Film discussing our support for FAS Energy's Benbam Solar Park in Egypt, one of the world's largest solar power plants, and for their other projects around the world. It also covers the role finance plays in helping governments and companies achieve their environmental aims.
(NOTE: This transcript is available in English only. Translations in other languages will be available in the future.)
‘Banking on Net Zero: FAS Energy Benban Solar Park’ Transcript
0:01
Visiting Benbam was absolutely phenomenal.
0:04
Benbam solar power is the largest mega project in inter Africa.
0:09
What every country is trying to do is transition and have more renewable power.
0:14
We are producing approximately 135 million kWh per year.
0:19
The money for transition is going to take investment of trillions and banks can really help play a role.
0:31
When we met with HSBC, what we found is that they have a team who really knows exactly what is renewable energy, what is the corporate finance.
0:42
Their response was amazing, immediately focusing on when?
0:45
When the situation between the bank and the investor, the money for transition, which is going to take investment of trillions, has to come from a whole variety of sources.
0:56
It's going to come from institutional investors, it's going to come from public sector and private sector, but some of it is going to be deployed from within those companies themselves.
1:06
And banks as key facilitators and key providers to those companies can really help play a role.
1:12
We built our 62 MW solar power plant in Benpan Solar Park, saving CO2 emission around 1,000,000 tonne per year, which is equivalent to picking around 70,000 cars from the road yearly.
1:31
Every country is trying to do is say this is the way that we're thinking about climate, we want to transition our energy system, we want to have more renewable power, we want to have low carbon transport.
1:43
But they need the companies on the ground to help deliver that and they need finance to make the whole thing glue together.
1:51
First is one of the developers who is helping the government of Egypt to implement their transition plan.
1:58
First stage is to reach approximately 20% of their electricity by renewable energy by 2022 and 42% by 2035.
2:13
Our group, they have presence in different countries in the world.
2:16
So wherever we are, we have HSBC.
2:19
When you have the same bank in different countries, so all the team knows you from the first countries, some kind of chemistry has been built between our group and HSBC.
2:30
When we were talking about solar 15 years ago and the price was high and we needed to figure out how to de risk the market and commercialise it extensively, it all seemed like a massive problem.
2:42
Now we can see the results and that gives me hope for all the other emerging technologies that are going to need commercialising that HSBC will help deliver.
2:52
Wherever we are now planning to build the new projects there is HSBC there.
2:58
The success that we reach and then ban, it's motivating us to continue and we are not focusing only on solar.
3:05
Now we have in the pipeline wind projects, we have the biomass, we have waste to energy and recently we are starting our green hydrogen and green ammonia.
3:15
When you think about our history, over 150 years of financing, innovation, change and looking to the future, what we're doing now is exactly the same thing but through a climate lens.
3:29
The role of finance is about making all of this change happen.