HSBC pledges US$329mil investment in British green energy

LONDON: HSBC Holdings Plc plans to invest £250mil of its pension scheme into renewable energy infrastructure for wind and solar in the UK, joining around 30 other firms making similar climate change pledges.

Amazon.com Inc also committed to installing 20 megawatts of solar power at depots around the country, while EDF Energy Plc said it will electrify 1,500 of its vehicles by 2030 as part of the UK government-led “Green GB Week”.

“Renewable energy infrastructure can pro- vide attractive risk adjusted returns for investors seeking predictable cash flows derived from real assets over the long term,” said Russell Picot, chair of the Trustee Board at the HSBC Bank Pension Trust.

The latest climate push from the Department of Business, Energy and Industrial Strategy has also seen the government ask climate change advisers whether it should set a date for a net zero emissions target. The announcements come in the wake of a United Nations climate report that called for urgent global action to slow the rate of global warming or face catastrophic consequences.

John Lewis Partnership Plc pledged to switch its 500 diesel trucks into bio-methane vehicles by 2028, while accounting firm KPMG LLP plans to ban single use plastic cups in all its hot drinks dispensers.

It’s now a decade since the publication of the pioneering UK Climate Change Act, one of the first pieces of legislation to tackle climate issues put in place by a developed nation, and the British government called on more businesses to help out in the fight to stop global warming.

“Governments cannot confront this unprecedented global challenge alone,” said Energy Minister Claire Perry.

“We need businesses around the world to step up to the mark and today our largest companies are leading the way, making significant pledges worth millions to cut emissions while continuing to grow the green economy.”