Global banking firm HSBC has committed to supporting coastal ecosystem restoration projects in the UAE in line with its global efforts to promote nature-based solutions that would help accelerate climate action, under the recently launched Climate Solutions Partnership program.
HSBC’s Climate Solutions Partnership is a global initiative which it launched this year with World Resources Institute and WWF, providing a total of USD 100 million worth of funding over five years.
The bank is dedicating a philanthropic fund for the project which will focus on managing and restoring coastal ecosystems, including mangroves, to mitigate climate change. It will be implemented along with its project partners in the country which include the Environment Agency Abu Dhabi (EAD), Emirates Nature-WWF (ENWWF), and International Center for Biosaline Agriculture (ICBA).
The project further aims to drive social and economic benefits such as promoting eco-tourism, as well as supporting the country’s food security agenda.
Abdulfattah Sharaf, HSBC UAE CEO and Head of International, explained that the Climate Solutions Partnership leverages HSBC’s resources, knowledge and insights to drive climate solutions in three focus areas such as scaling-up climate innovation ventures, promoting nature-based solutions, and helping to transition the energy sector towards renewables.
This is part of HSBC’s mission to achieve a net zero, resilient and sustainable future, he added.