The world's local bank
HSBC becomes founder member of The Climate Group
27 April 2004
HSBC Group Chairman, Sir John Bond, gave his full support to The Climate Group, a new international body whose mission is to speed up the reduction of greenhouse gas emissions, at its launch in London on 27 April which was attended by the British Prime Minister, Tony Blair.
“Climate change represents the largest single environmental challenge this century,” Sir John Bond said. “It is all the more dangerous because it is such a slow and hard-to-track phenomenon; it is truly the invisible enemy.”
Sir John told the assembled diplomats, business leaders and media that 75% of the electricity used by HSBC in the UK this year will be ‘green’ (sourced from non-fossil fuel sources), saving 50,000 tonnes a year in carbon dioxide emissions, and that the bank is aiming to move to 100% green electricity in 2005. In 2001, when HSBC set up an environmental reporting system, the Group had set itself the target of reducing its greenhouse gas emissions in the UK by five per cent over five years. “We now find that target not challenging enough,” Sir John explained.
HSBC’s Chairman also outlined other steps HSBC is taking to improve sustainability. In the UK, for example, HSBC is piloting eco-branches, with low energy consumption and sustainably-sourced fixtures and fittings. “Our ultimate dream is to incorporate environmental and sustainable construction elements into all future refurbishment and redevelopment of branches and offices around the world,” he said.
Other measures will ensure that HSBC’s business policies are sustainable. The environmental impact of a project is now a fundamental consideration in lending decisions and, in 2003, the Group adopted the Equator Principles, governing large project finance initiatives.
Acknowledging that there would be difficult decisions ahead, Sir John welcomed the chance for HSBC to become a founder member of the Bank Working Group of The Climate Group, so that HSBC can both “learn and help shape the debate”. Francis Sullivan, HSBC’s environment adviser and former director of conservation of WWF-UK will represent HSBC on the Bank Working Group.
The Climate Group will next meet on 12 May 2004 in Toronto, Canada at a Conference of the Reducers.
The Climate Group
The Climate Group is a non-profit organisation whose purpose is to accelerate action to cut greenhouse gas emissions. The Climate Group will work in partnership with governments, companies and NGOs to promote best practice and drive change.
Downloads
Full Speech pdf
Useful tools
Increase font
Decrease font