HSBC Bank Ups Renewable Energy Commitment to 30%

HSBC Bank Ups Renewable Energy Commitment to 30%

HSBC Bank USA has pledged to meet 30% of its needs for electricity through wind power. The bank will offset nearly a third of its carbon emissions by purchasing 45,454 MWh of wind energy certificates -- one of the largest retail renewable energy purchases made in North America.

Last December HSBC became the world's first major bank to commit to carbon neutrality.

Electricity production is the leading cause of greenhouse gas emissions that contribute to global climate change. The bank's new 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.

"We want to be the first bank in the world to have zero greenhouse gas emissions," said HSBC Bank USA president and CEO Martin Glynn. "A cornerstone of this effort is powering our branches and offices with 30% clean, natural wind power."

HSBC has purchased Green-e certified tradable renewable energy certificates (RECs) from new wind projects in California and Minnesota. 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. HSBC's investment will contribute to further the development of new wind energy generation necessary for a clean energy future.

"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.

Globally, HSBC was named as one of the top fifty companies in the Climate Leadership Index at the launch of the Carbon Disclosure Project's (CDP) second report on climate change and shareholder value.