HSBC Brings First-of-its-Kind Sustainable Finance Product Suite to Canadian Businesses
HSBC Bank Canada announced today the launch of five new sustainable finance tools for commercial and global banking clients. Available to Canadian businesses of all sizes, Green Deposits, Green Trade Finance, Green Revolving Credit Facilities, Sustainability-Linked Loans, and Green Equipment Financing are joining HSBC's successful Green Loans launched in 2019. With the new suite of sustainable finance offerings HSBC has become the first bank in Canada to apply sustainable finance market principles to both trade and deposit products.
"HSBC is the first bank in Canada to make such a comprehensive suite of options available for Canadian companies to take action on sustainability," said Alan Turner, Head of Commercial Banking for HSBC Bank Canada. "Much of the focus to date has been on the large corporate and institutional markets. With these new tools, support for companies to achieve their sustainability goals is no longer the preserve of big businesses. Tools are now available for small and medium-sized businesses too."
Sustainable Trade Finance
Green Revolving Credit Facilities (RCFs)
Green Equipment Financing
Dedicated guidance for Canadian businesses
"Virtually every customer today wants to talk about ESG. We know from experience small and medium-sized businesses have a difficult time justifying sustainability spending," said Angie Hall, Head of Sustainable Finance. "These products will make it easier for main street and mid-market businesses to start on their sustainability journey."
Globally, HSBC has helped establish the industry principles that govern how 'green' money is raised and spent and is committed to aligning the financed emissions to net zero by 2050 or sooner, in line with the Paris Agreement goals. To help get there, HSBC is targeting to provide between USD750 billion and USD1 trillion of finance and investment towards the transition globally by 2030. HSBC is a founding member of the industry-led, UN-convened Net Zero Banking Alliance (NZBA) to bring collaboration and consistency to collective financial sector efforts to reach the Paris Agreement goals. The NZBA was co-launched by the Financial Services Taskforce (FSTF) of the Prince of Wales' Sustainable Markets Initiative, chaired by HSBC Chief Executive Noel Quinn.
In Canada, HSBC was first in market with its Green Loan offering in 2019. A leader in Canadian green bonds, HSBC was selected earlier this year as one of two structuring advisors for the Government of Canada's inaugural Green Bond. HSBC Bank Canada also recently launched Energy Efficiency and Electric Vehicle Loans for personal banking clients to help them finance an electric or plug-in hybrid electric vehicle, solar panels for their home, energy efficient appliances, windows, and more.
All products subject to credit availability.
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HSBC Commercial Banking
HSBC Bank Canada
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