Multinational bank holding company HSBC, in partnership with the World Resources Institute and World Wildlife Fund, has announced a five-year, $100 million initiative aimed at accelerating efforts to build a net-zero global economy.
With the goal of bringing emerging climate solutions to scale and commercial viability, the Climate Solutions Partnership will support sustainable projects that would otherwise face barriers to financing due to outdated policy and regulatory frameworks, gaps between demand and supply, and/or a lack of mature measurement tools and business cases. Investments will be targeted to three areas: start-up firms developing carbon-cutting technologies, projects that protect and restore biodiversity, and initiatives to accelerate the transition of Asian countries to renewable energy.
To that end, the partnership will work with universities, research institutes, incubators, and accelerators through WWF's Impactio collaboration platform; provide finance and business expertise to startups developing new technologies for reducing carbon emissions; support organizations working to protect and revitalize wetlands, mangroves, and forests and promote sustainable agriculture; and fund renewables and energy-efficiency programs in Bangladesh, China, India, Indonesia, and Vietnam.
"The transition to net-zero must be driven by cutting-edge science and innovation — and also collaboration," said HSBC Group CEO Noel Quinn. "Finding the best solutions for clean energy, clean transport, and environmental protection is vital, as is making them commercially viable. Our Climate Solutions Partnership with the World Resources Institute and WWF will make a tangible contribution toward those goals, combining our knowledge and resources to accelerate the pace of change toward a more sustainable future."
"Financial institutions have the reach and resources to advance climate solutions and policies to put the world on a more inclusive and sustainable trajectory," said Manish Bapna, WRI's interim president and CEO. "HSBC, with its high-profile and global presence, can set an example by shifting its portfolio toward net zero and nature-positive investments. We are deeply pleased to be joining HSBC and WWF in this dynamic new partnership that will leverage each organization's unique attributes. We can go further together than we can alone."
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