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Project aimed at mitigating climate change and driving socio-economic benefits such as eco-tourism and food security
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Bank has committed US$100 million for its global Climate Solutions Partnership
HSBC has announced it will provide funds to a coastal ecosystem project in the UAE as part of the bank’s US$100 million global Climate Solutions Partnership with World Resources Institute, WWF and a network of local partners.
The project is part of HSBC’s commitment to helping scale-up high impact nature-based solutions to capture carbon dioxide and protect natural ecosystems.
Abdulfattah Sharaf, HSBC UAE CEO and Head of International, said the Climate Solutions Partnership is powered by HSBC’s resources, knowledge and insight based on three themes—scaling-up climate innovation ventures, promoting nature-based solutions and helping to transition the energy sector towards renewables.
All the themes are part of the mission to achieve a net zero, resilient and sustainable future.
HSBC and its project partners in the UAE — the Environment Agency Abu Dhabi, Emirates Nature-WWF, and International Center for Biosaline Agriculture—are focusing on the management and restoration of coastal ecosystems, including mangroves, to mitigate climate change and drive socio-economic benefits such as eco-tourism and food security.
Collectively, they are exploring technical, policy and financial considerations that are important for public and private sector decision making that supports the scaling up of nature-based solutions for climate action.
Dr. Shaikha Salem Al Dhaheri, Secretary-General of the Environment Agency – Abu Dhabi, said, “Our project will create a solid nature-based solution proposition that aims to enhance coastal ecosystem resilience as part of our efforts on climate change mitigation and adaptation while delivering benefits for the UAE at large.
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.