HSBC, Bank of China (Hong Kong) unveil plans to tap US$29 trillion of green fundraising opportunities in next decade
- Hong Kong’s two biggest banks aim to tap the forecast US$29 trillion of fundraising opportunities for environmentally friendly projects in the next decade
- Tax incentives, lower capital requirements will encourage banks to offer more green loans, says HSBC’s regional head
It was the first event to be held by the Alliance for Green Commercial Banks which was set up by the HKMA and the International Finance Corporation (IFC) in November. The alliance was formed to help commercial banks adjust their operations to manage climate-related risks and to capture the huge business opportunities arising from the funding needs of green projects such as clean energy, water treatment and low carbon transportation.
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In 2018 the IFC estimated there would be more than US$29.4 trillion in green investment opportunities in emerging cities by 2030.
“HSBC wants to become a global and regional conduit for the investment needed to fund Asia’s transition, connecting global investors to the green opportunities in the region,” Wong said.
“For us and others to succeed, there will need to be standards so investors know whether a bond or project is genuinely green.”
