HSBC will target net zero carbon emissions across its entire customer base by 2050 at the latest, and provide between $750 billion and $1 trillion in financing to help clients make the transition, its Chief Executive Noel Quinn told Reuters.
will target net zero carbon emissions across its entire customer base by 2050 at the latest, and provide between $750 billion and $1 trillion in financing to help clients make the transition, its Chief Executive Noel Quinn told Reuters.
“COVID has been a wake-up call to us all, including me personally, we have seen how fragile the global economy is to a major event, in this case a health event, and it brings home the reality of what a major climate event could do,” Quinn told Reuters in a video interview.While other UK banks such as NatWesthave already set similar net-zero goals, HSBC's aim to achieve it across its huge Asia-focused client base is one of the most significant pledges made by a global lender to date.
HSBC has come under increasing pressure from activists, shareholders and politicians who say it is contributing to climate change by financing fossil fuel and other environmentally harmful projects. “That industry or that customer may then just go to Bank X, Bank Y or Bank Z. They won’t have changed their business model.”Critics have said HSBC lagged peers in responding to the climate challenge and risked losing out to rivals such as BNP ParibasJPM.N
It gave no detail on plans to tighten its policy on lending to the coal industry - still a key driver of many Asian economies - in a move likely to anger campaigners. To help stakeholders track its journey to net zero, HSBC said it would use the science-based Paris Agreement Capital Transition Assessment tool and would report on progress regularly.
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