HSBC, in partnership with World Resources Institute (WRI) and WWF, has revealed a joint Climate Solutions Partnership to unlock barriers to finance for companies and projects that tackle climate change.

The partnership aims to bring emerging climate solutions to commercial viability and via three workstreams focus on start-up firms developing carbon-cutting technologies, projects that protect and restore biodiversity, and initiatives to help transition energy growth to renewables in Asia.

Recognising the urgency of the climate challenge, the Climate Solutions Partnership aims to accelerate change in the short-term, to help realise the Paris Agreement goals in the longer term.

The global initiative is backed by $100m of philanthropic funding over five years from HSBC to support the projects. It forms part of HSBC’s climate strategy, first announced in October 2020. HSBC aims to align its provision of finance to net-zero by 2050 or sooner, in line with the Paris Agreement goals, and expects to provide between $750 billion and $1 trillion of finance and investment by 2030 to support its customers in the net-zero transition. The bank has also pledged to work across the financial sector and beyond to accelerate solutions that will help avoid catastrophic climate change.

The partnership will combine HSBC's financial expertise with the knowledge and experience of WRI, WWF and a network of local partners in scaling climate solutions. Together, the partners will collaborate to identify future business opportunities for sustainable innovations and unlock net-zero benefits by mobilising finance and harnessing supply-and-demand forces in commercial markets.

Share Story: