- Green Banking
As a major manufacturer of glass containers, Vidrala supplies some of Europe’s most well-known food and beverage brands with packaging materials for their products. The company has made a strong commitment to sustainability and is seeking to make a large impact, both in its own sector and in the wider world. In 2020, Vidrala was one of the first companies in Europe to invest in HSBC’s Green Deposits Scheme.
Vidrala is a consumer packaging and logistics company that makes glass containers for food and beverages. The company also offers a range of packaging services that include logistic solutions and beverage filling. It was founded in 1965 and is headquartered in Llodio, Spain.
Vidrala has become the leading glass container manufacturer in Spain, producing more than 10 million bottles and jars per year, with an annual revenue of EUR 1,010 million for FY2019.
Vidrala is committed to sustainability and believes that glass is one of the most sustainable packaging materials available. Glass is 100% recyclable and manufactured from widely available natural resources through non-polluting production processes. As the world has become more conscious of consumption habits and packaging has come under scrutiny, Vidrala has seized the opportunity to provide more sustainable packaging options.
The packaging industry is critical to achieving a circular economy in Europe – currently the industry has a recycling rate of 76% and the goal is to reach 90% by 2030. Additionally, Vidrala is committed to supporting the achievement of the UN Sustainable Development Goals, with a particular focus on affordable and clean energy, decent work and economic growth, responsible consumption and production, climate action and partnerships to reach these goals.
While Vidrala has been at the forefront of boosting sustainability in its own sector, the company is looking for opportunities to make an even greater impact – beyond its industry.
This was when Vidrala learned about the HSBC Green Deposits scheme, which is designed to finance environmentally sustainable projects. The company has invested an initial sum of £5 million from its UK subsidiary Encirc. As a leading sustainable packaging manufacturer, more than 80% of Encirc’s customers cite the company’s sustainability credentials as a key benefit for them.
HSBC is committed to supporting businesses as they develop and grow their sustainability ethos. The HSBC Green Deposits scheme aligns with Encirc’s climate strategy and we look forward to seeing how this investment allows various green projects to benefit in the future.|
Interest from Vidrala’s investment in the Green Deposits Scheme is being used to finance environmentally beneficial projects and initiatives focused on renewable energy, energy efficiency, pollution control, and biodiversity conservation. The deposit is linked to a reference rate and provides options both to capitalize and to withdraw partially or fully, with capital withdrawal subject to a 31-day notice period. It can also be integrated into other HSBC cash products.
As part of the Green Deposits account, Vidrala will receive a quarterly, portfolio-level review of how its deposits have been distributed across different sustainable projects. As of 30 September 2020, the funds have been invested predominantly in projects promoting renewable energy.
We are delighted that our investment in the HSBC Green Deposits scheme will allow us to support environmental projects that aren’t directly related to our industry while we continue to boost sustainability in our own sector.|
HSBC is committed to the goal of building a net-zero global economy through finance. As part of this ambition, the bank has committed to becoming net zero, in its own operations and supply chain, by 2030.
Since its beginning in 1865, HSBC has opened up opportunities for its customers, communities, and wider society. HSBC is committed to building and enabling communities and economies that thrive on sustainable ecosystems. The HSBC Green Deposits scheme does just that; it provides customers with the opportunity to invest their surplus cash balances as they deliver on their sustainability commitments – a unique solution in Europe.
HSBC is committed to building a future that prioritizes resilience, social mobility and the environment alongside economic growth. How can we help you? Find out more about the HSBC Green Deposits Scheme today.