HSBC has launched a US$5 billion sustainable finance scheme to support companies in the Greater Bay Area (GBA) that are aiming to lower their carbon emissions.

The bank’s GBA Sustainability Fund, which runs for 18 months, will accept applications from companies of all sizes based in the southern China megalopolis of 11 cities that engage in activities to lower their carbon emissions, according to a statement on Tuesday.

These include manufacturers and real estate developers involved in sectors such as climate change adaptation, pollution prevention, wastewater management, clean transportation, renewable energy, sustainable water resources and others, the bank said. Emerging climate technology businesses that are at a pre-profit stage will also be eligible for the scheme.