Members of the Catalytic Finance Initiative will help to finance clean energy projects
HSBC has joined a consortium of financial institutions aiming to invest USD8 billion in clean energy projects around the world.
Members of the Catalytic Finance Initiative (CFI) are pledging capital and expertise to support large and complex sustainable energy projects that need the backing of several institutions to succeed. The members of the consortium will work together to increase funding, develop financing structures and accelerate the construction of new clean energy plants.
CFI was launched by Bank of America in 2014. The World Bank’s International Finance Corporation and the European Investment Bank are joining the consortium at the same time as HSBC. Other new partners include AllianceBernstein and Crédit Agricole CIB.
In a joint statement, the CFI partners said: “Through the Catalytic Finance Initiative and this joint partnership, together we can support the transition to a low-carbon economy and sustainable growth.”
HSBC has a strong commitment to sustainable development and is working with customers, governments and business to respond to the challenge of climate change. In March 2016, the bank received accreditation to work with the United Nations’ Green Climate Fund, which helps developing countries to reduce greenhouse gas emissions. Last year, HSBC pledged to commit USD1 billion to a green bond portfolio and issued its first green bond, raising EUR500 million. Visit our green bond reports page for further details.
Read CFI brings together banks and investors to direct $8 billion towards sustainable projects.
18 March 2016
HSBC has received accreditation to work with the United Nations’ Green Climate…