Keppel and HSBC Team Up for Energy Transition
Keppel Corporation (Keppel) and The Hongkong and Shanghai Banking Corporation Limited (HSBC) recently inked a Memorandum of Understanding (MOU) in Singapore on July 24, 2023.
This collaboration aims to explore opportunities for joint efforts in developing decarbonisation solutions. Both companies will work towards creating a Strategic Collaboration Framework to capitalise on the growing demand for sustainability solutions in densely populated urban cities and regions like Guangzhou, Shenzhen, Hong Kong, and the Greater Bay Area (GBA), as well as across Asia.
The signing took place at a high-level event hosted by the Hong Kong Special Administrative Region government, with the presence of the Deputy Prime Minister of Singapore, Mr Heng Swee Keat. The MOU will enable Keppel to leverage its expertise in sustainable energy and environmental infrastructure, while HSBC will contribute its green financing capabilities to accelerate the implementation of climate change solutions and support sustainable projects.
The partnership's focus will extend to market and client development, using Hong Kong's green finance and technology expertise to bolster the region's energy transition initiatives.
Ms Luanne Lim, Chief Executive, Hong Kong, HSBC, emphasised the significance of global solutions to the climate crisis and HSBC's role in mobilising finance to drive real-world impact through the financial sector.
Ms Cindy Lim, Chief Executive Officer Infrastructure Division, Keppel, highlighted Keppel's distinctive sustainability solutions powered by proprietary technologies and operational expertise.
She expressed enthusiasm for collaborating with HSBC to offer tailor-made Energy-as-a-Service solutions, coupled with sustainable financing options, to accelerate the adoption of green practices across the region.
The MOU paves the way for both companies to meet the rising demand for green technologies, lower emissions, and scale up low-carbon solutions in the Greater Bay Area and Asia. The collaboration aims to help end-users achieve energy efficiency and cost savings while reducing their carbon footprint.
Keppel's flagship sustainability solutions include waste-to-energy (WTE), district cooling, net-zero energy generation, and AI-based operations and monitoring. Keppel supports Hong Kong with its Integrated Waste Management Facility (IWMF) for municipal solid waste, utilising proprietary technology to generate electricity and reduce landfill waste.
As Asia faces a substantial financing and investment requirement for sustainable projects, the financial sector estimates that green financing needs in the region could reach approximately USD 66 trillion in the next three decades. This collaboration between Keppel and HSBC is expected to play a crucial role in meeting this demand and driving sustainable development in the region.
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Source: Keppel Corporation
