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HSBC, Bank of America and Macquarie form part of new sustainable banking group with Prince of Wales

Taskforce aims to accelerate green banking ahead of COP26

The Prince of Wales has convened 11 global banks for a new sustainability-focused task force chaired by Noel Quinn, Group Chief Executive of HSBC.

Bank of America, Barclays, BNP Paribas, Citi, Coutts, Credit Suisse, Lloyds, Macquarie, NatWest and Standard Chartered Bank are all members of the Financial Services Task Force, which seeks to ramp up green banking efforts ahead of the UK hosting global climate negotiations in November.

The Task Force, which is a banking sub-group of the Sustainable Markets Initiative launched at Davos last year, has several objectives in the run-up to COP26, which will be held in Glasgow. It will work on defining credible pathways for banks to achieve Net Zero, accelerate the flow of private investment into sustainable infrastructure, and support the development of a global market for carbon credits.

“The Financial Services sector has a vital role to play as a catalyst and driver for change across other industries,” said The Prince of Wales, who last month also launched a Natural Capital Investment Alliance with HSBC, Pollination Climate Asset Management, Lombard Odier and Mirova as founding partners.