HSBC

Industry Giant Committed to Renewable Power

In late 2017 British multinational banking giant HSBC announced that they would back sustainable investing and financing with US$100 billion by 2025. According to the announcement, the pledge was done as a commitment to a global shift to a low-carbon economy. The company has also agreed to start using only renewable resources for electricity by the year 2030, to cut its use of coal and to be part of the leading team in shaping the future of international sustainable finance and investment.

In recent years HSBC achieved a reduction in carbon emissions and water use by 9% respectively and managed to reduce annual energy consumption by as much as 13%. The bank not only committed to the substantial financial backing to the initiative but also agreed to become a leader in the international transition to a carbon-reduced future.

About HSBC

Founded by Sir Thomas Sutherland in 1865 in British Hong Kong as the Hongkong and Shanghai Bank, HSBC is now headquartered in London, United Kingdom and serves the international market. The company’s service portfolio includes corporate banking, retail banking, investment banking, mortgage loans, wealth management, private banking, credit cards, insurance, and finance. HSBC has approximately 4,000 offices in 70 countries around Europe, Asia, Africa, South America, North America and Oceania. The bank serves over 35 million customers around the world as in 2017 and was deemed as the sixth-biggest public company by Forbes magazine in 2014.

A Renewable-Centric Trend

Besides HSBC, another massive bank, also committed to a large financial injection towards clean financing. American multinational bank JPMorgan Chase agreed to provide US$200 billion between 2017 and 2030 and stated that they would completely embrace renewables by the year 2020. Both banks belong to RE100, an international business group with the aim of promoting 100% renewable power.