HSBC today announced the rollout of sustainable payment cards made from 85% recycled plastic in Sri Lanka. The new cards, with a vertical design, will be initially issued to HSBC’s Premier customers in April and subsequently to all other credit/debit card customers, later this year.
The rollout is part of a new programme launched by the bank to introduce sustainable payment cards across all its global locations. By the end of 2026 HSBC will eliminate single-use PVC plastic, in favour of recycled PVC plastic (rPVC).
The programme – which includes HSBC’s debit, credit and commercial cards – is part of the bank’s strategy to reduce its carbon emissions and achieve net zero in its operations and supply chain by 2030 or sooner.
Working with global cards manufacturer IDEMIA, the bank will introduce new cards gradually across its locations. Rollout started in Malaysia in January 2021, and will continue in Sri Lanka this month; followed by the UK this summer. It will then extend across further countries and markets by the end of 2021, including Australia, Canada, Indonesia, Macau, Mexico, Singapore, UAE and US.
Based on the current volume of cards issued by HSBC globally per year (23m), the move to rPVC will reduce CO2 emissions by 161 tonnes a year. Each card will also reduce plastic waste – 73 tonnes per year, that’s the weight of over 40 cars.