HSBC seeks ‘creative’ ideas to reach Hong Kong renewable energy targets
Bank will discuss with the city’s utilities on ways to achieve goal of sourcing 90 per cent of its energy needs from renewables by 2025
HSBC will seek the input of Hong Kong’s two utility firms to find “creative” ways to meet its ambitious target of sourcing 90 per cent of its energy needs from renewable sources by 2025 and 100 per cent in 2030, according to its head of sustainable finance.
Last month the bank announced the commitment to renewable electricity either through direct investment in a project or via power purchase agreements that directly help the financing of new renewable electricity assets.
HSBC is one of 177 businesses that signed up to the RE100 global initiative to commit to 100 per cent renewable energy.
The bank’s head of global sustainable finance, Daniel Klier, said in an interview that HSBC would “engage in discussions with the city’s two power utilities and other potential partners on finding “creative ideas” to realise the goals. He did not elaborate.
HSBC’s global power usage last year was 1.09 billion kilowatt-hours. Its Hong Kong headcount accounts for around 11.6 per cent of the global total.
Chan Wai-shin, head of the bank’s Climate Change Centre of Excellence, said one way to achieve the targets would be for HSBC to guarantee it would use renewable energy from projects to be built in the city.
