HSBC Bank Taiwan Ltd (匯豐台灣商銀) said it has accepted green deposits totaling NT$30 million (US$1.06 million) from Chang Chun Group (長春集團), TSRC Corp (台橡) and Powertech Technology Inc (PTI, 力成科技), which it would use to finance environmentally friendly projects.
The bank accepted its first green deposits from a corporate clients in January, but it did not reveal the client nor the amount of the deposit, only saying that the depositor is a listed major local business.
Unlike regular deposits, whose funds could be used by banks to create any type of loan, green deposits have strict limits regarding the use of the funds, including that they can only be used for green projects such as renewable energy projects, energy efficiency upgrades and improvements to sustainable waste management, HSBS Bank Taiwan said.
It would routinely report how it deploys the green deposits and its activity is supervised by PricewaterhouseCoopers Taiwan (資誠聯合會計師事務所), a third-party institution, the bank said.
“Green deposits are products that are fit for the companies which prefer to invest capital in environmental projects instead of in the stock market,” HSBC Bank Taiwan said.
The three firms to make the deposits said in a statement on Tuesday that they are glad that they could finance green projects.
The deposits signal their determination to protect the environment, the statement said.
Chang Chun Group, a petrochemical conglomerate, and TSRC, a manufacturer of synthetic rubber, said that they are working to develop more efficient production methods, while PTI, a memorychip packaging and testing service provider, said it has short-term and long-term sustainable development plans.
DBS Bank Taiwan (星展台灣), the local unit of Singapore-based DBS Group Holdings Ltd, in January also launched a green deposit program, with a minimum deposit of NT$15 million.
Neither bank has said whether it offers higher interest rates for green depositors.
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