HSBC to Fund Egypt's Ecosystem Project to Restore the Red Sea Coast

International banking giant HSBC will fund a new coastal ecosystem project in Egypt  as part of their USD 100 million Global Climate Solutions Partnership. HSBC will collaborate with the American University in Cairo, the World Resources Institute and the World Wide Fund for Nature to protect the Red Sea coast and its vibrant mangrove forests.

HSBC will work with AUC’s CARE (Center for Applied Research on the Environment and Sustainability), to enhance the economic resilience of local communities along the Red Sea coast through the restoration of mangrove ecosystems, while stimulating economic benefits and food security.

The initiative hopes to reduce carbon dioxide emissions, expand nature-based solutions and protect natural ecosystems. HSBC looks to finance startups that tackle climate change issues with new technologies and help transition energy dependency to renewables.