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The Best Science Writing Online 2012
Showcasing more than fifty of the most provocative, original, and significant online essays from 2011, The Best Science Writing Online 2012 will change the way...
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Field science isn't usually the province of bankers. Particularly when it involves precisely measuring the circumference of tree trunks. Yet that's exactly what employees of international banking giant HSBC have been doing, according to the Washington Post.
The British bank partnered with the Earthwatch Institute and other environmental groups in 2007 to teach bank employees climate science. Their field study is the largest ever about climate change's long-term influence on forests.
Despite the $100 million price tag for the training, the goal is to save money. For example, the bank's employees new climate awareness drove them to create a program that automatically shuts down computers at night. That saved the bank's North American offices alone $300,000 in the past year.
Of course, banks have an enormous role in determining our climate future: from the kinds of mortgages they give out to the kind of projects they fund. HSBC, for its part, has pledged to work to emit no more greenhouse gases than it saves through its activities as well as helping create a set of "climate principles" for the banking industry.
But until the day comes when financial institutions can't profitably lend to coal mines or coastline housing developments, measuring trees is a small step toward climate change awareness you can bank on.
—David Biello
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11 Comments
Add CommentBankers think it's a good deal to send 2,200 employees to a two week course at $45,400 each. Bull.
Reply | Report Abuse | Link to thisTeach them?
Reply | Report Abuse | Link to thisJust shoot them.
I'm not good at English, so I can't understand "But until the day comes when financial institutions can't profitably lend to coal mines or coastline housing developments, " part. Please someone help me, what is the sentense trying to say?
Reply | Report Abuse | Link to thisBasically, resources will start depleting and costs will rise, meaning banks will have to loan more money for something that won't make a financial return. I think it's a great idea for banks to become more aware of climate change and sustainability. Either because of necessity or popularity, the construction and development industry will eventually be moving towards this direction. If you've noticed the 'green' movement and everyone with their re-usable shopping bags, you can see that general consumerism is doing the same.
Reply | Report Abuse | Link to thisPoint of clarification: HSBC invested a total of $100 million in the five-year HSBC Climate Partnership at large (which included other programs with WWF, The Climate Group, Smithsonian Tropical Research Institute, and Earthwatch). See www.earthwatch.org/hcp for more info.
Reply | Report Abuse | Link to thisBanks could start by defining which environmentally sustainable investments should be financed. That is, which investments will cause an increase in environmental damage and hence longterm costs. Here in Europe we have investment accounts which only deal with sustainable development. The profits are not huge, but are comparable to standard savings accounts.
Reply | Report Abuse | Link to thisBritish Bank?
Reply | Report Abuse | Link to thisHSBC means The Hongkong and Shanghai Banking Corporation and the origins of the bank lie in Hong Kong and Shanghai, where branches were first opened in 1865. It just happens to have headquarters in London.
http://en.wikipedia.org/wiki/HSBC
That's a huge investment that will definitely pay-off for them soon. Leave it to the big companies to lead the path to a better environment. Here's another example of a big name contributing to the health of the environment: http://greenenergyinsiders.com/?p=416
Reply | Report Abuse | Link to this"...what is the sentense trying to say?"
Reply | Report Abuse | Link to this"But until the day comes when financial institutions can't profitably lend to coal mines or coastline housing developments, measuring trees is a small step toward climate change awareness you can bank on."
In my opinion, it infers that HSBC will continue to invest in building coal fired power generation plants or whatever projects may produce a profit for them.
I have no idea what the "measuring trees..." part of the sentence means. Anyone else?
How could the free market possibly have influenced the prevention of the Ozone hole from developing? It is time that the World bank, the IMF and Busines Schools recognised that scientists have the data and politicians the means of managing the Planet. Private capital does not have any objective other than short term profits, and has led such rich countries as Argentina to the verge of bankruptcy, and the environment into jeopardy.
Reply | Report Abuse | Link to thisBankers are not concerned with small change.
Reply | Report Abuse | Link to thisThey got a TARP to weather all wear.
Desiring a complete muslim overhaul,
neither is bama concerned with small change.
Kill the infadel, cries he.