HSBC launches US$5 billion sustainable fund for GBA

Credit: HelloRF

HSBC on Tuesday launched a US$5 billion sustainable fund to finance companies in the Guangdong-Hong Kong-Macau Greater Bay Area seeking to reduce their carbon emissions.

The new special credit fund, which runs for 18 months, will focus on supporting the development of green industries such as new energy and the low-carbon transformation of traditional industries in the area.

Through financial solutions such as green loans and green trade financing, exclusive approval channels, ESG consulting training and other services, the bank aims to support Greater Bay Area enterprises of all sizes in meeting their low-carbon emission reduction targets.

HSBC Group set out an ambitious plan in October 2020 to prioritize financing and investment that supports the transition to a net zero global economy.

In line with this strategy, the banking giant pledged to provide between US$750 billion and US$1 trillion of finance and investment by 2030 to help its clients achieve this goal.