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Right now there are hundreds of billions of dollars flowing into the renewable energy sector, but even that may even be a lowball figure. At least three major banks are committing $100 Billion each to renewable energy investment, which could even be just scratching the surface according to HSBC:
An estimated USD100 trillion of investment is needed in new green infrastructure over the next 15 years to provide a 66 per cent chance of meeting this goal [of meeting the standards set forth in the Paris Agreement for reduction of greenhouse gases in order to save the planet]. We recognize the critical role finance has to play and HSBC aspires to be a leading global partner in financing, managing and shaping the transition to a low carbon world.
HSBC counts among their renewable energy investment efforts:
- Providing USD100 billion of financing and investments by 2025 to develop clean energy, lower-carbon technologies, and projects that contribute to the delivery of the Paris Climate agreement and the UN Sustainable Development Goals.
- Committing to source 100 per cent of our electricity from renewable sources by 2030, with an interim target of 90 per cent by 2025.
- Reducing our exposure to thermal coal and actively managing the transition path for other high-carbon sectors.
- Establishing a Centre of Sustainable Finance to provide thought leadership on climate change and the role of the financial services sector.
BBVA, a Spanish bank, also has announced renewable energy investment plans to “mobilize” $100 billion Euros in sustainable energy finance between 2018 and 2025. The allotments are broken out as:
- EUR 70 000 000 000 to transition to a low carbon economy.
- EUR 18 000 000 000 for financial inclusion and entrepreneurship.
- EUR 12 000 000 000 for sustainable agriculture and agribusiness.
The bank says that these and other measures outlined in their renewable energy investment program will help reduce their carbon emissions by 66% to support reaching the goals set forth by the Paris Agreement. They have a goal to transition to a 100% renewable energy-based economy by 2030.
The bank also reports they were the first bank to report on their carbon-related assets.
Wells Fargo pledged USD $200 billion for renewable energy investment over the next 10 years. USD $100 million of that is for renewable energy investment. Wells Fargo CEO Tim Sloan announced Thursday during his keynote address at a CEO Investor Forum in San Francisco that Wells Fargo wants to support businesses and projects aiding the transition to a low-carbon economy through renewable energy investment. The rest will go towards supporting other low-carbon business activity in agriculture and other environmentally beneficial activities like recycling.
Wells Fargo says they have a long history with renewables in banking:
The announcement is another step in Wells Fargo’s ongoing commitment to clean energy and renewable energy financing. In 2015, five years early, Wells Fargo met its goal to provide $30 billion in loans and investments to support a “greener economy” by 2020. In 2016, projects owned in whole or in part by Wells Fargo produced more than 9 percent of all wind and solar photovoltaic energy generated in the U.S., and in 2017, the company invested $12 billion in sustainable businesses.
This new commitment would account for roughly 10% of total assets of Wells Fargo. The bank says it is also aiding its customers in transitioning to sustainable energy sources.
This is only a brief survey of banks with recent commitments to renewable energy investing. If you’d like early-stage exposure to our company via our Title 3 Regulation Crowdfunding platform, check out our offer at www.StartEngine.com/sun-fund-dc.