Earlier this year, we took a stand and shared our long-term ambitions on climate change, financial inclusion and globalisation. Finance can play a critical role in helping economies leapfrog to low carbon technology and in accelerating inclusion through digital solutions. Finance can also enable individuals to build a positive future for themselves and their families, businesses to thrive and grow, and governments to deliver economic prosperity for the wider community.
Our recently published Sustainable Finance Impact Report showcases the real-life impact we can make when we move capital to where it matters most.
The world will not achieve net zero without a significant shift in the economies in Asia, Africa and the Middle East. As shown in the report, a dollar invested can have a significantly different outcome depending on where and how it is deployed. It is in emerging markets that sustainable investments can have the greatest impact. In the past year alone, we have increased our sustainable asset base by 138 per cent to USD 9.2bn with over 84 per cent located in Asia, Africa and Middle East.
Here are a few highlights:
From hydropower in Angola to wind turbines in Taiwan
- More than 60 per cent of Angolans don't have access to electricity, impacting poverty, productivity and regional disparities. To support the country’s growing urbanisation and the local government’s plan to boost access, we helped finance the construction of two transmission lines which helped the distribution of electricity from the Lauca Dam to Luanda, the capital city of Angola.
- The Taiwanese government aims to achieve 20 per cent of its energy mix from renewable energy generation by 2025. To support this, we provided financing to enable the construction of 62 new offshore wind turbine generators. The first phase will see 10 new turbines coming online as soon as 2022, with the remainder in 2023.
Promoting small business and economic growth from Bangladesh to Tanzania
- MSMEs are major drivers of job creation, contributing 35 per cent of the GDP in developing economies. This is why we enabled 885,340 microfinance loans in places like Nepal, Tanzania and Bangladesh, and provided nearly 20,000 SME loans in countries such as India, Kenya, Pakistan and Sri Lanka.
- Railways promote economic growth while cutting greenhouse gas emissions. This is the reason behind our support for the new railway from the coastal city of Dar Es Salaam to Dodoma, the national capital of Tanzania. Once completed, it will be the longest and fastest in East Africa, benefitting local communities by reducing freight costs by 40 per cent, removing 500 lorries from the road, creating more than 8,000 new jobs and improving access to essential public services.
Increasing healthcare access in Ghana
- Since introducing a public insurance scheme in 2003, Ghana’s been making strides in making healthcare available to everyone. To support the country’s commitment to provide more communities with health services, especially in the context of COVID-19, we have financed the construction of an Eastern Regional Hospital at Koforidua, Ghana. The first phase is a 285-bed facility, with the final goal to have a 600-bed capacity.
To learn more, view the full report here.