HSBC tops green league

Technology is central to reducing the bank's carbon footprint

HSBC's green technology initiatives have helped it come first in a study of the environmental policies of all major global banks by environmental group Ceres.

Automatic shut-down systems for IT equipment, improved focus on hardware efficiency, and stricter printing restrictions have helped the bank save £24,000 per year on energy costs.

Other institutions must follow HSBC's example, said Ceres president Mindy Lubber.

"They must do more to move the economy away from fossil fuels and high-carbon investments that are exacerbating climate change," she said.

The initiatives are part of HSBC's five-year $90m (£46m) global environmental efficiency programme, under which it will introduce renewable energy technology, and water and waste reduction programmes.