Corporate Responsibility Review
Environment Strategy
Climate change
In 2007 we launched a major new climate change strategy and became carbon neutral in the UK. We were:
- the first UK bank to purchase 100% renewable energy to power our entire estate;
- the only bank to offset remaining emissions by purchasing only 100% ‘Kyoto Compliant’ Certified Emissions Reductions;
- the only bank to produce a standalone Climate Change Report; and
- the first financial institution in Europe to carbon label one of its products, Halifax Web Saver, showing people how much CO2 each account produces.
Our flagship south west headquarters, Bristol Harbourside, was completed at the end of 2007. Built from sustainable materials and kitted out with cutting edge energy efficiency technology, the building received the highest possible building rating, ‘Excellent’, in the Building Research Establishment’s Environmental Assessment Method (‘BREEAM’) environmental rating.
Colleague advocacy of our environmental programme has improved from 39% to 51% over two years. There remains much to do to meet our 70% target by 2009.
Asset management
In 2007 Insight Investment launched a unique in-depth assessment of how well FTSE 100 companies and Europe’s largest companies are responding to climate change risks and opportunities.
Insight continues to integrate environmental, social and governance (‘ESG’) issues into the standard investment process, to ensure that these issues are core to decisions. Insight engages with companies on issues as diverse as climate change, obesity, nanotechnology, water management, organic cotton and alcohol retailing. In a recent survey by FairPensions, Insight scored 83% for its work in the ethical investment sector.
Prospects
Though HBOS is one of the biggest lenders to Community Development Finance Institutions in the UK, there is more work we can do with credit unions. In 2008, we are launching new initiatives with Calderdale and Rotherham credit unions and increasing our investment in this sector.
Our climate change strategy positions us well with regard to expected legislative developments and customer demand. In 2008 we will launch a new strategy for how we manage paper use – the type we buy, how much we use and how we dispose of it afterwards.
We will seek to maintain our sector lead for disclosure. In addition to our CR Report, we will publish, for the second year, our market leading Financial Inclusion and Climate Change reports.