HSBC Bank’s Fragile Planet report highlights need for urgent climate action

The HSBC Group’s seventh Fragile Planet report, which examined a sample of 77 countries, has found that, of the 20 countries experiencing the largest temperature increases over recent years, 19 are in Europe. The analysis by the Group’s HSBC Global Research arm has concluded that there is a need for urgent climate action.

The report investigated four aspects to understand which sampled countries are more resilient and vulnerable to rising climate risks. The report focused on transition risks (dependence ratio on carbon in the national economy of a country), physical risks (such as extreme weather events), governance (policies, institutional qualities and financial strength) and green opportunities (potential to make profits on decarbonisation).

HSBC Bank’s Fragile Planet report emphasises that increased technological innovation, economic support and policy delivery are essential to achieve lasting cuts in carbon emissions. It is widely believed that countries and companies that take swift and radical actions have the potential to better protect society and communities, build resilience and profit from a transition to low-carbon technology.

Michel Cordina, Executive director and head of Business Development and Corporate Sustainability of HSBC Bank Malta plc said: “Understanding the risks and opportunities that countries face can inform decisions by policymakers and investors of the actions that need to be taken to counter the current climate crisis. HSBC Bank Malta recognises that environmental, social and corporate governance (ESG) factors, (which include climate change), can significantly impact individuals, businesses and communities and we are committed to accelerating the transition to a low-carbon global economy, mainly by supporting our customers in their net-zero journey.”