HSBC commits €86bn to tackle climate change, biggest outlay by a European lender

HSBC has pledged to provide €86bn worth of finance to help transition to a low-carbon economy. 

The bank, the biggest in Europe, will use the capital to further its support for clean energy and lower-carbon technologies in communities all over the world.

HSBC's pledge is one of five commitments laid out in a statement on Monday as it looks to support the implementation of the United Nation's Sustainable Development Goals. 

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It is also aiming to use renewable sources only for its energy by 2030, while in addition looking to 'lead and shape' future debate about sustainable finance and investment. 

"For more than a decade, HSBC has helped clients break new ground in the green bond markets in Europe and Asia, and to finance some of the biggest climate-friendly infrastructure projects in the world," said outgoing Group Chief Executive Stuart Gulliver.

"The commitment that we are announcing today acknowledges the scale of the challenge in making a transition to a low-carbon future. We are committed to being a leading global partner to the public and private sectors as they make that transition."

In July, JP Morgan Chase announced a $200bn clean finance fund and reaffirmed its commitment to using 100% renewable power by 2020.