Half of the energy HSBC uses in Mexico will come from renewable sources by the end of 2017 after the bank agreed to buy power from a new wind farm.
HSBC has signed a 10-year agreement with the 200-megawatt wind farm in San Luis Potosi, north-eastern Mexico, scheduled to start transmitting power in the second half of the year.
Enrique García Basterra, Head of Facilities Management for HSBC Mexico and Latin America, said: “By using renewable and clean energy for our operations we benefit the communities we operate in.”
Buying green energy helps the bank meet its environmental commitments. By promising to pay a certain price over a long period, HSBC also gives developers confidence that plants will be viable, helping to ensure that new renewable facilities get built.
The bank has similar agreements in place with renewable energy providers in other countries:
- In India, solar plants help to power HSBC technology centres in Hyderabad
- In the UK, HSBC has signed agreements with two wind farms in the east of the country as well as with the country’s largest operational solar farm, in Swindon. Taken together, these renewable sources generate the equivalent of between 65 and 70 per cent of the electricity used by the bank in the UK
HSBC has a global target to source 25 per cent of its electricity from renewables by 2020. Currently about 17 per cent of its energy globally comes from renewable sources, and this figure will rise to 23 percent when the project in Mexico is completed.
Boosting renewable use is one of 10 commitments in HSBC’s strategy to manage the impact of its operations on the natural environment. The bank also aims to cut office waste, increase recycling and train senior leaders to put sustainability at the heart of their day-to-day business.
These commitments, alongside initiatives to support the growth of green finance, helped HSBC to secure an “A” rating for its climate commitments from CDP, a non-governmental organisation, in 2016 (see box).
Read more about HSBC’s REDUCE strategy on the sustainable operations page .