HSBC is setting aside $100m (£50m) for an initiative to tackle climate
change.
The funding by the UK's largest bank will help charities and
environmental groups to research some of the global causes and effects
of climate change.
The partnership will look at ways to protect the world's most important
rivers and identify how cities can respond to environmental threats.
HSBC also said it would create "a green taskforce", to ensure climate
awareness was central to its own business.
HSBC is the latest UK company to pledge changes to the way it operates
in the face of calls for big business to do more to prioritise
environmental concerns.
Water security
HSBC is teaming up with climate campaigners the Climate Group,
environmental groups the Earthwatch Institute and the Smithsonian
Tropical Research Institute (STRI), and the conservation charity WWF in
a five-year partnership
We believe we can tackle the causes and impacts of climate change
HSBC chairman Stephen Green
Banking on green gestures?
HSBC, which will spend $5m of the $100m on managing the project, said
it would enable the four bodies to expand their climate-related
research and undertake work in new countries such as China and India.
Priorities include conducting research into the impact of climate
change on the world's largest forests and improving management of
freshwater systems to increase water security.
HSBC DONATIONS
Climate Group: $17m
Earthwatch Institute: $35m
STRI: $8m
WWF: $35m
"By working with four of the world's most respected environmental
organisations, we believe we can tackle the causes and impacts of
climate change," said Stephen Green, HSBC chairman.
Urban action
The Climate Group said its funding would be used to speed up action
against global warming in five of the world's most polluted cities -
London, New York, Hong Kong, Mumbai and Shanghai.
"Many of the solutions lie in cities," said its chief executive Steve
Howard.
"We have a short period of time left to take action."
The partnership is modelled on a previous five-year, HSBC-funded
environmental campaign, which ended last year.
This $50m initiative helped save 12,000 plant species from extinction,
according to the firm.
Internal education
In conjunction with the donation, HSBC has launched an internal plan to
educate its workers on the issues of climate change, at an estimated
further cost of $8m.
An online module about global warming has been launched and is
accessible to the firm's 312,000 employees.
"Over the next five years HSBC will make responding to climate change
central to our business operations and at the heart of the way we work
with our clients," said Mr Green.
However, the initiative does not mark a change in the bank's lending
policies.
Mr Green said pulling out of "sensitive" sectors, including mining,
chemicals, energy, forestry and energy, "would not be the right
decision".
The firm declared itself carbon neutral in 2005, mainly by investing in
offsetting schemes.
HSBC saw its own emissions rise by 23% in 2006, largely due to
acquisitions, explained Jon Williams, head of group sustainable
development.
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