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HSBC - NORTH AMERICA RANKS NO. 10 ON EPA'S NATIONAL TOP 25 LIST OF GREEN POWER PURCHASERS
31 January 2008
Prospect Heights, IL - HSBC - North America announced today that it has increased its ranking from No. 17 to No. 10 on the U.S. Environmental Protection Agency's (EPA's) National Top 25 List of green power purchasers.
HSBC purchases more than 300 million kilowatt-hours (kWh) of green power annually, doubling the previous purchase level, now meeting 93 percent of the organization's purchased electricity use. HSBC is buying renewable energy certificates (RECs), which help support the development of new renewable resources nationwide.
This increased purchase further demonstrates HSBC - North America's commitment to protecting the environment and builds upon its existing partnership with the U.S. Environmental Protection Agency's (EPA's) Green Power Partnership.
"The environment has been a long-standing priority for HSBC and we are proud to again be recognized by the U.S. Environmental Protection Agency for our commitment," said Brendan McDonagh, chief operating officer, HSBC - North America. "Purchasing green power helps our organization become more sustainable, while also reinforcing that supporting clean sources of electricity is a sound business decision and an important choice in reducing climate risk."
According to the U.S. EPA, HSBC - North America's green power purchase of more than 300 million (kWh) is equivalent to avoiding the carbon dioxide (CO2) emissions of nearly 43,000 passenger vehicles per year, or is the equivalent amount of electricity needed to power nearly 30,000 average American homes annually.
The increased green power purchase also qualifies HSBC - North America for EPA's Green Power Leadership Club, a distinction given to organizations that have significantly exceeded EPA's minimum purchase requirements. Green Power Leadership Club members must purchase ten times the partnership's minimum requirement organization-wide.
Green power is electricity that is generated from environmentally preferable renewable resources, such as wind, solar, geothermal, biogas, biomass and low-impact hydro. These resources generate electricity with a net zero increase in carbon dioxide emissions, while offering a superior environmental profile compared to traditional power generation sources. Green power purchases also support the development of new renewable energy generation sources nationwide.
"EPA applauds our top partners for protecting our environment by purchasing green power," said EPA Administrator Stephen L. Johnson. "By voluntarily shifting to renewable energy, HSBC - North America is proving you don't need to wait for a signal in order to go green."
Protecting the environment has been a long-standing concern for HSBC, which invests over $100 million in environmental causes globally. HSBC was the first bank to become 100% carbon neutral in October 2005 and also opened a 100% carbon neutral branch in Rochester, NY earlier this year. Today, nine out of ten HSBC employees work in offices where the energy and water used and the waste and carbon dioxide produced are evaluated and reported publicly.
About HSBC - North America
HSBC - North America comprises all of HSBC's U.S. and Canadian businesses. The company’s businesses serve nearly 60 million customers in five key areas: personal financial services, consumer finance, commercial banking, private banking and corporate investment banking and markets. Financial products and services are offered under the HSBC, HFC and Beneficial brands. For more information, visit www.hsbcusa.com.
About EPA’s Green Power Partnership
The Green Power Partnership is a voluntary program that encourages organizations to buy green power as a way to reduce the environmental impacts associated with purchased electricity use. The Partnership currently has hundreds of Partner organizations voluntarily purchasing billions of kilowatt-hours of green power annually. Partners include a wide variety of leading organizations such as Fortune 500 companies, small and medium sized businesses, local, state, and federal governments, and colleges and universities. For additional information, please visit http://www.epa.gov/greenpower.
- Francine Minadeo
- HSBC - North America
- James Critchfield
- U.S. EPA
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