With a presence in all of HSBC’s markets across the MENAT region, the Team will work with all of the bank’s employees
HSBC launches dedicated Sustainable and Transition Finance Team in the Middle East, North Africa, and Turkey (MENAT) region to help institutions, corporates, and individuals’ transition to a more sustainable economy.
Speaking at the Abu Dhabi Sustainability Week, Noel Quinn, HSBC Group Chief Executive, states that “Our best chance to achieve a successful global transition to net-zero is in partnership, where the public and private sectors are working together to create the optimal conditions for sustainable growth and are aligned on a common goal.”
The newly formed MENAT Sustainable and Transition Finance Team has deep technical knowledge of the Environmental, Social and Governance (ESG) opportunities and challenges facing HSBC’s customers, as well as the evolving regulatory space and its impacts, says an official statement.
With a presence in all of HSBC’s markets across the MENAT region, the Team will work with all of the bank’s employees to provide advice, expertise and financing solutions to customers. This will cover those customers across all sectors and segments, no matter what stage of the sustainability journey they are on.
The team will work closely with HSBC’s recently launched global ESG Solutions Team, to bring the bank’s extensive global experience and expertise in ESG finance to customers in MENAT.
“Our customers in MENAT are interested in an increasing range of sustainable finance options and the creation of our new Sustainable and Transition Finance Team is designed to specifically respond to that demand,” says Gareth Thomas, HSBC’s Head of Global Banking in MENAT and Co-Lead of the Sustainable and Transition Finance Team.
He added, “HSBC is committed to helping our customers build a future based on sustainable prosperity.”
The Team will be co-led by Thomas, and Daniel Howlett, HSBC’s Head of Commercial Banking in MENAT. They will be supported by business leads in: Global Banking; Commercial Banking; Markets and Securities Services; Wealth and Personal Banking; Asset Management; Global Trade and Receivables Finance; and Global Liquidity and Cash Management. Country leads have also been appointed in each of HSBC’s nine markets in the MENAT region.
Howlett said, “The Team will play a leading role in helping HSBC achieve its recently announced ambition to become a net-zero bank.”
He added, “At the heart of this plan is a goal to reduce financed emissions from our portfolio of customers to net-zero by 2050 or sooner, with HSBC being net-zero in its own operations by 2030.”
To support customers in their transition to lower carbon emissions, HSBC is aiming to provide up to $1trn in financing and investment globally by 2030. The sum reflects an unprecedented commitment that will help to build a thriving, resilient future for society and the economy.
HSBC saw a six-fold increase in its sustainable and transition finance activity in MENAT over 2019, with the bank bringing a number of innovative deals to market.
HSBC’s sustainability credentials were underlined when it was named in 2020 as the Best Bank in the Middle East for Sustainable Finance by the Euromoney magazine. The magazine also recognized HSBC’s contribution at a global level, with the bank being named the World’s Best Bank for Sustainable Finance in 2020.