HSBC commits Rs 125 cr to green causes, energy transition projects in India

MUMBAI: Foreign lender HSBC on Friday committed Rs 125 crore over the next five years to support green causes like wetland conservation and energy transition projects in India.

The lender said in a statement that the measures are being taken as part of its efforts to limit the impact of climate change.

Under the commitment, it has divided the works into two broad themes, including energy transition and nature-based solutions.

The nature-based solutions will include projects to protect and revitalise wetlands, mangroves and forests, landscape restoration and promote sustainable agriculture, it said.

Energy transition will include renewables and/or energy efficiency programmes to support the shift towards renewables and scale efficiency initiatives in sectors like healthcare, dairy cold chain and for productive energy use by communities, it added.

"Sustainability for us is about long-term survival going hand in hand with conservation and community upliftment," its country chief executive Hitendra Dave said.

He added that the lender would partner with government and expert institutions to enhance its learnings and create innovative solutions and opportunities.

It has partnered with the non-profit WWF India and India Resources Trust (WRI India) to roll out actions across eight states, focusing on energy transition in the healthcare and dairy cold chain sectors, conservation of wetlands and mangroves and landscape restoration.

The partnership with the civil society organisations aims to deliver integrated clean energy solutions of 300 Kilowatt at healthcare facilities covering Jharkhand, Maharashtra, West Bengal and Assam.

It also aims to generate approximately 1,000 Kilowatt of new renewable energy-based cold chain infrastructure in Rajasthan and Gujarat; and 500 Kilowatt of renewable energy capacity in the Sundarbans, West Bengal, for productive energy use purposes.

The bank has also launched a dialogue platform titled 'CEOs on Sustainability' that seeks to bring together industry leaders from the public and private sector, policymakers, think tanks and financial institutions for exchanging ideas and sharing best practices, as per the statement.