HSBC To Spend $90 Million To Reduce Environmental Impact

June 29, 2007

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HSBC will spend $90 million over five years on a “Global Environmental Efficiency Program” to reduce the bank’s environmental impact through a series of initiatives, including the introduction of renewable energy technology, water and waste reduction programs and employee engagement.

Some of the projects already completed during the pilot phase of the program include:

Designing and building HSBC’s first zero carbon branch in Greece, New York, which uses geothermal ground source heat pumps;
Installing solar panels at the First Direct offices in Leeds, UK;
Introducing a bio-diesel plant for back-up generators in the Global Technology Centre, Pune, India;
Installing composting vessels in Hong Kong to recycle organic kitchen waste; and
Launching a a full recycling system at the global HQ in London.

Last month, HSBC announced a five-year, $100 million partnership to fund climate research through The Climate Group, Earthwatch Institute, Smithsonian Tropical Research Institute and WWF.

In May, the company also released a corporate responsibility report.

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