Container glass manufacturer Vidrala has chosen to invest in HSBC UK’s Green Deposits scheme as part of the Spanish-based company’s ongoing commitment to support the fight against climate change.

The project will be set up by HSBC UK to use funds from glassmaker Encirc, a subsidiary of Vidrala.

Following a successful long-standing relationship between Vidrala and HSBC UK, the company will invest an initial sum of £5 million into the HSBC Green Deposits scheme.

The interest will then be used to finance environmentally progressive projects such as those focused on renewable energy, energy efficiency, pollution control, and biodiversity conservation.

The decision by Encirc to invest in the Green Deposits scheme signals the continued commitment to sustainability by both the Vidrala Group and Encirc.

Rory Clarke, Relationship Director at HSBC Northern Ireland, commented: “The HSBC Green Deposits scheme aligns to Encirc’s climate strategy and we look forward to seeing how this investment allows various green projects to benefit in the future.”

Fiacre O’Donnell, Director of Sustainability at Vidrala, added: “We pride ourselves on placing sustainability at the heart of our operations.

“As a business, we understand that we have a responsibility to invest in a greener future, which is why we are always looking to go the extra mile and find new ways to have a positive impact on the planet.

“We are delighted that our investments in HSBC’s Green Deposits scheme will allow us to support environmental projects that aren’t directly related to our industry while we continue to throw our support behind boosting sustainability in our own sector.”

As part of the Green Deposits account, Encirc will receive a quarterly, portfolio-level review of how its funds have been distributed across different sustainable projects.