Muscat: HSBC Oman now offers green personal loans to its retail clients in the Sultanate, marking an important milestone in the development of the country’s green finance market.
Green personal loans offer a reduced interest rate compared to regular personal loans and apply exclusively to the purchase of solar panels for homes and the associated installation costs.
Abdul Qader Al Sumali, Managing Director and Head of Wealth Management and Personal Banking Services at HSBC Oman, said: “We recognize the importance for individuals to have access to green finance at competitive prices. HSBC has defined an ambitious plan to unlock climate solutions that can support all of our customers in their energy transition and our green personal loans are designed to support our customers’ efforts to build a more sustainable future.
HSBC is committed to helping the transition to a net zero global economy and plans to provide between $ 750 billion and $ 1,000 billion in sustainable financing and investments by 2030 to support its clients in their transitions. Green personal loans are part of this commitment.
They also align with the ambitious goal of the government of Oman to meet 30% of its electricity demand from renewable energy projects by 2030.
HSBC has declared its ambition to align the financed issues of its client portfolio with the Paris Agreement goal of net zero by 2050 or earlier. The bank aims to be net-zero in its own operations by 2030.
In January 2021, HSBC formed a dedicated Middle East Sustainable and Transitional Finance team to help institutions, businesses and individuals transition to a more sustainable economy. The team draws on in-depth technical knowledge of ESG opportunities, the challenges customers face and the evolving regulatory environment.
HSBC has been recognized as the Middle East’s Best Bank for Sustainable Finance for three consecutive years at the highly respected annual Awards for Excellence by Euromoney, the global provider of financial information.