HSBC Holdings plc

Sector: Corporate

Employees:

> Network of around 10,000 offices in 82 countries

Carbon Footprint:

> 663,000 metric tonnes CO₂ (2005) (Covering 94% of Full Time Employees)

TARGETS

> In 2005: announced targets to cut carbon dioxide emissions by 5% over 5 years and in North America cut greenhouse gas emissions by 10% between 2005 and 2010
> In 2005: announced company-wide target to cut global energy consumption by 7% over 3 years

Achievements

> October 2005: became carbon neutral - three months ahead of self-imposed deadline
> Early 2005: was ranked among the top 60 companies globally for climate leadership by the Carbon Disclosure Project
> In 2006: became the first winner of the FT Sustainable Bank of the Year Award
> During 2006: launched a micro-renewables trial in the UK, installing wind turbines and photovoltaic solar panels at three sites which will save around 500 tonnes of CO₂ over their life-time

Benefits

> Although HSBC’s immediate benefits represent relatively small savings from building utility bills, the long-term benefits from reduced risk and uncertainty of climate change effects have the potential to impact all areas of HSBC’s business and investments

Low Carbon Solutions

Background

Headquartered in London, HSBC Holdings plc is one of the world’s largest banking and financial services organisations with a strong global presence and an international network of around 10,000 offices in 82 countries. HSBC states that it considers climate change to be the single largest environmental challenge this century, and to fulfil its responsibilities towards its nearly 200,000 shareholders, the company is working proactively to reduce the business risks that may result from climate change. This includes reducing its own carbon dioxide emissions and advising clients on potential risks and opportunities arising. 

> The HSBC Climate Partnership is five-year partnership between HSBC and The Climate Group, Earthwatch Institute, Smithsonian Tropical Research Institute and WWF. HSBC’s US$100 million investment aims to combat the urgent threat of climate change by inspiring action by individuals, businesses and governments worldwide. More information on the HSBC Climate Partnership and The Climate Group’s role can be found here.

HSBC is actively encouraging its customers to decrease their own impact on the environment.
> For the month of January 2007, the bank offered a Green Sale on a range of its most popular products and services for personal and business customers, including: car and home insurance, loans, credit card services, business start-up services and savings accounts. For every Green Sale product or service bought, HSBC committed to contributing UK£2 to climate and environmental organisations, with the goal of raising UK£1 million.
> In 2007, HSBC also began its Virtual Forest initiative, during which it will plant a ‘virtual tree’ every time a customer chooses to receive a statement online instead of by post. For every 20 trees planted in the Virtual Forest, HSBC will plant one real tree.
> The bank will advise its business clients on the implications of climate change and the business challenges and opportunities of creating a low carbon economy.
> HSBC has also issued its Energy Sector Risk Policy, giving guidance on environmental and social standards accepted by the industry and other stakeholders as representing good practice. This is the fourth in a series of sector guidelines (for the Forest Land and Forest Products Sector, the Freshwater Infrastructure Sector, and the Chemicals Sector). 

> In October 2005, HSBC became the world’s first major bank to become carbon neutral though a three-point programme to reduce energy use, buy green electricity and invest in carbon credit projects.