Bank warns polluting firms

News Article - 08 December 2008
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HSBC has announced that it will end financing to businesses it considers to be the most polluting, which could give firms pause for thought when it comes to accounting for carbon emissions.

Online resource Business Green reports that the money lender, along with Bank of America, has announced that it is to phase out all financial backing for mining and forestry projects that are deemed controversial.

HSBC has also been confirmed as a founding member of the Climate Group's Climate Principles, which has been designed for financial services providers to assess environmental risks, news which may act as a carbon footprint calculator for businesses.

The bank's environmental adviser Francis Sullivan told Reuters: "We're planning to exit 30 per cent of client relationships in the forest land and forest products sector in high-risk countries, including Malaysia and Indonesia, [because] they don't meet our forestry policy."

Meanwhile, security website Sec Theory founder Robert Hansen has offered Business Green some carbonaccounting software advice, saying that firms may wish to avoid Flash-enabled websites in order to be more environmentally-conscious.

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