HSBC chairs industry taskforce to accelerate green finance
Chaired by HSBC Singapore CEO, Tony Cripps and convened by the Monetary Authority of Singapore (MAS), the Green Finance Industry Taskforce (GFIT) has issued a consultation paper on a green and transition taxonomy for Singapore-based financial institutions. The GFIT has also launched an environmental risk management (ENRM) best practice handbook for banks, insurers, and asset managers.
Mr Cripps said, “The transition to a low-carbon economy calls for collective action across sectors, where financial institutions such as banks play a key enabling role. This is where the GFIT comes into play – bringing together industry leaders, experts, and practitioners across banking, insurance, and asset management to help realise the Republic’s vision to be a leading green finance centre that helps finance Asia’s transition to a sustainable future.”
For further information on (i) the GFIT (ii) the consultation on green and transition taxonomy for Singapore-based financial institutions, and (iii) the Environmental Risk Management Handbook, refer to MAS press release.
How HSBC is enabling a sustainable future
HSBC has made sustainability a strategic priority for the bank – to help build a thriving, resilient future for society and businesses. HSBC has thus set out its net zero ambition in October 2020 to accelerate the transition to a thriving low-carbon global economy through finance. HSBC has committed to provide up to USD1 trillion of finance and investment to support our customers’ low-carbon transition, and to reduce financed emissions from its portfolio of customers to net zero by 2050.
In Singapore, HSBC has been at the forefront of driving the sustainable finance agenda. It has led market-leading transactions, launched innovative sustainable finance solutions, and is driving industry groups to embed sustainability into banking practices within Singapore. This includes launching Singapore’s first Green Loan product tailored for SMEs, co-chairing the MAS Working Group that drafted the ENRM Guidelines for Banks, and jointly launching Singapore’s first green finance Centre of Excellence, the Singapore Green Finance Centre, as one of nine founding partners.
HSBC is proud to have won recognition as an industry leader for these efforts, including being named the World’s and Asia’s Best Bank for Sustainable Finance by Euromoney magazine for two and three consecutive years, respectively.