HSBC to spend £45m on green initiatives over next five years

HSBC is to spend $90m (£45m) over the next five years to help reduce the bank’s impact on the environment.

The company is to introduce a series of initiatives, including the use of renewable energy technology, water and waste reduction programmes, and an employee engagement drive.

The Global Environmental Efficiency Programme will be reviewed annually to consider the success of trials, emerging technology, innovation and business needs.

Simon Martin, head of group sustainability and corporate responsibility, said: “HSBC is determined to develop a sustainable business.

“Our shareholders, customers and employees consider these issues to be important – and this clearly demonstrates our continuing progress in placing sustainability at the very core of how we do business.”

The programme includes designing and building HSBC’s first ‘zero carbon’ branch in New York, which aims to optimise energy efficiency by using geothermal ground source heat pumps.

Engaging the company’s global workforce of 315,000 employees will also be a key factor in the success of the programme, Martin said.

Last month, HSBC launched its £50m five-year Climate Partnership, which will create a 25,000-strong ‘green taskforce’ worldwide.

The project aims to help employees use their business skills and knowledge of climate change to help the company build a more sustainable business.

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