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Mastercard and HSBC collaborate on green financing

Through the City Possible network, the two parties will focus on greater interaction between business clients and government entities to drive innovation and spur demand for green financing.

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The two parties want to promote more sustainable and inclusive communities
The two parties want to promote more sustainable and inclusive communities

Mastercard is partnering with global banking and financial services firm HSBC to help accelerate sustainable urban development.

 

The two parties will develop an approach to green financing around sustainable infrastructure projects in net zero cities across the globe through Mastercard’s City Possible network.

 

Collective expertise

 

Since its inception, City Possible has facilitated a framework where members can draw on the collective expertise and resources of all stakeholders in order to replicate innovative solutions that address urban challenges. Its aim is to foster collaboration and co-creation, drive inclusive economic development, and build more resilient communities.

 

The HSBC and Mastercard partnership will initially focus on:

  • how cities and their suppliers are adjusting to Covid-19 and addressing the imperative for resilience, sustainability, and inclusion
  • the expansion of the network to include more of the locations where HSBC is active and more of the business clients that provide city systems and urban services
  • greater interaction between business clients and government entities to drive innovation and spur demand for green financing.

“This is about doing what we can right now to set people up for success in the long run,” said Ajay Banga, CEO, Mastercard. “When cities are built to help people thrive, the world thrives.

 

He continued: “We have to see the bigger sustainability picture and work towards it – with the public and private sectors working together to enable innovation, extend supply chain reach and open access to capital. Partners like HSBC will allow us to continue to scale and expand the City Possible network, which has already played an important role in helping to build more inclusive and resilient communities.”

“We have to see the bigger sustainability picture and work towards it – with the public and private sectors working together to enable innovation, extend supply chain reach and open access to capital”

HSBC joins a set of academic and industry partners from around the world including the Technology and Entrepreneurship Centre at Harvard University (Tech), several large corporations, in addition to the community of over 180 global cities.

 

“Cities worldwide will face a post Covid-19 challenge that will spur urban innovation and digital transformation,” added Mark Tucker, chairman of HSBC. “HSBC is committed to sustainability. Partnerships like Mastercard’s City Possible will help to ensure that cities of the future adapt to health imperatives while advancing sustainable economic growth.”

 

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