9 October 2020

HSBC sets out ambition to build a net zero economy

On October 9, 2020, HSBC Holdings plc announced an ambitious plan to prioritize financing and investment that supports the transition to a net zero global economy, citing a landmark opportunity to build a thriving, resilient future for businesses and society in the wake of Covid-19.

The bank is committing to align its financed emissions – the carbon emissions of its portfolio of customers – to the Paris Agreement goal to achieve net zero by 2050 or sooner. HSBC has both the scale and global reach to play a leading role in guiding its customers through this transition and helping them to achieve this ambitious goal. The bank also aims to be net zero in its operations and supply chain by 2030.

To achieve this ambition, HSBC aims to:

  • Align its business activities to the goals of the Paris Agreement and a pathway to a net zero by 2050 or sooner
  • Enhance its support for customers in their transition to low carbon, providing dedicated financing support and advice for their unique conditions
  • Unlock new climate solutions by creating the world’s largest natural capital manager, creating a USD100m venture debt fund for cleantech innovation, and launching a USD100m philanthropic programme to bring new solutions to viability and scale
  • Work in partnership with its peers, customers, regulators, governments and wider society to effect change across the financial system

Here in Canada, HSBC is at forefront of sustainable finance conversations. We are a trusted partner to our clients in advancing their sustainability ambitions. We’ve been active in the green, social and sustainable bond market since its arrival in Canada, and offer a suite of green and sustainable products and solutions across capital markets, commercial banking, asset management and trade finance. In 2019, we launched Canada’s first Green Loans for commercial clients.

HSBC pledged to work with its customers in all sectors to develop tailored solutions to reduce emissions, taking into account the unique challenges for individual businesses, sectors, and geographies.

We recognize the significant role the energy sector plays in Canada, the challenges it is currently facing, and the advancements companies are making to reduce greenhouse gas emissions through project design, operational excellence, innovation and technology. We are committed to supporting the energy and other high-carbon sectors on their transition.

We will do this by increasing our portfolio of transition finance solutions to enable heavy-emitting sectors to decarbonise – while ensuring a just and stable transition to maintain economic stability.

Read more about HSBC’s commitment here

About HSBC Bank Canada
HSBC Bank Canada, a subsidiary of HSBC Holdings plc, is the leading international bank in the country. We help companies and individuals across Canada to do business and manage their finances internationally through three global business lines: Commercial Banking, Global Banking and Markets, and Wealth and Personal Banking1 . HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,923bn at 30 June 2020, HSBC is one of the world’s largest banking and financial services organizations.