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HSBC in Luxembourg signs up for green electricity
13 June 2006
On 29 May 2006, HSBC Securities Services (HSS) and HSBC Private Bank (PBLU) managers were presented with certificates to mark the bank's move to green energy in Luxembourg.
Paul Helminger, mayor of the city of Luxembourg and president of the Luxembourg Energy Office (LEO), and Jean-Paul Wagner, managing director of LEO, hosted the ceremony at the Hotel de Ville to mark HSBC's decision to supply its businesses in Luxembourg with electricity produced from 100% renewable sources from now until 2008. The energy is certified renewable from hydroelectric plants in Austria and Switzerland. The delivery contract for 100% Green Electricity is the first of its kind in Luxembourg.
The certificates were awarded to Germain Birgen, Managing Director and Head of HSS, and Michael May, Managing Director and Jurisdictional Head, on behalf of HSBC Securities Services (Luxembourg) S.A. and Peter Yeates, Chief Executive Officer of HSBC Private Bank (Luxembourg) S.A on behalf of the Private Bank.
Mr. Birgen said: "HSBC is working to support the transition to a low-carbon economy.
"As a carbon neutral company, we are proud to be the first bank in Luxembourg to purchase green electricity and hope that our actions will inspire other financial institutions to do the same."
At the inauguration of the new LEO offices in March, Mr Jeannot Krecké, Minister for the Economy and Energy, endorsed HSBC's approach: "HSBC has decided to follow its global policy on the environment. I can only encourage other banks and companies to follow this example," he said.
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