HSBC is footing the bill as part of a commitment to reducing the organisation’s impact on the environment.
It says that engaging the 315,000 strong global workforce is key to the success of its green initatives.
Over the next five years the bank will invest the money to focus on some key areas including the introduction of renewable energy technology, water and waste reduction programmes and employee engagement.
The bank has already demonstrated its commitment to the environment during the pilot phase of its programme where the first ‘zero carbon’ branch was designed and built in Greece, New York. The majority of personal desk bins at the global HQ, London, have also been removed in favour of a full recycling programme.
Simon Martin, HSBC head of group sustainability and corporate responsibility, said: “HSBC is determined to develop a sustainable business. Our shareholders, customers and employees consider these issues to be important – and this clearly demonstrates our continuing progress in placing sustainability at the very core of how we do business.”
Last month, the HSBC climate partnership launched a separate US$100m, five-year programme launched to create a 25,000 strong ‘green taskforce’. The project aims to help employees use their business skills and knowledge of climate change to help the group build a more sustainable business.
