HSBC, the world’s first major bank to become carbon neutral, has committed a further $90 million (circa Lm28 million) over five years to reduce the bank’s impact on the environment through a series of initiatives, including the introduction of renewable energy technology, water and waste reduction programmes and employee engagement.
The Global Environmental Efficiency Programme will enable HSBC offices worldwide to showcase environmental innovation and share best practice to help the bank achieve its environmental reduction targets. The programme will be reviewed annually to consider the success of trials, emerging technology, innovation and business needs.
The programme’s initiatives focus on developing flagship buildings to recognised environmental standards. It will also work on reducing energy and water consumption, business travel and carbon dioxide emissions, paper use and waste production. Systems and processes will optimise the efficiency of the bank’s operations, while also emphasising flexible working practices, training and awareness raising.
Some of the projects already completed during the pilot phase of the Global Environmental Efficiency Programme include designing and building HSBC’s first “zero carbon” branch in Greece, New York, which optimises energy efficiency using geothermal ground source heat pumps.
The bank has reduced waste by installing composting vessels in Hong Kong to recycle organic kitchen waste. It has also removed the majority of personal desk bins at the global HQ, London, in favour of a full recycling system. Further initiatives will be introduced across the bank’s global operations over the next five years.
HSBC has a long-standing commitment to the environment. HSBC was awarded the Climate Protection Award from the US Environmental Protection Agency in 2007 in recognition of the group’s contributions to global environmental protection. HSBC was awarded top spot in the Banks and Diversified Financials Sector of the Carbon Disclosure Project’s latest Climate Leadership Index and named as the best performing bank in the 2006 ethical reputation rankings published by Geneva-based consultancy Covalence.
In Malta, HSBC was awarded “The Conservation Award For Sustainable Development” as part of the Malta Environment Award For Industry 2005. The award acknowledges the outstanding results achieved by the bank in the areas of energy, water, and materials conservation. The implementation of cleaner energy efficient technology ensures the conservation of energy and natural resources, thus reducing the adverse impact on the environment.