HSBC UK launches carbon calculator for SMEs

SME Banking
08/06/2024 News

HSBC UK has introduced a carbon calculator to help small and medium-sized enterprises (SMEs) measure and manage their carbon emissions. Partnering with carbon management company Greenly, HSBC aims to support businesses in identifying their main sources of emissions and finding reduction opportunities.

Digital Reinvention
15/05/2024 Article

Financial Innovation Spotlight: May 2024 edition

Greenly’s platform offers a comprehensive solution for tracking and reporting carbon data, crucial for businesses starting their sustainability journey. With nearly six million SMEs in the UK, their collective impact on emissions is significant. However, an HSBC survey revealed many SMEs struggle with accessing the necessary advice and support for effective sustainability measurement.

After piloting the carbon calculator with 50 clients in 2023, HSBC developed two packages for business customers through the Sustainability Tracker tool. Both packages provide an auditable Greenhouse Gas (GHG) Protocol compliant report, which SMEs can use for stakeholder communication and reporting initiatives like the CDP and Science Based Targets initiative (SBTi).

The packages include:

• Basic Package: Initial assessment to identify primary carbon emissions sources and reduction strategies.

• Premium Package: Detailed analysis and reduction strategies, with support from a Greenly climate expert.

Rob King, Head of Commercial Banking Sustainability at HSBC UK, stated, “Measuring carbon emissions and identifying main sources is crucial for SMEs developing a transition plan. Our goal with the Greenly carbon calculator is to support SMEs in their sustainability journey.”

Greenly’s CEO, Alexis Normand, added, "Integrating our carbon footprint assessment technology into HSBC’s Sustainability Tracker empowers SMEs to make sustainable decisions and drive positive environmental impact."

This launch follows HSBC UK’s Buildings Sustainability Assessment Tool, providing property firms with emissions summaries and tailored energy efficiency recommendations. HSBC UK's new carbon calculator is a vital resource for SMEs aiming to contribute to decarbonization efforts.

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