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July 3, 2007

HSBC Appointment Underlines Environmental Policies

by Gill Montia

Story link: HSBC Appointment Underlines Environmental Policies

HSBC, world’s third-largest bank, has appointed Sir Nicholas Stern to work on a part-time basis as a special adviser.

Sir Nicholas is an academic, based at the London School of Economics, and is best known for his report on climate change, which was published in 2006 and warned that global GDP could decrease by 20% if governments, commerce and the public do not take concerted action.

HSBC is looking to expand in the developing world and in his new role Sir Nicholas will advise the bank on the socioeconomic implications of climate change in developing economies.

At the same time he will act as a consultant to some of the bank’s larger clients and take a role in management and graduate training programmes.

Sir Nicholas says he aims to develop and incorporate an understanding of climate change into HSBC’s economic models and analysis, so that the principles of sustainability are embeded in the bank’s business practices.

HSBC has been a pioneer in recognising the importance of climate change and in December 2004, pledged to become carbon neutral.

It recently committed £45 million over five years to projects aimed at reducing the impact of its business on the environment, such as the introduction of renewable energy technology and water and waste reduction programmes.


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