carbon sectors, this includes discontinuing financing of new coal-fired power plants in developed markets and thermal coal mines worldwide.
“For more than a decade, HSBC has helped clients break new ground in the green bond markets in Europe and Asia, and to finance some of the biggest climate-friendly infrastructure projects in the world. The $100 billion commitment that we are announcing today acknowledges the scale of the challenge in making a transition to a low-carbon future. We are committed to being a leading global partner to the public and private sectors as they make that transition,” Group Chief Executive Stuart Gulliver said.
According an official statement, the company will adopt the recommendations of the Task Force on Climate-related Financial Disclosure to improve transparency and in the next two annual reports will proved more details on its approach to climate-related risks and opportunities. HSBC announced that the new commitments are an update on the action it is taking to meet its social, environmental and governance (ESG) responsibilities.
Detailing its own performance on environmental parameters, the bank said it has reduced water usage by 9 per cent, carbon emissions by 9 per cent and energy consumption 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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