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HSBC Partners With WRI and WWF to Scale Next Generation Solutions to Climate Change
With investments of US$100-million initiative over five years, the partnership aims to accelerate efforts to build a net zero economy – and half of the funding (US$50 million) going towards projects in Asia Pacific
HSBC, in partnership with World Resources Institute (WRI) and World Wide Fund for Nature (WWF), unveils their Climate Solutions Partnership to unlock barriers to finance for companies and projects that tackle climate change.
Backed by US$100 million of philanthropic funding from HSBC over five years, this partnership will combine the bank’s financial and commercial expertise with the knowledge and insights of WRI, WWF, and a network of local partners in the region to support and scale new climate solutions and help communities be better prepared for crises.
Giorgio Gamba, Chief Executive Officer of HSBC Thailand said, “keeping global temperature rises within safe limits of below 1.5°C requires new thinking and new technology. Asia is particularly vulnerable to climate change, but it is also where solutions are emerging fast. In partnership with WRI and WWF, we are proud to be able to support the search for more innovative energy and nature-based solutions and technologies to build a greener region.”
Ms. Pimpavadee Phaholyothin, WWF-Thailand’s Chief Executive Officer said, “This partnership between HSBC and environmental conservation organizations is one way for the private sector, which is vital in driving economic and social growth, to show support. Our partnership project with HSBC in Thailand is based on the late King Rama 9’s philosophy on reforestation and sustainable farming to create sustainable livelihoods and a safe food chain and at the same time contributing to the reduction of greenhouse gas emissions and building community resilience and a green economy.”
HSBC has provided support for environmental projects in 14 countries across Asia Pacific including Australia, India, Thailand, Indonesia, Hong Kong, Japan, China, South Korea, and Vietnam. Focus will be placed on clean energy projects, nature-based solution projects, and projects that lead to low carbon societies through sustainable consumption and production.
For Thailand, HSBC is supporting WWF-Thailand in the implementation of the “FLR349, Forest Landscape Restoration through Agroecology: A Nature-based solution for ecosystem restoration and resilient community” Project. Areas in Mae Chaem District, Chiang Mai Province have been selected, where smallholder farmers will be supported in reforestation efforts to restore the land, clean water and air creating a safe food system and sustainable livelihoods for the community, based on King Rama 9’s philosophy of ‘Three Forests, Four Benefits. Perennial trees, fruits, and local vegetables will be planted on 142 rai (22.72 hectares) using sustainable agriculture methods. This will promote a circular production system, increase smallholder farmers’ income, while also absorbing greenhouse gases from the atmosphere and reducing the impact of climate change.
Climate change will be the defining crisis of the century for Asia, according to HSBC Global Research. Rising sea levels are inundating metropolises like Bangkok, Jakarta and Mumbai, while increasingly erratic weather jeopardises food security in the region. A 1°C increase in temperature already reduces mainland China’s crop yield by 10 per cent.
The Climate Solutions Partnership is part of HSBC’s ambitious climate strategy, announced in October 2020. HSBC aims to align its provision of finance to net zero by 2050 or sooner, in line with the Paris Agreement goals, and expects to provide up to US$1 trillion of finance and investment by 2030 to support its customers in the net zero transition. The bank has also pledged to work across the financial sector and beyond to accelerate solutions that will help avoid catastrophic climate change. The Climate Solutions Partnership represents a key pillar of this strategy.
Note to Editors
About FLR349 Project supported by HSBC
A fund based on King Rama IX’s Economy-Sufficiency Philosophy of “Three Forests, Four Benefits”
Established in 2018, FLR349 is a project jointly developed by WWF-Thailand, civic society organizations and the private sector, including Thailand Organic Agriculture Innovation Foundation (TOF), the Foundation for Environment (FoE), Central Group, local administrative organizations and the Royal Forest Department, with the end goal to create sustainable consumption and production and to resolve environmental issues from the monoculture agriculture in upstream areas.
The project was first launched in Chiang Mai Province in 2018. In an effort to create sustainable production and consumption in the value chain, FLR349 also supports smallholder farmers and members of local communities to become self-reliant, reduce their production costs, and save them from a vicious debt cycle in alignment with the United Nations Sustainable Development Goals (SDGs).
In 2020, HSBC has become one of the key Project Partners to provide financial supports for FLR349 with an aim to improve the livelihoods of local communities, create sustainable supply chain and develop a new solution to cutting carbon emissions as part of HSBC’s Climate Ambitions These goals are aligned with the HSBC Group’s Climate Solutions Partnership, the five-year global partnership with WRI and WWF focussing on three work streams of energy supporting start-ups to scale carbon-cutting technology, helping countries transition to low carbon by using renewable energy resources, and supporting projects that restore natural habitats.
* IUCN: Nature based solutions are actions to protect, sustainably manage, and restore natural and modified ecosystems that address societal challenges effectively and adaptively, simultaneously providing human well-being and biodiversity benefits.
About the World Wide Fund for Nature (WWF)
The World Wide Fund for Nature (WWF) is an international non-governmental organization founded in 1961, working in the field of wilderness preservation, and the reduction of human impact on the environment.
WWF-Thailand implements a strategy that harnesses the strengths of the WWF network to focus on six major goals – freshwater, wildlife, oceans, climate & energy, forests, and food with three key drivers to solve environmental problems, including markets, finance, and governance. In support of this strategy, WWF-Thailand works with the government, business, civil society, and individuals to achieve our global goals for the benefit of the people of Thailand and the world’s population. Find out more about WWF Thailand’s work at www.wwf.or.th
About the Hongkong and Shanghai Banking Corporation Limited
The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,976 billion as of 30 June 2021, HSBC is one of the world’s largest banking and financial services organizations.
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