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HSBC forges alliance with Tropical Forest Trust
20 May 2005
HSBC Holdings has bolstered its commitment to sustainable forestry by becoming the first financial institution to join the Tropical Forest Trust (TFT).
Last May, HSBC became the first major bank to publish a forest land and forest products sector guideline according to Forest Stewardship Council (FSC) standards or equivalent certification. By working with the trust, which works to promote forest conservation and equitable social and economic development, HSBC can help lending officers to implement the guideline Group-wide. TFT has already helped HSBC to develop and deliver internal training courses for staff involved in lending to this sector.
Sir John Bond, Group Chairman, HSBC Holdings, said: “To ensure that HSBC can provide an informed service to our customers we have become the first financial institution to join the TFT. The trust will advise us on how to implement our forest sector guideline robustly around the world and train our lending managers so they can understand the complexities of obtaining FSC certification.”
Scott Poynton, Executive Director of the TFT, said: “This is an exciting development. HSBC is a major global financial institution and bring significant leverage to the table. Through their lending and financial services, they can proactively support positive change in the sector. It’s great to be working with them on this most critical of issues.”
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