HSBC launches new programme to cut paper use

HSBC’s campaign to cut down on its use of paper has reached a major milestone, with HSBC customers turning off paper statements for one million current accounts, savings accounts and mortgages.

And this year, customers of HSBC and its subsidiary firstdirect who choose not to receive paper statements will also be helping to plant 20,000 trees in the UK as part of the HSBC Virtual Forest programme. The Virtual Forest is a £100,000 sponsorship of Trees for Cities, an independent charity that works with local communities on tree planting projects, community education and training initiatives in urban areas.

HSBC customers who have registered for Personal Internet Banking can elect to stop receiving their monthly current account, quarterly savings account and twice-yearly mortgage account statements. The one million accounts that have already stopped statements will save more than 13 million pieces of paper and about seven million envelopes in one year.

During 2007, every time an account switches off paper, HSBC will "plant" one tree in an online Virtual Forest. For every 20 virtual trees planted in the Virtual Forest, we will plant one real tree with Trees for Cities in locations in London, Leeds, Manchester, Bristol, and the Midlands

Joe Garner, HSBC’s general manager of personal financial services, said: “HSBC has been offering customers the opportunity to turn off their paper statements for three years. We are absolutely delighted with customers’ response so far and to have passed the milestone of one million accounts.

“This year we are increasing our drive to cut down on paper use through programmes such as Trees for Cities and other initiatives, such as a 50p donation to the WWF for the first 100,000 customers who register for HSBC internet banking during our HSBC Green Sale in January.”

Throughout January 2007, customers who take advantage of any of the discounts HSBC is offering on a range of products will also help a number of environmental charities. For every sale product sold, HSBC will contribute £2 to a £1 million fund that will be distributed among its charity partners - the Climate Group, Botanic Gardens Conservation International, Earthwatch Institute and ENCAMS, which runs the Keep Britain Tidy campaign.

Joe Garner said: “We are very excited about the fundraising component of the Green Sale. HSBC has a long-standing commitment to the environment, and we continue to explore new ways of providing support. The HSBC Virtual Forest and the 2007 Green Sale will help some very important environmental charities, and we will also use this opportunity to raise further awareness of environmental issues among our staff and customers.”

Graham Simmonds, chief executive of Trees for Cities, said: "The HSBC Virtual Forest is a great way to encourage less use of paper as well as getting more real trees planted in needy urban areas and Trees for Cities is delighted to be involved in such a creative initiative. Trees are a vital part of our urban landscape, providing a broad range of environmental, community and health benefits, and I would urge all HSBC online customers to consider switching off their paper statements."

The development of the HSBC Virtual Forest also follows HSBC’s announcement that it has switched all its marketing material to paper from Forest Stewardship Council (FSC) certified forests and recycled sources. In 2005, HSBC became the first big bank to become carbon neutral.