visimoney
TLDR:
HSBC has launched its Net Zero Transition Plan, a groundbreaking strategy that outlines the bank’s commitment to financing and supporting the transition to net zero. The plan involves reducing the carbon emissions of HSBC-financed clients and projects to net zero by 2050 or earlier. It also includes prioritising financing and investment in low-carbon transition projects, as well as embedding net zero across HSBC’s business operations. The bank has set a goal of supporting customers with $750m to $1bn in finance and investment by 2030 to aid their transition.
HSBC, one of the world’s largest international banks, has announced the launch of its first Net Zero Transition Plan. The plan is a follow-up to the bank’s initial 2050 net zero target set in 2020 and builds on the climate goals it has established over recent years. Its aim is to support the transition to net zero by reducing the carbon emissions of HSBC-financed clients and projects to net zero by 2050 or earlier. The plan also involves prioritising financing and investment in low-carbon transition projects and embedding net zero across HSBC’s business operations.
The Net Zero Transition Plan provides a thorough blueprint of how HSBC plans to achieve its climate ambitions. It focuses on using HSBC’s financing and investment decisions to support decarbonisation across sectors. The plan acknowledges the complexity of transitioning from a significant financed emissions footprint, particularly in emissions-heavy sectors such as oil & gas, power and utilities, and heavy industries. The plan also highlights HSBC’s commitment to collaborating with governments, regulators and the finance industry to shape standards and policies conducive to the net zero transition.
