HSBC introduced a new green deposit program in the United States, giving businesses an option to put cash reserves to work to support decarbonization and a more sustainable future.

The funds that clients place in green deposits will be used to finance environmentally beneficial projects. Eligible categories of green projects will be aligned with the HSBC Green Bond Framework and Green Loan Principles, ensuring a portfolio of green assets that meet industry standards. Green project themes include renewable energy, energy efficiency, efficient buildings, sustainable waste management, sustainable land use, clean transportation, sustainable water management and client change adoption.

“HSBC is innovating to drive the global transition to net zero carbon emissions, and at the heart of our ambition is a commitment to work with our customers who are on their own journey to lower emissions,” Drew Douglas, head of liquidity and cash management in the U.S. and Canada for HSBC, said. “Green deposits is another way that we are mobilizing finance to help clients meet their sustainability aspirations.”

HSBC is embedding sustainability into its products and services, including access to capital markets, lending, transaction banking and advisory services. The bank’s net zero carbon emissions strategy, announced in October 2020, aligns its provision of finance with the Paris Agreement goal of net zero carbon emission by 2050 across all sectors in its client portfolio. HSBC expects to provide between $750 billion and $1 trillion in financing and investment to enable its clients’ net zero caron emissions transition between 2020 and 2030.

HSBC also launched its Business Plan for the Planet, a global campaign to build further awareness of the importance of a net zero carbon emission economy, and to showcase how HSBC can empower businesses with the understanding, the capabilities and the resources to help them make a low-carbon transition.