HSBC adopts The Climate Principles
HSBC today formally adopts The Climate Principles, a framework for climate change best practice for the financial sector.
The new code, titled The Climate Principles, is the first comprehensive industry framework for the sector’s response to climate change and has been adopted by Crédit Agricole, Munich Re, Standard Chartered, Swiss Re and HSBC.
The Climate Principles will not only guide operational greenhouse gas (GHG) emission reduction commitments, but also provide strategic direction across the full range of financial products and services including research, asset management, retail banking, corporate banking, insurance and re-insurance, investment banking and project finance. It is intended to align with, and build on, existing initiatives to ensure a consistent and effective approach to addressing climate change.
Francis Sullivan, HSBC’s adviser on the environment and Chair of The Climate Principles said, “Adopting financial institutions will incorporate carbon and climate risk into their research activities and investment decisions, engage with clients to understand climate risks and opportunities and develop products and services that support them in managing those risks and exploiting those opportunities.”
The establishment of The Climate Principles enables financial institutions to demonstrate the importance they place on embedding climate change considerations into core business strategy and activity and to publicly disclose progress against key indicators.
All international financial institutions are invited to support and adopt The Climate Principles.
“The Climate Principles will assist global financial institutions to reduce their climate risk, whether it is physical, regulatory, market or reputational, and to help their customers prosper from new investment opportunities and sources of growth which will drive the transition to a low-carbon economy,” said Lord Nicholas Stern, Adviser on Economic Development and Climate Change.
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