LONDON (Reuters) – HSBC HSBA.L will target net zero carbon emissions across its entire customer base by 2050 at the latest, and provide between $750 billion and $1 trillion in financing to help clients make the transition, its Chief Executive Noel Quinn told Reuters.
In the strongest statement by Europe’s biggest bank on climate change to date, its CEO outlined HSBC’s ambitions to align its activities with the Paris Agreement.
“COVID has been a wake-up call to us all, including me personally, we have seen how fragile the global economy is to a major event, in this case a health event, and it brings home the reality of what a major climate event could do,” Quinn told Reuters in a video interview.
HSBC aims to achieve net zero in its own operations by 2030, he added.
While other UK banks such as NatWest NWG.L have already set similar net-zero goals, HSBC’s aim to achieve it across its huge Asia-focused client base is one of the most significant pledges made by a global lender to date.
However, the bank will be closely watched for how quickly and fully it pursues its new goals, which are mainly stated as ‘aims’ rather than hard commitments.
It will also face scrutiny on whether it has allowed itself leeway to continue financing some fossil fuel-linked clients, especially in developing markets.
HSBC has come under increasing pressure from activists, shareholders and politicians who say it is contributing to climate change by financing fossil fuel and other environmentally harmful projects.
Quinn said the bank is focused on expanding its capital markets-focused carbon transition policies, to a broader one encompassing all its activities across financing,
Neuromodulation Pioneer WISE Closes EUR 15M Series C Financing Round to Launch Second Product, SCS EXPERT, for Chronic Pain
SCS EXPERT is the first expandable percutaneous lead for neuromodulation treatment for chronic pain
New investors, led by CDP Venture Capital, and including Indaco Ventures I and EUREKA! Venture, join existing participating investors in financing round
Adds to EUR 2.3M grant earlier in 2020 from the European Commission to launch SCS EXPERT
WISE Srl, a medical device company developing next-generation implantable leads for neuromonitoring, neuromodulation and brain-machine interfacing, today announced the closing of a EUR 15 million Series C financing round. New investors, led by CDP Venture Capital SGR, and including Indaco Ventures I Fund and EUREKA! Venture SGR, joined existing investors participating in this round – Principia SGR, New Frontier, Atlante Seed and Atlante Ventures (funds managed by Indaco Venture Partners SGR), High Tech Gründerfonds and F3F.
The proceeds will be partially used to accelerate the development of the Company’s second product, SCS EXPERT (EXpandable PERcuTaneous), a percutaneously implantable multi-column paddle lead for Spinal Cord Stimulation (SCS). The funds will also support the upcoming launch of its first product, WISE Cortical Strip (WCS), a single use medical device for IntraOperative Neurophysiological Monitoring during brain tumor and epilepsy surgeries, which is anticipating the granting of its CE mark.
This financing adds to the recent European Commission grant of EUR 2.3 million given to WISE in July 2020, to support the development and launch of SCS EXPERT within the EIC Accelerator program of Horizon 2020.
“We are delighted with the support we have received for our latest funding round and welcome our new investors,” said Luca Ravagnan, CEO at WISE. “With this additional funding, we will be able to accelerate our plans to launch SCS EXPERT, as we make progress toward FDA clearance and market launch.”
He added, “With support from our engaged investors,