HSBC Loosens Net-Zero Goals in Updated Plan
London-based HSBC has softened its short-term goals for achieving net-zero carbon emissions amid an industry pullback on commitments.
HSBC will no longer aim to reach group-wide net-zero carbon emissions by 2030, according to the bank’s updated plan. It will also shift sector-specific financed emissions goals from fixed targets to target ranges, «in light of a review of current decarbonization rates, the latest scientific evidence and credible industry-specific net zero pathways». Its longer term goal of becoming a net-zero bank by 2050 remains unchanged.
«Our updated Net Zero Transition Plan combines our conviction about the opportunity and necessity of the net zero transition, with pragmatism about what delivering on our ambition in a dynamic world will take,» the bank said.
HSBC joins numerous other banking giants in a net-zero retreat in the midst of a US pullback under President Donald Trump, who withdrew from the Paris agreement for the second time. The British lender and other rivals, including J.P. Morgan, Citi and UBS, exited the Net-Zero Banking Alliance, which ultimately shut down in October.
