MANILA, Philippines - Businesses around the world should change the way they think in order to tackle the global issues of climate change, the Business Summit on Climate Leadership recently.
Hongkong and Shanghai Banking Corp. Ltd. (HSBC) chief executive Peter Wong said that the challenge today is to change the business-as-usual approach. Wong was the keynote speaker of the summit.
“Businesses must learn to be more creative and more efficient in meeting the global challenges of climate change,” Wong said. “It is time to review our business models, the way we conduct business, and exceed the expectations consumers and shareholders have of business.”
About 150 international and regional business leaders including Lord Stern, special adviser to HSBC’s Group Chairman on Economic Development and Climate Change, attended the summit in Hong Kong that HSBC co-hosted with The Climate Group. The summit provides a platform for business dialogue and collaboration for the low-carbon economy, to build and strengthen capabilities, and to explore climate business
HSBC’s fourth Climate Confidence Monitor, published last week, reveals that climate change is a top concern in people’s agenda as well as a priority for preferred government spending. The strong call for greater business investment means businesses should consider and fully integrate these consumer and market demands into the heart of their business operations, technology development, products and fabric of the company culture.
Continuous drive for innovation and robust cross-sector collaboration are key to turning these challenges into business opportunities, bringing forth socio-economic benefits for the global economy and communities, it added.
The Climate Group chief executive officer Steve Howard said that cities, states, regions and companies all around the globe are leading the co-called clean revolution. They are creating the market transformation needed to end dependence on dirty, carbon-intensive energy.
As adviser, lender and investor, HSBC is committed to financing the change to a low- carbon economy and providing support to its customers in managing climate-change-related risks and opportunities. These include the establishment of The HSBC Climate Change Centre of Excellence and Cleantech equipment team to enable clients to make informed business and investment decisions; HSBC Climate Change Corporate Partnership Program and Green Financing to provide customers with both financial and non-financial solutions tackling regulatory requirements and financial challenges, and products such as the Green credit card and Green Home and Travel Insurance to promote low-carbon living.
In 2005, HSBC was the world’s first major bank and FTSE 100 company to go carbon neutral. HSBC’s experience in operating a carbon-controlled business can be applied to its clients and the financial service sector.