HSBC Holdings PLC says the global market for low-carbon energy and efficiency projects will triple to $2.2 trillion by 2020.

The bank based its forecasts on the likelihood of meeting renewable energy, efficiency and carbon-dioxide emissions targets.

“We recognize significant upside and downside risks to our forecasts, but even in our most bearish scenario, we expect the market to double by 2020,” Nick Robins, head of climate change at HSBC, said today in an e-mailed research report.

The bank expects the European Union will meet its renewable energy targets and mi30ss its energy-efficiency targets. The U.S has limited growth in the clean energy sector, and China will exceed its targets, according to the report.