Tuesday 13th October, 2020
HSBC has set out its plans in the fight against climate change. The bank aims towards net zero carbon emissions across its entire customer base by 2050 and provide between USD 750 billion and USD 1 trillion in financing transition.
The pledge is a strong statement by the bank on climate change, although it met with criticism from some environmental groups for not taking more immediate action to curb its fossil fuel financing. HSBC aims to achieve net zero emissions in its own operations by 2030, as stated by HSBC staff, quoted by Reuters.
While other UK banks such as NatWest have already set similar net zero goals, HSBC’s aim to achieve it across its Asia-focused client base is one of the most significant pledges made by a global lender to date. However, the bank will be closely watched for how quickly and fully it pursues its new goals, which are mainly stated as aims rather than hard commitments.