HSBC’s sustainability efforts hit by financial crisis
London, 4 June: HSBC made mixed progress on its sustainability goals in 2008, according to its sustainability report published last week.

During the year, the bank introduced reduction targets for energy, waste and carbon dioxide (CO2) in the objectives of the group management board and senior executives of HSBC’s 24 largest entities, and rolled out software across the group to enable 300,000 computers to be automatically switched off at the end of each working day – saving about $30 million a year in energy costs and CO2 emissions.

However, the bank’s greenhouse gas emissions rose very slightly, to 954,000 tonnes of CO2 from 953,000 the previous year, and the financial crisis slowed growth in its sustainable and responsible investment business, and delayed plans to raise $600 million into an environmental infrastructure fund.

Its commitments for 2009 include reviewing its policy on lending to the energy sector, performing more research on climate policy, and putting in place improvement plans for key suppliers.

Other corporate social responsibility reports published in May, via ReportAlert.info, a report announcement joint venture between Environmental Finance Publications and Corporate Register, include those from:

Kingfisher
Export Development Canada
Exxon Mobil
British Land
Prudential
Total
CB Richard Ellis
ADFIAP
Danfoss
Tullow Oil
Royal Dutch Shell
Friends Provident
Motorola