Funds held in the green deposits will only be used to fund sustainable projects including renewable energy installations. Credit: anncapictures from Pixabay

Standard Chartered is reportedly planning to set up a paperless “green branch” in Hong Kong, becoming the latest bank to support the city’s goal of serving as a green financing hub.

The new branch will provide various green banking products, including deposits, loans and bonds, the bank’s Hong Kong CEO Mary Huen Wai-yi was quoted as saying by South China Morning Post.

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The precise location of the new branch has not yet been confirmed.

According to the report, funds held in the green deposits will only be used to fund sustainable projects including renewable energy installations.

The move aligns with China’s aim to attain carbon neutrality by 2060.

Hong Kong’s CEO Carrie Lam Cheng Yuet-ngor said that the city would look to reach this target by 2050.

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Speaking at a media briefing, Huen stated: “With the promotion by the governments and the strong demand of customers, we believe in the huge opportunities arising from green finance businesses such as green bonds, green loans and green deposits. This is why we believe it would be a good idea to have a green branch.

“The green branch concept will hopefully help to bring awareness that companies and individuals can help to contribute to sustainability.”

Interest in green finance has seen an uptick among several banks off late.

This includes HSBC, which launched an ESG-themed structured note last week for its high net worth clients in Hong Kong and Singapore.

Last month, Bank of China (Hong Kong) BOCHK issued “sustainable and smart living” themed green bonds, to meet the country’s carbon neutrality target.

Furthermore, recently, Industrial Bank became the first Chinese financial institution to report on carbon footprint.

The bank calculated the carbon footprint of its business and lending activities based on the “Financial Institution Environmental Information Disclosure Guide” issued by the Chinese central bank.