HSBC Bahrain has announced that its latest business in the Group’s global programme to rollout sustainable payment cards and eliminate single-use PVC plastic by the end of 2026, in favour of recycled PVC plastic (rPVC).
The programme which sees HSBC’s debit, credit and commercial cards being made out of more sustainable rPVC – is part of the bank’s strategy to reduce its carbon emissions and achieve net zero in its operations and supply chain by 2030 or sooner.
Based on the current volume of cards issued by HSBC per year (23m), the move to rPVC will reduce CO2 emissions by 161 tonnes a year. This move aims to reduce plastic waste – 73 tonnes per year; the weight of over 40 cars.
Ali Khunji, Head of Wealth and Personal Banking and Global Private Banking in Bahrain, said, “This is a positive next step by us at HSBC Bahrain on HSBC’s journey to net-zero in its own operations by 2030. The private sector has a vital role to play in reducing global carbon emissions and it is imperative that we take action now to build a sustainable future.”
“The move to rPVC underpins HSBC’s global and local ambition to build a thriving and resilient future, and is part of the bank’s transition to be a net zero business,” said Ali. “In Bahrain we have implemented a number of projects to support our own operations in its transition of which the solar car park is the most significant development. We continue to invest in small and large scale projects to fulfil this ambition successfully,” added Khunji.
Global research conducted for HSBC by Mintel found a majority (77%) of consumers agree that ‘financial services firms have an important role to play in creating a more sustainable society’; when it comes to their appetite for payment cards made from sustainable materials, over two-thirds (67%) showed high levels of interest. A separate global survey, conducted for Idemia by Dentsu Data Labs found that most people (92%) think their bank should actively contribute to preserving the planet; and a majority (87%) expect their banks to offer eco-friendly cards.
Taylan Turan Group Head of Customers, Products and Strategy at HSBC said, “HSBC is committed to achieving net zero by 2050 or sooner; and we’ve pledged to work with our customers in all sectors to reduce emissions. Evolving our payment cards to eliminate single-use plastic cards is part of our aim to be net zero in our operations and supply chain by 2030 or sooner. New sustainable materials, such as rPVC, offer the financial services industry a clear way to accelerate its efforts to build a more sustainable future, and we’re proud to be part of a movement which is gathering momentum across the world.”
Amanda Gourbault, Executive VP Financial Institutions at Idemia said, “Idemia is proud to be a long term global partner of HSBC and to be supporting its sustainability goals with our GREENPAY solution – part of our portfolio of sustainable solutions for financial institutions. We fully share HSBC’s goals of sustainability – we believe bank cards shouldn’t cost the earth; and we look forward to working with HSBC as it migrates its card portfolio worldwide to rPVC.”
“Manufactured from waste materials, rPVC cards significantly reduce plastic waste, which is one of the most pressing problems of our modern world. Migrating to recycled plastic also saves energy, limits oil consumption and reduces greenhouse gas emissions, to help mitigate global warming and reduce air pollution,” added Gourbault.
HSBC is the first global bank to partner with Idemia to roll out rPVC cards on a worldwide scale. The majority (99%) of HSBC’s payment cards are produced by Idemia.