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Article

25 Jan 2016

Author:
Saabira Chaudhuri, NASDAQ

Walmart & HSBC discuss why responding to climate change responsibly is profitable at World Economic Forum

"Wal-Mart CEO: Responding to Climate Issues Boosts Profitability", 20 Jan 2016

Wal-Mart Stores Inc…Chief Executive Doug McMillon said being responsive to the issues linked to climate change makes for a more profitable business. Speaking at a panel discussion on the responsibility of business leaders regarding climate-change issues…as part of the World Economic Forum…Mr. McMillon…said Wal-Mart can make any number of decisions to reduce its environmental footprint…Wal-Mart in 2010 set environmental targets around using renewable energy, eliminating waste, and making product packaging more sustainable…Speaking as part of the same panel, Stuart Gulliver, the CEO of HSBC Holdings PLC (HSBC), said it is important for banks to work with fossil-fuel companies. Mining and oil-and-gas companies are major tax contributors to developing nations, while also contributing to employment and pensions, he said…He said green projects have a "vast" financing requirement in which banks can participate, and as the area develops, costs will inevitably fall. [Also refers to Johnson & Johnson.]

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