At a meeting of the UN’s Green Climate Fund Board in Songdo, Republic of Korea, HSBC received accreditation as an implementing entity.
HSBC's global presence and strength in emerging markets brings significant additional value and benefits to the GCF, in particular:
the ability to originate projects, and join up project opportunities with its global client base;
the capability to structure transactions to minimise the costs to public funds;
the technical expertise and ability to standardise projects globally and across sectors; and
a longstanding commitment to developing and implementing environmental standards for the project finance industry.
HSBC CEO Stuart Gulliver said: "There is a business imperative as well as a moral imperative to get involved in green financing. HSBC is delighted to have gained GCF accreditation and looks forward to working with the GCF, and with the public and private sectors, to create a smooth transition to a low-carbon future. HSBC has a strong commitment to sustainable development and will continue to work with customers, clients, governments and business to respond to the climate challenge."
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Notes to editors:
1. The Green Climate Fund
The Fund is a unique global platform to respond to climate change by investing in low-emission and climate-resilient development. GCF was established by 194 governments to limit or reduce greenhouse gas (GHG) emissions in developing countries, and to help vulnerable societies adapt to the unavoidable impacts of climate change. Given the urgency and seriousness of this challenge, the Fund is mandated to make an ambitious contribution to the united global response to climate change. GCF is accountable to the United Nations Framework Convention on Climate Change (UNFCCC). It is guided by the principles and provisions of the Convention, and will be accountable to and function under the guidance of the Conference of the Parties (COP). It is governed by a Board of 24 members, comprising an equal number of members from developing and developed countries. The Green Climate Fund is the only stand-alone multilateral financing entity whose sole mandate is to serve the Convention and that aims to deliver equal amounts of funding to mitigation and adaptation.
2. The HSBC Group
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 6,000 offices in 71 countries and territories in Asia, Europe, North and Latin America, and the Middle East and North Africa. With assets of US$2,410bn at 31 December 2015, HSBC is one of the world’s largest banking and financial services organisations.