HSBC Bank (Taiwan) Ltd (匯豐台灣商銀) yesterday announced that a NT$29 million (US$1 million) green trade loan has been arranged for Taylor Hopkinson Ltd’s Taiwan branch. The banking facility is to assist Taylor Hopkinson with its financing needs as it finds quality renewable energy talent for offshore wind farm projects.
Harnessing wind power has become a critical part of the government’s efforts to develop renewable energy and the Ministry of Economic Affairs expects the wind industry, onshore and offshore, to generate 20,000 jobs by 2025.
HSBC Taiwan said that the financing would boost the nation’s green economy and bolster the growth momentum of wind power.
Taylor Hopkinson, a UK-based consultancy specializing in renewable energy and clean technology recruitment for more than a decade, has a strong track record of placing renewables professionals in existing and emerging markets internationally.
The company is helping to source the talent for Taiwan’s first offshore wind farms, Formosa 1 (海洋風電) and Formosa 2 (海能風電).
Cash gaps can often occur between trade receivables and payables during the recruitment process, so HSBC Taiwan’s trade loan facility would help Taylor Hopkinson handle financing needs that arise as it assembles teams for offshore wind farm projects.
Unlike a traditional loan, the facility’s green services loan would meet Taylor Hopkinson’s specific sourcing needs, to help the world transition to sustainable energy. The facility would give Taylor Hopkinson’s recruitment efforts more flexibility when costs are incurred.
“We are pleased to arrange HSBC’s very first trade loan focusing on green services in Taiwan for Taylor Hopkinson,” HSBC Taiwan commercial banking head Stanley Hsiao (蕭仲程) said. “This inaugural green trade loan arrangement is of huge significance to HSBC Taiwan. Using our expertise and market leadership in both sustainable finance and trade finance, we came up with a pioneering financing solution that catered to our client’s needs.”
“This not only represents the close collaboration between HSBC and our customers, but demonstrates the vast experience of HSBC in participating in green financing, which gives us an edge in working with clients that support Taiwan’s green ambition,” Hsiao added.
As a founding member of the Loan Market Association, HSBC has worked with the association to develop market standards, or green loan principles, for lending to eligible sustainable projects.
“Our customers are increasingly prioritizing sustainability as a top requirement when making business decisions — and we expect this trend to accelerate, especially in the green energy space,” Hsiao said. “We see that trade financing has extended to services.”
“Opportunities to offer trade and services financing arise in various sectors and industries, including outsourced services to recruit personnel for infrastructure construction,” Hsiao said.
“Planning, constructing and maintaining each wind farm requires talent from a wide range of backgrounds, including electrical and civil engineering and data analytics, as well as operational skills,” Taylor Hopkinson CEO Tom Hopkinson said. “The growth of the industry means that there is more and more demand for talent in this field.”
“As the leading recruitment advisory partner for the world’s renewable energy leaders, we aim to enable a diverse, global workforce that will drive the world’s transition to sustainable energy,” Hopkinson added. “We are pleased to have garnered support and secured this green facility from HSBC. This serves as solid proof of our capability in sustainability, as it is a testament to our commitment and efforts in moving green initiatives forward.”
Luxury hotel Mandarin Oriental Taipei (文華東方酒店) plans to reopen its guestrooms in December to take advantage of a boom in domestic travel. The reopening would come six months after the five-star facility suspended room operations to cut costs as countries across the region impose border controls to contain the COVID-19 pandemic, diminishing demand for business travel. “We are delighted to share that Mandarin Oriental Taipei will resume room operations on December 1,” the hotel said in a statement yesterday. The hotel in Songshan District (松山) said it would adopt stringent health and safety practices to ensure the well-being of its guests and employees. It
HSBC Bank (Taiwan) Ltd (匯豐台灣商銀) has approved two sustainability-linked loans totaling NT$450 million (US$15.55 million) for Taya Group (大亞集團) and Sinbon Electronics Co (信邦電子), the bank said yesterday, adding that interest rates would fall if the borrowers’ sustainability performance improves. Those marked the first sustainability-linked loans granted by HSBC Taiwan, it said. While HSBC Taiwan has experience providing green loans for the nation’s developers of renewable energy sources to support their projects, the bank began focusing on sustainability-linked loans to meet rising demand from companies in other sectors planning to undertake sustainability programs, it said. “As we reward our clients who reach their
‘NEW TRAVEL MARKET’: The carrier initially planned to lay off about 8,000 people globally, but after government intervention reduced that to 18 percent of its workforce Cathay Pacific Airways Ltd (國泰航空) would cut 6,000 jobs and close its Cathay Dragon brand, the South China Morning Post reported, as part of a strategic review to combat the unprecedented damage caused by the COVID-19 pandemic. The Hong Kong-based airline is expected to officially announce the plan after the market close today, the newspaper said. It initially planned about 8,000 layoffs globally, but after government intervention reduced that to 18 percent of its total workforce, including about 5,000 jobs in Hong Kong, it said. The company, which posted a HK$9.9 billion (US$1.3 billion) loss in the first half, has for months
LEANNESS-ENHANCING DRUG: Assigning a commodity classification to meat containing ractopamine could come under scrutiny by the WTO, the economic affairs minister said Minister of Economic Affairs Wang Mei-hua (王美花) yesterday rejected opposition lawmakers’ calls to assign a product code for US pork and beef containing ractopamine. Facing a barrage of questions from lawmakers at a meeting of the legislature’s Economics Committee, Wang said that giving meat containing residues of ractopamine a commodity classification code would sow confusion and could come under scrutiny by the WTO. “Ractopamine is not a [meat] product, it is an additive,” said Wang, when questioned by Taiwan People’s Party (TPP) Legislator Chiu Chen-yuan (邱臣遠). “If we had a serial code for every additive it would cause confusion. There is