Developments and commentary in and around the ESG investment space.

HSBC is teaming up with the World Resources Institute and WWF to build what is called a Climate Solutions Partnership to break down barriers for companies and project organisers seeking finance.

The $100 million programme, which is slated to run for five years, is designed to speed up progress towards achieving a “net zero” policy on carbon emissions, the groups said. And, reflecting HSBC’s own historical roots, more than $50 million of that funding will be devoted to the Asia-Pacific region.

The partnership spans 14 markets in Asia including Australia, India, Indonesia, Hong Kong, Japan, mainland China, South Korea and Vietnam.

“Keeping global temperature rises within safe limits requires new thinking and new technology. Asia is particularly vulnerable to climate change, but it is also where solutions are emerging fast. In partnership with WRI and WWF, we are proud to be able to support the search for more efficient ways to use energy, nature-based solutions and technologies to build a greener region,” Peter Wong, deputy chairman and chief executive of The Hongkong and Shanghai Banking Corporation Limited, said. 

The programme has three “workstreams.” Energy transition, nature-based solutions and business innovation. In the first case, for example, the organisations will support a shift towards renewables and scale energy efficiency initiatives in sectors such as textiles and healthcare, with programmes in Bangladesh, mainland China, India, Indonesia and Vietnam.

Citing its own research, HSBC said that climate change will be the “defining crisis of the century for Asia.”

“Rising sea levels are inundating metropolises like Bangkok, Jakarta and Mumbai, while increasingly erratic weather jeopardises food security in the region. A 1°C increase in temperature reduces mainland China’s crop yield by 10 per cent; while a five metre rise in sea levels will displace over 160 million people and slash GDP by 9 per cent.