HSBC Progress Report
Middle East, North Africa & Türkiye
The HBME Climate Business Council (CBC) was established in February 2018 to bring together leaders across HBME and from all jurisdictions to ensure the bank meets its sustainable finance targets, develops a strategy for this region and responds to client needs. And the Sustainable Finance Growth Accelerator was established in January 2019, chaired by the Head of Global Banking, to spearhead a key focus for this genre of funding for growth in HBME.
HBME was amongst the first signatories to the Dubai Declaration for Sustainable Finance, an Initiative from the Ministry of Climate Change and Environment (MOCCAE). In December 2018, HBME hosted over 30 representatives of the finance community and MOCCAE to discuss new innovations in sustainable finance.
In January 2019, HBME was a signatory to the Abu Dhabi Sustainable Finance Declaration, along with 24 other public and private sector entities. HBME will provide support to the Central Bank of the UAE, the Securities and Commodities Authority and the Abu Dhabi Global Markets (ADGM) on facilitating investment flows towards sustainable and green outcomes.
The C3 Accelerator Program was launched in September 2018 as an open invitation to entrepreneurs making a positive social impact across the Middle East. Twenty finalists were selected and provided a week of training with impact investors from the social enterprise world at HBME headquarters in Dubai. The program ended with a pitch competition, encompassing senior experts from Facebook, Amazon, Google, MBC, Bain & Co, MasterCard, Careem, MAF, GE, Lazard, IFC, Expo 2020 Dubai and Mubadala.
Sharakah and HBME signed a pact to support SMEs in Oman in January 2019 to provide support for sustainability integration for ten small and medium-sized enterprises (SMEs) – an integral and rapidly growing part of the sultanate’s workforce.
HBME has played an active role in capability development on sustainability and sustainable finance for Saudi Arabian British Bank(SABB), of which it owns a 40% stake, since June 2018.
HBME in Egypt signed a collaborative agreement in December last year to help SMEs get access to EGP400 million ($23mn) in leasing and low interest financing services throughout 2019. The collaboration supports initiatives by the government and the Central Bank of Egypt (CBE) to boost the SME sector; widely regarded as the backbone of the country’s economy.
Staff training for 367 HBME professionals was conducted last year. This included relationship managers, directors and department heads trained on sustainable finance in the UAE, Egypt, Oman, Kuwait, Bahrain, Qatar and Saudi Arabia.
HSBC supported 158 shareholder resolutions on environmental and social issues last year and voted at more than 7,000 company meetings at a global level.
HSBC globally engaged on ESG issues with 1,219 companies, in 58 countries – nearly 30% of the countries worldwide.