Muscat: HSBC Oman now offers green personal loans for its retail customers in the Sultanate, marking a significant milestone in the development of the country’s green finance market.
Green personal loans offer an interest rate discount compared to regular personal loans and are applicable exclusively for the purchase of solar panels for homes and related installation expenses.
Abdul Qader Al Sumali, General Manager and Head of Wealth and Personal Banking at HSBC Oman, said, “We recognise the importance of individuals having access to competitively priced green finance. HSBC has set out 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 the efforts of our customers to build a more sustainable future.”
HSBC is committed to helping lead the transition to a global net-zero economy and expects to provide between $750 billion and $1 trillion in sustainable financing and investment by 2030 to support its clients in their transitions. Green personal loans are part of that commitment.
They also dovetail with the Oman government’s ambitious goal of meeting 30 per cent of its electricity demand from renewable energy projects by 2030.
HSBC has stated its ambition to align financed emissions from its portfolio of customers to the Paris Agreement goal of net zero by 2050 or sooner. The bank aims to be net-zero in its own operations by 2030.
In January 2021, HSBC formed a dedicated Sustainable and Transition Finance Team in the Middle East to help institutions, corporates and individuals transition to a more sustainable economy. The team leverages deep technical knowledge of ESG opportunities, the challenges facing customers, and the evolving regulatory environment.
HSBC has been recognised as the Best Bank in the Middle East for Sustainable Finance for three years in succession in the widely respected annual Awards for Excellence by Euromoney, the global financial news provider.