Bahrain is HSBC Group’s newest market for transferring to rPVC cards
Manama: HSBC Bahrain has announced that this is the newest activity in the Group’s global programme to implement sustainable payment cards and single-use PVC plastic by the end of 2026, in favour of recycled PVC plastic (cRVV).
The program, which sees HSBC’s debit, credit and advertising cards as being made from more sustainable VPCs, is a component of the bank’s strategy to reduce its carbon emissions and net 0 in its operations and supply chain through 2030 or earlier.
Based on the existing volume of cards issued through HSBC consistent with the year (23 million), the switch to the VPN will generate CO2 emissions of up to 161 tonnes consistent with the year. This will also generate plastic waste: 73 tons consistent with the year; the weight of more than 40 cars.
Ali Khunji, Head of Wealth and Personal Banking and Global Private Banking in Bahrain, said: “This is a positive next step for us at HSBC Bahrain in HSBC’s adventure towards network 0 in its own operations until 2030. The personal sector has an important role to play in reducing global carbon emissions and it is imperative that we act now to build a sustainable future.
“The move to HSBC’s global and local VPSC ambition to build a bleakly rich and resilient future, and is a component of the bank’s transition to net-zero business,” Ali said. “In Bahrain, we have implemented a number of projects to our own operations in their transition, of which solar parking is the ultimate vital development. We continue to invest in small and large-scale projects to achieve this ambition effectively,” Ali added.
Global studies conducted for HSBC through Mintel found that the majority (77%) of consumers agree that “financial services companies have a critical role to play in creating a more sustainable society”; when it comes to their appetite for payment cards made with sustainable materials, more than two-thirds (67%) showed strong interest. A separate global survey, conducted for IDEMIA through Dentsu Data Labs, found that the majority of people (92%) believe their bank actively helps save the planet; and a majority (87%) expect their banks to offer green cards.
Amanda Gourbault, Executive Vice President of Financial Institutions at IDEMIA, said: “IDEMIA is proud to be a long-term global component of HSBC and to contribute to its sustainability goals with our GREENPAY solution, which is part of our portfolio of sustainable responses for monetary institutions. We fully meet HSBC’s Sustainability Goals– we believe bank cards deserve not to be expensive, and we look forward to working with HSBC as it migrates its global card portfolio to rPVC. Urgent upheavals in our modern world. Migrating to recycled plastic also saves energy, limits oil intake and reduces greenhouse gas emissions, to help mitigate global warming and reduce air pollution.
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Media inquiries to: Greta Madgwick greta. madgwick@hsbc. com
By the fourth quarter of 2026, payment cards issued through HSBC will be transferred from single-use PVC plastic to recycled PVC plastic; starting with 85% VPS in the first part of 2021 and expanding to one hundred percent VPCC later in the year; this includes debit, credit and advertising cards.
HSBC is the first bank associated with IDEMIA to implement rPVC cards. The majority (99%) of HSBC payment cards are produced through IDEMIA.
HSBC recently delivers 23 million international payment cards per year to consumers in 52 countries/markets.
All carbon and plastic savings are based on cards made with 85% VPN from commercial waste. Compared to a popular PVC plastic card, the rPVC card will save 7 g of carbon and 3. 18 g of plastic (source: IDEMIA).
Research methodology:
Replacement cards refer to cards that are to be reissued when they are lost or stolen.
HSBC in the MENAT region
HSBC is the largest foreign banking organization with maximum representation in the Middle East, North Africa and Turkey (MENAT), with a presence in countries in the region: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Turkey and the United Arab Emirates. In Saudi Arabia, HSBC is a 31% shareholder in Saudi British Bank (SABB) and a 51% shareholder in HSBC Saudi Arabia for investment banking in the Kingdom. In the MENAT region, HSBC had assets worth US$71 billion as of December 31, 2021.
About IDEMIA
IDEMIA is the world leader in Augmented Identity. It provides a trusted environment for citizens and consumers to perform their critical activities (such as paying, connecting and traveling), whether in the physical or virtual space. It provides Augmented Identity to global consumers in the finance, telecommunications, identity, public protection and IoT industries. With just about 15,000 workers worldwide, it serves consumers in 180 countries. More information: www. idemia. com.
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