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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  HSBC Holdings plc    HSBA   GB0005405286

HSBC HOLDINGS PLC

(HSBA)
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Delayed Quote. Delayed London Stock Exchange - 11/27 11:37:28 am
404.85 GBX   +1.76%
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HSBC : Australia's Queensland buy 'credits' to protect Great Barrier Reef

10/21/2020 | 11:15am EST
FILE PHOTO: Sugar cane and other crops can be seen on farms near the town of Bundaberg in Queensland, Australia

SYDNEY (Reuters) - Australia's Queensland state and HSBC said on Thursday they will make a "world-first investment" to protect the world-heritage listed Great Barrier Reef which is suffering from extensive coral bleaching events.

Rising sea temperatures and poor water quality are the two biggest threats to the Great Barrier Reef, which has lost more than half its coral in the past three decades.

In an attempt to safeguard the reef, HSBC and the Queensland government said they would buy "Reef Credits", a tradable unit that quantifies and values the work undertaken to improve water quality flowing onto the reef.

Similar to the carbon offset market which incentivises the reduction of carbon dioxide from the atmosphere, the scheme pays landholders for improved water quality.

The investment required to meet water quality targets for the Great Barrier Reef is estimated at A$4 billion ($2.8 billion), according to James Schultz, the CEO of GreenCollar, which developed the Reef Credit Scheme in partnership with landholders, the Queensland government and natural resource management organisations.

Neither HSBC nor the Queensland government disclosed how much they would invest to buy "reef credits".

GreenCollar estimates that the market could be worth over 6 million Reef Credits by 2030, opening the door for more businesses to invest in the future of the reef as part of their environmental, social and governance (ESG) strategies.

For buyers, "Reef Credits" would provide a measurable, audited water quality outcome tracked against internationally recognised targets and based on actual reduction in pollutants entering the reef.

"The first water quality market of its kind in the world, Reef Credits will play a pivotal role in protecting the future of the Great Barrier Reef as both an Australian and international icon," HSBC said in a statement.

The Great Barrier Reef was world heritage listed in 1981 by UNESCO as the most extensive and spectacular coral reef ecosystem on the planet.

(Reporting by Swati Pandey; Editing by Stephen Coates)

By Swati Pandey


© Reuters 2020
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Financials (USD)
Sales 2020 50 046 M - -
Net income 2020 3 567 M - -
Net Debt 2020 - - -
P/E ratio 2020 31,5x
Yield 2020 1,77%
Capitalization 109 B 109 B -
Capi. / Sales 2020 2,18x
Capi. / Sales 2021 2,20x
Nbr of Employees 230 317
Free-Float 98,1%
Chart HSBC HOLDINGS PLC
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Technical analysis trends HSBC HOLDINGS PLC
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Income Statement Evolution
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Mean consensus UNDERPERFORM
Number of Analysts 24
Average target price 4,95 $
Last Close Price 5,39 $
Spread / Highest target 37,4%
Spread / Average Target -8,23%
Spread / Lowest Target -30,5%
EPS Revisions
Managers
NameTitle
Noel Paul Quinn Group Chief Executive Officer & Executive Director
Mark Edward Tucker Non-Executive Group Chairman
John M. Hinshaw Group Chief Operating Officer
Ewen James Stevenson Chief Financial Officer & Executive Director
May Lung Cha Independent Non-Executive Director
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