LONDON: Britain's HSBC has set up a new unit to tap deals in infrastructure finance and project finance linked to the world's shift to a lower-carbon economy, and hired a former UK politician to lead it, a senior banking executive told Reuters.
The move comes as HSBC and other banks increasingly look to align their operations with a corporate commitment to reach net-zero emissions by mid-century, forcing a gradual tightening of lending to high-polluting sectors. Analysis by the OECD, World Bank and United Nations suggests annual investment of US$6.9 trillion will be needed by 2030 to ensure infrastructure investment is on track to meet the world's climate and sustainable development goals.
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