Word: hsbc
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...direct action and dialogue are paying off as banks begin to set green goals. HSBC has promised to cut carbon emissions, while Bank of America has pledged to shun investments in logging operations in the world's most sensitive forests. Even more important is the introduction of new industry standards, such as the Equator Principles, which "promote responsible environmental stewardship and socially responsible development" by evaluating the threats that projects pose to forests, natural habitats and indigenous populations...
...direct action and dialogue are paying off as banks begin to set green goals. HSBC has promised to cut carbon emissions, for instance, while Bank of America has pledged to shun investments in logging operations in the world's most sensitive forests. Even more important is the introduction of new industry standards such as the Equator Principles, which "promote responsible environmental stewardship and socially responsible development" by evaluating the threats projects pose to forests, natural habitats and indigenous populations. Thirty major private banks, including U.S. giants Citigroup, JPMorgan Chase and Bank of America, and European powerhouses ABN Amro, Barclays, HSBC...
...terms of overall lending, project financing is a small part of most banks' operations - between 5% and 10% for HSBC, for example - but environmentally and socially sound lending can have a huge long-term impact. Underwriters such as Citigroup point to the World Bank-backed pipeline running from Chad's oil fields through Cameroon to the Atlantic. Extensive environmental impact assessments were carried out before work got the green light, and oil companies like ExxonMobil have provided compensation and health care to locals whose lives and livelihoods have been disrupted by the development. A trust fund, designed to give...
...Despite these differences, banks and ngos are likely to keep working together. The reason is simple: socially and environmentally responsible investment makes good business sense. HSBC, Citigroup and ABN Amro all say that green issues are increasingly important when they consider funding global projects. In the future, "the Equator Principles will be seen as a catalyst for how banks conduct themselves in other areas of their business," says ABN Amro's Burrett. If that happens, activists in haz-mat suits will have to find another target...
...this being Hong Kong) property developers is pushing for a rethink of how to make the harbor something more than an international embarrassment. Last week, about 70 executives from more than 90 of the city's biggest companies and institutions quietly assembled on the 40th floor of the HSBC headquarters?the very heart of the territory's traditional business community?for the first meeting of a new body, the Harbour Business Forum. According to one participant in the gathering, the group will act as a lobby for better use of the harbor and will press for the creation...