HSBC product boosts environment-friendly projects

HSBC encourages customers to undertake capital investment in projects that have a positive environmental impact with its Green Financing product.

They will enjoy the benefits of up to three months' interest rebate and an optional initial six-month principal repayment moratorium for the loans.

In 2007, HSBC launched Green Equipment Financing and has received overwhelming response of more than HK$573 million or US$73.9 million in loans approved to date.

Albert Chan, Head of Commercial Banking, said: "At HSBC, we constantly think of innovative ways to encourage our customers to adopt green practices. Through Green Financing, we are making a sincere effort to help our customers conduct their businesses in a more responsible, sustainable manner."

HSBC is partnering with the Business Environment Council, who will review applications for Green Financing to ensure the projects meet at least one of the following criteria: reduction of energy / water / fuel consumption; increased efficiency of production materials consumption; elimination or reduction of noise / waste production; or elimination or reduction of air, land or water pollution.

"We will also donate HK$1 (US$0.129) to WWF Hong Kong for every HK$2,000 (US$258) of the loan amount towards environmental conservation, a practice that we started with the launch of Green Equipment Financing," Chan added.

"We support this meaningful initiative and call on the businesses to join hands with the Government to build a low carbon Hong Kong," stated Dr Kitty Poon Kit, Under Secretary for the Environment of the Government of the Hong Kong Special Administrative Region.