HSBC Pledges $100b to Combat Climate Change

HSBC Holdings Plc has pledged to provide $100 billion in financing and investment by 2025 to help combat climate change, the bank said on Monday. HSBC said it will facilitate financial flows to help boost support for clean energy and lower carbon technologies, Reuters reported. “This will involve direct lending, bonds and project finance, alongside new products in asset management,” an HSBC spokesman said. Over recent years, HSBC has helped develop standards for issuers of green bonds and issued its own $580 million green bond. HSBC reported a third consecutive quarterly increase in revenue, as it boosted income in its three main businesses, a sign that six years of retrenchment and restructuring are over. Adjusted revenue rose more than 2% to $13 billion, the London-based bank said in a statement on Monday, beating the average $12.7 billion estimate of 15 analysts compiled by the firm. Pretax profit fell 1% to $5.44 billion, compared with a projection of $5.41 billion.