BOCHK’s green banking initiatives to boost low-carbon economy

Integrating sustainability in its business operations, Bank of China (Hong Kong) Limited launched a series of green initiatives that won them a Gold Award at the prestigious Hong Kong Awards for Environmental Excellence 2021.

To mitigate the impacts of climate change, Bank of China (Hong Kong) Limited (BOCHK) rolls out sustainable initiatives not only to reduce its own carbon footprint, but also to help clients transit towards a low-carbon economy.

In 2020, the bank set its five-year energy-saving and emissions reduction targets in electricity, water consumption, paper consumption and waste disposal. To minimise the bank’s carbon footprint in all of its operations, BOCHK monitors its carbon emissions and energy management with the ISO 14001 Environmental Management System and ISO 50001 Energy Management System.

An impressive 97% coverage rate is achieved by using blockchain technology for property valuation reports, significantly reducing paper consumption. It encourages customers to go paperless by simplifying e-statement registration, promoting online banking, introducing e-insurance and electronic signing pads.

Furthermore, by installing solar insulation window films for five floors at the Bank of China Centre, it aims to reduce 49,000 kWh of energy usage and over 36,690 kg of carbon emission.

Pioneering corporate green time deposit

In 2020, BOCHK launched Hong Kong’s first corporate green time deposit to finance the city’s largest range of eco-friendly projects, including green building, renewable energy and pollution prevention industries.

Innovative financial products are in place to help build a green economy. Its Green Loans prioritise sustainable projects with an online “Green Loan e-Assessment” platform, while eligible customers enjoy fee waivers in its “SME Green Financing Incentive Scheme”.

Furthermore, as a leading agent for green bonds, BOCHK assists clients in issuing green bonds and acts as a green advisor with outstanding performance.

Conservation at its core

BOCHK is a keen supporter of an array of conservation programmes, including the CLP “Renewable Energy Certificate” Scheme for the development of renewable energy in Hong Kong for solar power, wind power and landfill gas projects, and the BOCHK Corporate Environmental Leadership Awards Programme that encourages companies in Hong Kong and the Pan-Pearl River Delta region to implement eco-friendly business operations.

In 2020, the Programme received a massive response of 802 corporate participants which have completed around 2,700 environmental projects that have collectively reduced annual electricity consumption by more than 2.31 billion kWh (equivalent to the electricity consumed by over 70,000 average three-member households in one year).

Other collective achievements included lowering the annual water usage by about 13.08 million cubic meters (approximately equal to the volume of 60 million persons’ daily water consumption in Hong Kong) and reducing annual waste by over 9.05 million tonnes (equivalent to 130,0000 adult African elephants).

In addition, over 2.26 million tonnes of materials were recycled (equivalent to the net weight of 150,667 double-decker buses) and 300,000 tonnes of gas emissions were reduced (equivalent to 25 million trees CO2 absorption yearly).

Internally, a green culture runs through its veins with corporate banquets not serving sharks fin, endangered reef fish species and black moss, and its staff canteen abolishing plastic straws.

Inspiring environmental excellence

In recognition of its efforts and outstanding achievements, the Gold Award in the Servicing and Trading category is conferred to BOCHK at the Hong Kong Awards for Environmental Excellence (HKAEE), a highly-acclaimed award led by the Environmental Campaign Committee alongside the Environmental Protection Department in conjunction with major chambers of commerce in Hong Kong.

As the only awardee in the banking industry, BOCHK encourages companies to share their green initiatives and learn from one another to achieve worthwhile results that earn the respect of the community.