HSBC Bank USA, N.A. is walking the Earth Day talk this year. The bank has taken a lead by making one of the largest ever commitments to renewable energy in North America. The bank will meet 30% of its needs for electricity through wind power.
Recognizing the importance of climate change, last December HSBC became the world’s first major bank to commit to carbon neutrality and today its US banking unit announced it has offset a substantial quantity of its carbon emissions by purchasing 45,454 MWh of clean, wind energy certificates. This purchase is one of the largest retail renewable energy purchases ever made in North America.
Electricity production is the leading cause of greenhouse gas emissions that contribute to global climate change. The bank is making strides towards working against climate change with this 45,454 MWh annual commitment which will offset 30% of its emissions and will prevent the release of over 36,000,000 pounds of carbon dioxide (CO2), a leading global warming gas. This has the environmental impact of planting over 4,500 acres of forest (7.1 square miles) or removing nearly 3,500 average passenger vehicles from U.S. roadways each year.
HSBC purchased Green-e certified tradable renewable energy certificates (RECs), supplied by 3 Phases Energy Services, from new wind projects in California and Minnesota. Renewable energy certificates (RECs) represent the environmental benefits of clean energy production that serve to take the place of other non-renewable sources from the regional or national electric grid.
“This sizeable purchase puts HSBC into the ranks of America’s leaders in green power purchasing,” said Kurt Johnson, Director of the U.S. EPA Green Power Partnership. “HSBC is setting a high standard for the financial sector and the broader business community.” The Bank has joined the Green Power Partnership, an EPA voluntary program working to standardize green power procurement as part of best practice in corporate environmental management.
HSBC’s commitment to the environment is well known. In 2002, the company announced ‘Investing in Nature’, a US$50 million, five-year program to support three leading environmental charities — Botanic Gardens Conservation International (BGCI), Earthwatch Institute and World Wildlife Fund.
Globally, HSBC is in the top 50 companies in the Carbon Disclosure Project’s 2004 Climate Leadership Index. This is drawn from the FT500 Global Index, which means that HSBC is in the top 50 companies globally in terms of climate leadership. The Carbon Disclosure Project is the coordinating secretariat for institutional investor collaboration regarding climate change. www.cdproject.net.
Loading...