HSBC has announced the formation of a dedicated ‘Sustainable and Transition Finance Team’ in the Middle East, North Africa and Turkey (MENAT).
The team will help institutions, corporates and individuals transition to a more sustainable economy.
Noel Quinn, HSBC group chief executive, said: “Our best chance to achieve a successful global transition to net-zero is in partnership, where the public and private sectors are working together to create the optimal conditions for sustainable growth and are aligned on a common goal.”
The team has “deep” technical knowledge of the Environmental, Social and Governance (ESG) opportunities and challenges facing HSBC’s customers, as well as the evolving regulatory space and its impacts. With a presence in all of HSBC’s markets across MENAT, it will work with all of HSBC’s bankers to provide advice, expertise and financing solutions to customers across all sectors and segments.
Gareth Thomas, HSBC’s head of global banking in MENAT and co-lead of the Sustainable and Transition Finance Team, said: “Our customers in MENAT are interested in an increasing range of sustainable finance options and the creation of our new Sustainable and Transition Finance Team is designed to specifically respond to that demand. HSBC is committed to helping our customers build a future based on sustainable prosperity.”
To support customers in their transition to lower carbon emissions, HSBC is aiming to provide up to $1tn of financing and investment globally by 2030, an unprecedented commitment that will help to build a thriving, resilient future for society and the economy.
In Qatar, the bank was joint lead manager in QNB’s $600mn debut green bond, one of the largest green issuances by a financial institution in the Middle East in 2020.
The bank also played a key role in the 800MW Al Kharsaa solar photovoltaic independent power production project that will provide approximately 10% of Qatar’s peak electricity demand.
HSBC played a key advisory role when Nebras Power bought a 49% stake in the Goldwind’s Stockyard Hill Wind Farm in Australia.
Gareth Thomas, HSBC’s head of global banking in MENAT and co-lead of the Sustainable and Transition Finance Team.
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