The Ministry of Investment in the Kingdom of Saudi Arabia signs a Memorandum of Understanding with HSBC to enhance sustainable investment opportunities

Riyadh – The Ministry of Investment of the Kingdom of Saudi Arabia has signed a Memorandum of Understanding with HSBC Group to identify and promote sustainable investment opportunities for the Kingdom.

The memorandum of understanding, which was signed during the Future Investment Initiative in Riyadh, covers identifying and promoting sustainable investments in the Kingdom for local and international investors, as well as identifying sustainable investment opportunities for leading Saudi companies abroad; Supporting public and private sector organizations in their transition to a carbon-neutral business model and achieving environmental, social and corporate governance standards on a larger scale.

His Excellency the Saudi Minister of Investment, Eng. Khalid Al-Falih, said: “I welcome the agreement signed today, which is further evidence that the Kingdom’s ambitions to become a global destination for sustainable investment are on the right track. This agreement builds on the long-standing historical relationship between the Kingdom and HSBC Bank. It will help us unleash the huge opportunities for green investment in Saudi Arabia.Through the wide global reach of an important global bank such as HSBC, we seek to attract global private sector capital to the Kingdom, and achieve the ambitions of Vision 2030, recently embodied through the National Investment Strategy and the Saudi Initiative green.”

Noel Quinn, Group CEO of HSBC, said: “HSBC is committed to helping lead the transition to a net-zero global economy and this MoU is another important step in achieving this goal. This collaboration will see us promote sustainable investment opportunities and investment initiatives in the Kingdom. to our clients, as well as supporting leading Saudi companies to access opportunities with global investors and strategic and financial experts, especially Asian investors.”

The memorandum of understanding, which will enter into force immediately, will create an interactive system of partners in the areas of sustainability, environmental, social and institutional governance that will exchange information and ideas on sustainable investment issues and environmental, social and institutional governance standards, in line with relevant regulatory requirements, and investment opportunities. potential in the Kingdom.

HSBC globally prioritizes financing and investment that support the transition to a decarbonized global economy. The Bank has also committed to aligning the carbon emissions of the projects financed by it – that is, the carbon emissions of its clients’ portfolio – with the goals of the Paris Agreement to achieve net-zero carbon emissions by 2050 or earlier. In order to support customers in their transition to low-carbon business models, HSBC aims to provide global financing and investment facilities of up to $1 trillion by 2030. The Bank also aims to achieve a net zero carbon target for its operations and networks. supply by 2030.

In 2020 and 2021, HSBC was named Best Sustainable Finance Bank in the World by Euromoney magazine and Best Sustainable Finance Bank in the Middle East, reflecting the strategic importance of sustainability to the bank and its clients.

Commitments HSBC Towards climate protection

In 2020, HSBC announced an ambitious plan to prioritize financing and investment that supports the transition to a carbon-neutral global economy by:

  • Commit to aligning the carbon emissions of the projects financed by it – that is, the carbon emissions of its clients’ portfolio – with the goals of the Paris Agreement to achieve net zero emissions by 2050 or earlier.
  • Supporting its clients in all sectors by providing financing and investment facilities between $750 billion and $1 trillion by 2030 to help their transition to a zero-carbon business model.
  • Apply climate protection standards to financing decisions.
  • Launching new climate solutions by establishing one of the world’s leading funds to finance nature conservation projects, establishing a $100 million investment bond fund to support clean technology innovation, and launching a charitable program to donate $100 million to develop new solutions and support their implementation and adoption
  • Achieve the net zero carbon emissions target of the Bank’s operations and supply networks by 2030.
  • Plan details can be accessed here: https://www.hsbc.com/media/media-releases/2020/hsbc-sets-out-ambition-to-build-a-net-zero-economy

date HSBC In the field of sustainable finance

The Bank’s ambitious climate declaration builds on its leadership in sustainable finance and tackling issues to combat climate change.

  • In 2017, HSBC pledged $100 billion in sustainable financing and investment by 2025.
  • In 2020 and 2021, HSBC was named Best Sustainable Finance Bank in the World by Euromoney magazine and Best Sustainable Finance Bank in the Middle East, reflecting HSBC’s excellence in every sector and region with its commitment to developing partnerships and products that attract finance at scale to create a planet More sustainable and flexible. “
  • HSBC has been designated a leading center for research and studies in the field of environmental, social and institutional governance for the past five years, according to external surveys including Extel and Institutional Investor.

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About HSBC In the Middle East, North Africa and Turkey

HSBC is one of the largest, most widely represented and widely spread global banking institutions in the MENAT region with a presence in nine countries across the region: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Turkey and the United Arab Emirates. In Saudi Arabia, HSBCContributing 31? in the Saudi British Bank (SABB) and a shareholder of 51% At HSBC Saudi Arabia for investment banking services in the Kingdom. As of December 31, 2020, the bank’s assets in the Middle East, North Africa and Turkey (MENAT) region amounted to $68.9 billion.

© Press Release 2021

 
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