HSBC India today launched its Green Deposit Programme, an initiative that will be available to its corporate clients. Under the programme, deposits will used for financing green initiatives such as renewable energy, clean transportation, pollution prevention & control, green building, sustainable water, waste water management and others, providing a simple way for companies to support environmentally-beneficial projects.
The Green Deposit is available in Rs as Term Deposit. According to the HSBC India, this unique fixed tenure deposit will go towards financing eligible businesses and projects that promote the transition to a low-carbon, climate resilient and sustainable economy.
HSBC will providing its customers with a quarterly report mentioning the portfolio-level information regarding the use of the deposited funds.
Commenting on the launch of the Green Deposit Programme, Hitendra Dave, Head-Global Banking and Markets, HSBC India said, “It is becoming increasingly obvious to business leaders that sustainability is a strategic business imperative. We are well positioned to leverage our global expertise and resources to support our clients’ journey towards embedding sustainability as a strategic priority. Our Green Deposit proposition is designed to help corporates participate in the sustainability agenda with the safety and assurance of a bank deposit. It is equally suitable for corporates who have either a mature sustainability agenda or are looking to start on this path. This product is aligned with our global commitments towards sustainable financing and will allow clients to participate in the journey towards a low carbon economy.”