The Global Equity Climate Change Fund will look to make strides on a critical part of the Kingdom’s Vision 2030.
HSBC Saudi Arabia has announced the launch of a Global Equity Climate Change Fund in a move to support global efforts to reduce climate change. The environmental initiative investment fund, the first of its kind in Saudi Arabia, has been created to link eligible investors with renewable energy, clean transport, sustainable water and climate change adaptation firms.
According to HSBC Saudi Arabia’s Chief Investment Officer, Muneera Al Dossary the fund “supports providing local investors with access to new investment opportunities that help transition to a low-carbon emitting and sustainable economy”. She added that the initiative will work to bring Saudi Arabia closer to the industrial development goals set out in the Kingdom’s Vision 2030, which seek to grow and diversify the country’s energy sector.
The recent announcement from HSBC Saudi Arabia comes one year after the global bank earmarked $1 trillion in green financing to support its clients in transitioning to net zero carbon emissions by 2050. Despite such positive figures and initiatives against climate change, critics worry that HSBC is far from committed to their cause. In May, reports concerning the bank’s asset management arm revealed that HSBC currently holds ownership stakes in companies planning to build 73 coal power plants across 11 countries in Asia and Africa.