HSBC Bank Releases 2007 Sustainability Report

By GreenBiz Staff
Published June 2, 2008

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OAKLAND, Calif. -- HSBC bank's latest Sustainability Report takes a look at what the company has accomplished in the past year, with a closer eye on issues like sustainable finance, climate change and forestry than in the past.

The report includes a listing of commitments the company met (create a risk advisory service to assist clients with climate change issues) and did not meet (launch new business development strategies for sustainable forestry and water finance).

Last year, HSBC also established the Climate Change Centre of Excellence in Bangalore, India, which will work with the bank's Global Research sector to assess the financial impacts of climate change.

The report includes commentary from independent, third party groups including Ceres and Forum for the Future, and breaks down how the company has performed in terms of offsetting CO2, reducing and recycle waste, and cutting resource use.

Ceres points out that HSBC received the highest score of any company included in the "Corporate Governance and Climate Change: The Banking Sector" report and mentions some of its climate-specific products. However, it also says the company could be doing a lot more, and its recommendations include encouraging suppliers to assess and disclose their carbon emissions and reduction plans.