Now is the right time to move the dial on your sustainability ambitions
While large global companies possess the resources required to navigate the complex waters of new climate regulations, novel sustainable operations, environmental policies, and net zero reporting, small and mid-sized businesses may find it challenging to adjust. As a trusted business partner, HSBC Canada can use its global experience to help companies of all sizes understand the business impact of sustainability requirements, and support them with their strategies to not only adjust, but prosper.
“Delaying a journey toward sustainability puts Canadian businesses at risk,” says Angie Lamarsh, head of sustainable finance, commercial banking, HSBC Bank Canada. “Those risks include loss of competitive advantage, financial risk, difficulty in attracting a quality workforce, and the possibility of being caught off guard when new regulations come into force.”
Businesses are also facing diverse stakeholder pressure from regulators, employees, customers, and financial institutions to provide increased transparency on how the business approaches sustainability.
“It starts with reviewing the business’s strategy and operations and considering where sustainability risks and opportunities need to be considered,” says Lamarsh.
That could include environmental risks such as floods and fires. But it also includes a broader challenge to embrace sustainability, which is bigger than just climate and the environment.
A financial services company can help navigate complex waters.
”We look at the important issues around climate change and sustainability through a business lens,” says Dana Krechowicz, senior sustainable finance manager, corporate sustainability, HSBC Canada. “As business advisors to our clients, we can bring a broader perspective to our business guidance that integrates sustainability considerations.”
HSBC Canada has long understood the role that capital plays in addressing climate change and informing a realignment of society toward a more sustainable world. And the financial services company has a long a history of advancing environmental and social outcomes both in the market and within its own operations.
“Through our global presence, we’re also attuned to the regulatory framework in jurisdictions where ESG regulation is more advanced than it is in Canada,” Lamarsh says. “I have weekly meetings with my global colleagues who provide insight into their local landscape which is an indicator of regulations that are likely appear in Canada soon. Even now, we’re seeing European mandatory disclosure requirements for sustainability move further and further downmarket.”
That unique perspective allows HSBC Canada to assist Canadian companies to ensure their businesses are integrating sustainability factors and understand the international sustainability landscape. That provides them with the insights to navigate the regulatory framework of countries in target export markets to maintain global competitiveness.
HSBC’s global goal is to provide between US$750 billion and US$1 trillion in sustainable finance and investment by 2030, assisting clients with financing green business initiatives that promote sustainability. These include sustainable financing for EVs, green buildings and enabling trade opportunities that help build sustainable supply chains.
In fact, HSBC Canada signed Canada’s first “green loan” deal with Concert Properties in 2020. The loan, worth $71.5 million, helped finance the construction of the Tapestry development at Victoria Harbour, which is expected to have a lower carbon and energy footprint versus a comparable traditional building.
Not only committed to helping its clients achieve their sustainability objectives, HSBC has committed to reduce emissions from its own operations and supply chain to reach net zero by 2030 or sooner. It was also the only major bank in Canada that was a founding member of the Net-Zero Banking Alliance.
“Many companies across Canada are well on their way to sustainability, while others are eager to start the conversation and listen to insights about the way in which the market is developing,” Lamarsh says. “Wherever they are along that journey, HSBC Canada is ready to provide the guidance they need to build effective business strategies.”
For HSBC, part of becoming a leader in the space has been the collection and analysis of market data. To that end, the survey below is focused on helping to push forward understanding of how business interacts with sustainability issues. Please take a moment to fill out the survey about your own company or employer and check back in coming weeks as we publish some of those new insights into the state of Canadian business.
To learn more about HSBC Bank Canada’s sustainable finance solutions, please click here.
This story was created by Content Works, Postmedia’s commercial content division, on behalf of HSBC Bank Canada.
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