HSBC Saudi Arabia launches first climate change fund

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HSBC Saudi Arabia announced offering the first environmental initiative investment fund in Saudi Arabia, known as "HSBC Global Equity Climate Change Fund".

In a statement, the company said the new fund will offer eligible investors exposure to renewable energy, clean transport, sustainable water management and climate change adaptation.

Muneera Aldossary, Chief Investment Officer at HSBC Saudi Arabia, said: “This is a pioneering change for Saudi Arabia and offers investors the ability to support global efforts to reduce the impact of climate change."

This brings increased opportunity for investors to help create a sustainable future in line with the Saudi Vision 2030, Aldossary said.

HSBC provides local investors with access to new investment opportunities that help transition to a low-carbon emitting and sustainable economy.

Tony Cripps, Board Member at HSBC Saudi Arabia and Managing Director of SABB, said: “We’re extremely pleased to work with our affiliate HSBC in bringing investment options to the Kingdom that help customers play a role in the reduction of climate impact.

“We have a unique opportunity to bring these capabilities to Saudi Arabia. After our pioneering green loan for the Red Sea development project, we continue to find new ways to help support environmentally friendly and sustainable initiatives,” he concluded.