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Noel Quinn, CEO of the HSBC Group. (Image courtesy of Hou Yu/China News Service/VCG/Getty Images)
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Because of a lesson learnt from the COVID pandemic, firms in the 60 countries where HSBC Bank does business are proactively adopting decarbonized business models, according to the bank’s global chief executive.
Quinn, UK climate envoy Mark Carney, and Nic Gowing, the former BBC news presenter who heads the Climate Innovation Forum, made the remark during a conversation between Quinn, Carney, and Nic Gowing, the former BBC news presenter who leads the Climate Innovation Forum. Quinn was asked how corporations react to HSBC’s push for net-zero business models by Gowing:
winging: “What’s it like to persuade clients in 60 different countries?
“I’ve noticed over the last 12-18 months that clients are coming to us for that dialogue rather than us having to go to them,” Quinn says.
“In every country?” says Gowing.
‘Quinn,’ I say “Yes, indeed. I’m finding that commitment from our clients to want to go on this adventure in every country where I work. They understand that business models and technologies will evolve. In the next five years, your technology base will alter if you work in the automotive industry. Your technology base will change if you work in the energy sector. They accept it, and their CEOs are aware of it ” They will require assistance in making that transition a reality. And that’s where the financial sector should be leading the charge, financing the necessary shift “Covid, I believe, has aided in this area. Everyone on the planet has been given a wake-up call about how vulnerable the global economy is. I believe the pace of change has increased in the last 12 months as a result of that wakeup call.”
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Climate change is now the top strategic problem in corporate boardrooms, according to Mark Carney, former governor of the Bank of England and the Bank of Canada.
“This is critical,” Carney, who is now the United Kingdom’s special envoy for climate action and finance, said. “And, in my opinion, this is now the most important strategic issue for most financial organizations and institutions. Unquestionably. It’s evident in every conversation.” These are CEO discussions, board conversations, informed dialogues, and conversations that are transitioning from commitment to action, from strategy to strategy implementation. That’s a significant shift from where we were even a year ago.”
According to Carney, countries that have committed to net-zero emissions already account for 73 percent of global greenhouse gas emissions, and it makes no sense for enterprises in such countries to miss out on the large financial flows that will fund the change.
“The question is whether you’re running off your business or managing it to net zero if you’re a corporation operating in those jurisdictions.” Carney stated the following.
“Some large, high-emitting businesses, such as steel, cement, and manufacturing, require money in order to reduce emissions. So net zero isn’t about withdrawing from the economy; rather, it’s about participating in it. We are not going to shrink to net zero; instead, we are going to invest and grow to net zero.”/nRead More

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