HSBC Malta has enrolled in the Malta Business Bureau’s EU LIFE+ Investing in Water Project, a €330,000 project to reduce the water consumption of businesses and hotels through expert technical assistance in the development of water saving solutions.

As one of the outcomes of this 30-month initiative, being led by the Malta Business Bureau (MBB) together with the Malta Chamber of Commerce and the MHRA, HSBC Malta has undergone a comprehensive water audit to identify tailor-made solutions to further reduce the bank’s water consumption.

“We fully embrace the expertise being offered through the ‘Investing In Water’ project as instrumental assistance in HSBC Malta’s ongoing drive for more sustainable practices,” said HSBC Malta’s new Chief Operating Officer, Ranjit Gokarn. “We encourage other organisations inMaltato participate in this initiative and help ensure that future generations have the required quality and quantity of water.”

Over the last ten years, HSBC Malta has adopted numerous water-efficient technologies and practices so as to actively conserve water. “We make effective use of HSBC’s storm water reservoirs which, in 2011 alone, provided 950,000 litres of second class water,” explained Mr Gokarn. “Other examples of water saving methods implemented by the bank include the application of half-flush facilities in all of the WC cisterns installed over the past decade and, since 2007, the installation of water restrainers on all taps at HSBC’s main buildings, estimated to save up to 65% on water consumption.”

With only 40m³ of renewable fresh water per capita,Malta is recognised as one of the top ten countries worldwide for water scarcity. Over extraction of groundwater is also a serious problem.  The combined public and private extraction is estimated to result in 48% more groundwater extracted than is naturally replenished on a yearly basis, causing an increase in salinity of the remaining groundwater. In recognition of this, HSBC Malta has taken a stand to refrain from purchasing groundwater supplied by bowsers.

On a Group level, HSBC Group Chairman, Douglas Flint, recently announced the launch of the HSBC Water Programme, a new $100 million, five-year partnership with WWF, WaterAid and Earthwatch to tackle water risks in river basins; bring safe water and improved sanitation to over a million people; and raise awareness about the global water challenge.

More information about HSBC Malta’s Corporate Sustainability initiatives, including its water and energy saving strategies, is available on the ‘HSBC in the Community’ section of the Bank’s website at www.hsbc.com.mt

More information about the EU Life+ project is available at www.investinginwater.org