HSBC invests $100M in global warming research
May 30, 2007
HSBC announced Wednesday it would spend $100 million on climate change research. The investment, which will go to the Climate Group, Earthwatch Institute, Smithsonian Tropical Research Institute (STRI) and WWF over a five year period, is the largest donation ever made by a British company.
The HSBC Climate Partnership will help five of the world’s largest cities (Hong Kong, London, Mumbai, New York and Shanghai) develop strategies for adapting to climate change [the Climate Group], fund scientific education programs [Earthwatch]; conduct the largest ever field experiment on the world’s forests to measure carbon and the effects of climate change [STRI]; and help protect some of the world’s major rivers — including the Amazon, Ganges, Thames, and Yangtze — from the impacts of climate change [WWF].
“The HSBC Climate Partnership will achieve something profoundly important. By working with four of the world’s most respected environmental organisations and creating a green taskforce’ of thousands of HSBC employees worldwide, we believe we can tackle the causes and impacts of climate change,” said HSBC Group Chairman Stephen Green. “Over the next five years HSBC will make responding to climate change central to our business operations and at the heart of the way we work with our clients across the world.”