HSBC Malaysia targets 100% renewable energy sources by 2030

KUALA LUMPUR: HSBC Bank (M) Bhd is aiming to source 100% of its electricity from renewable sources by 2030, with an interim goal of 90% by 2025, in its stride to support a sustainable economy.

Group chief operating officer Andy Maguire said in 2011, HSBC set its target of achieving 25% renewable electricity by 2020, which it then revised to 40% in 2017.

“The experience we have gained in the renewable electricity market means we can now make a commitment to source 100% of electricity from renewable sources by 2030.

“This is an ambitious goal, but it will be easier to achieve if we collaborate through initiatives like RE100, an initiative that brings together more than 100 businesses committed to using 100% green energy,” he said in a statement.

He said HSBC planned to work closely with RE100, other corporate bodies, governments and regulators to open up renewable energy markets and support the decentralisation of power generation across its operational centres.

“This will enable HSBC and other corporates to develop power purchase agreements (PPAs) globally and support the transition to a low carbon-economy.

“Since 2014, we has been procuring electricity through renewable PPAs which encourage and support suppliers to build new renewable power facilities,” Maguire said, adding that HSBC has signed PPAs to cover 24% of global consumption, focusing on areas where the consumption is highest.

He said HSBC focus continued to be on PPAs as it was important to support the development of new renewable power facilities.

“We have made it our policy to not use offsets or other instruments that do not represent a direct investment or purchase of renewable electricity,” he added. - Bernama