Commercial, GHG Emissions - March 17, 2022
HSBC Sets 2050 Net Zero Goals
HSBC Holdings plc has outlined three steps to turn its net zero ambition for its portfolio of clients into business transformation across the bank.
The bank expects to lower the financed emissions of its portfolio to help meet its net zero by 2050 goal. In 2022 the bank will update its broader financing and investment policies critical to achieving the goal.
The three steps include:
- Publication of a bank-wide Climate Transition Plan in 2023 that will explain how HSBC will implement its net zero ambition and will bring together HSBC’s climate strategy and 2030 and 2050 science-based targets.
- A science-aligned phase-down of fossil fuel finance.
- Commit to phase down financing of fossil fuels and builds upon recent announcements, including the new thermal coal financing phase-out policy which is now being implemented.
- Support clients in the energy sector who take an active role in the energy transition.
- Finance the energy transition which includes client-specific plans.
“HSBC understands that the sudden energy crisis that the world finds itself in will necessitate actions in the short-term around energy security,” said Group Chief Sustainability Officer Dr. Celine Herweijer in a statement. “Our clients, like us, are operating in this new reality, but the longer-term imperative over the coming decades to transform business models for a net zero future remains unchanged. If anything, the current crisis should galvanize the need to supercharge investment into the clean energy transition. We believe we can have the biggest impact on climate action by actively engaging our clients on their transition, focusing on the need for robust and credible transition plans, and by providing the financing and advisory solutions that help unlock the investments needed.”
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