Along with supporting clients in their climate ambitions,2 the financial industry increasingly recognises the importance of investing resources and establishing partnerships in sustainable projects across a broad range of industrial sectors.
For its part, HSBC funds numerous green initiatives across Asia, covering areas such as technology and infrastructure. In Singapore for example, HSBC partnered with state-owned investment company Temasek to establish a platform dedicated to funding marginally bankable sustainable infrastructure projects, which would otherwise have faced barriers to obtaining loans. This was launched in September 2021.3 The bank has also committed USD100 million towards philanthropist Bill Gates’ Breakthrough Energy venture, with a focus on scaling up energy transitions in Asia.4
In addition to its partnerships, HSBC prioritises ongoing public engagement through its membership of numerous regional and global taskforces and industry forums,5 and in 2021 joined the Net Zero Asset Managers Initiative and the Task Force for Nature Related Financial Disclosures.6 These present opportunities to influence the progress of broad-based sustainability initiatives.
Furthermore, learning from other regions’ practices is key to enhancing Asia’s sustainable development. Asia has much to learn from what is happening in other regions but Asia should also be ready to share its ideas with others. The Common Ground Taxonomy is an excellent example of this. According to Jonathan, "sound regulation will drive more robust, resilient, and inclusive business." Ultimately, collaboration between all stakeholders on sustainability issues is positive for business.
As the drivers of sustainable business, the financial sector recognises its fundamental role in the green transition – through providing advisory and capital, and taking risks in service of an urgent global cause. After all, as Thomas notes, "transition to net zero is one of the most fundamental, multigenerational, life-changing things we will all witness in the years ahead."
Today, we and many of our customers contribute to greenhouse gas emissions. We have a strategy to reduce our own emissions and to help our customers reduce theirs. Find out more about our climate strategy.