Saudi Arabia taps HSBC to boost ESG investing

The deal will see the creation of an “ecosystem of partners in the areas of sustainability and ESG”

  
A 3D printed HSBC logo is seen in front of a displayed Saudi Arabia flag in this illustration taken August 8, 2017.

A 3D printed HSBC logo is seen in front of a displayed Saudi Arabia flag in this illustration taken August 8, 2017.

REUTERS/Dado Ruvic/Illustration
Saudi Arabia’s Ministry of Investment has signed an initial agreement with global bank HSBC to “identify and promote” sustainable investment opportutinites.

The agreement was signed at the Future Investment Initiative conference in Riyadh where environmental, social, and governance (ESG) is a hot topic among global leaders and businessmen.

It covers identification and promotion of sustainable investments in the Kingdom for domestic and international investors; identification of sustainable investments overseas for leading Saudi companies; and supporting public and private sector entities in climate transition and the broad ESG agenda.

“I welcome today’s agreement, which is further proof that the Kingdom’s ambitions to become a global sustainable investment destination is on track,” Saudi Investment Minister Khalid Al-Falih said in a statement.

He added: “Through the vast network of a global player like HSBC we want to attract global private sector capital into the Kingdom, and realize the ambitions of Vision 2030, as they have been recently underpinned in the National Investment Strategy and the Saudi Green Initiative.”

The deal will see the creation of an “ecosystem of partners in the areas of sustainability and ESG,” the statement read.

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