26 October 2018

Boost your bottom line through sustainable business practices

Although two-thirds of Canadian business leaders recognize that sustainable business practices contribute to growth and profitability, only one-quarter are actively prioritizing investments in sustainability. That’s an opportunity missed to boost the bottom line.

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“Smart sustainable business practices deliver real prosperity for everyone,” says Linda Seymour, Executive Vice-President and Head of Commercial Banking at HSBC Bank Canada. “However, while many small companies are trying to do the right thing, they face intense competition, tight profit margins and the costs of meeting existing responsibilities.”

These findings were uncovered in a recent global HSBC survey of more than 1,400 decision makers in 14 countries, including Canada.

The survey found that the most important action companies can take to shift to more sustainable business practices is to set up a dedicated team responsible for implementing corporate social responsibility initiatives.

Other practical steps mentioned by business leaders include:

  • looking for supply chain efficiencies – shorter travel times allow for reduced emissions and lower transportation costs;
  • changing business models to adapt to customers’ changing preferences – environmentally conscious consumers may respond well to products that are sourced and produced in a sustainable way, resulting in higher revenues;
  • introducing and enforcing codes of conduct on social responsibility issues such as human rights and relationships with local communities – which can increase your social licence to operate and reduce risk; and
  • reporting on environmental, social and governance performance, which is linked to winning consumers’ and investors’ trust and is increasingly important with regulatory bodies.

Read the survey to see how Canadian firms compare against their global counterparts (PDF, 167KB).

Sue Dujmovic, Head of Corporate Sustainability at HSBC Bank Canada, says the bank is taking action to support businesses. “As part of HSBC’s commitment to being a leader in sustainable finance, we have an important role to play in helping our customers transition to a low carbon future and are developing partnerships to provide Canadian businesses with the tools they need to support their sustainability efforts.”

One such partnership is HSBC’s support for the Climate Smart program.

Ms. Dujmovic says that this program “leverages the network of the Canadian Chambers of Commerce and Boards of Trade to help train small and medium-sized businesses on how to manage and reduce their greenhouse gas emissions.”

Through HSBC’s partnership, companies in Canada’s major markets are eligible for up to a CAD1,000 discount on the cost of the Climate Smart training and certification program. It’s estimated that HSBC’s support will eliminate 8,400 tonnes of CO2e – the equivalent of taking nearly 1,800 passenger vehicles off the road for one year.

Learn more about the Climate Smart program and registration costs.

This is just one of HSBC’s many investments in initiatives – both here in Canada and internationally – that are helping businesses make the transition to a competitive, prosperous and sustainable future.

For more information on the sustainability resources, partnerships and business practices that are essential to your organization’s long-term prosperity, contact your Relationship Manager today.

Learn more about HSBC’s leadership in sustainable finance.

Disclaimers

The information presented is not meant to be comprehensive and does not constitute financial, legal, tax or other professional advice. You should not act upon the information contained in this document without first obtaining specific professional advice. While reasonable care has been taken in preparing this document, HSBC does not make any guarantee, representation or warranty (express or implied) as to its accuracy or completeness. The information presented in this document is subject to change without notice.
Certain of the products and services offered by HSBC and its subsidiaries and affiliates are subject to credit adjudication and approval. This document does not constitute an offer to provide the services and products described and the provision of such services and products remains subject to contract.
Issued by HSBC Bank Canada ("HSBC")

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