The world spent its entire natural resource budget for the year as of August 1st, 2018, according to Earth Overshoot Day
. This prompted HSBC
to release a statement
declaring that environmental efforts by companies and governments were inadequate given the alarming pace of climate change.
The multinational bank’s corporate social responsibility
initiatives focus heavily on projects in the field of environmental sustainability. Other companies are taking a similar shift in their CSR projects, gearing them more towards sustainability, with Forbes
citing this move as a major shift over the past year.