HSBC will target net zero carbon emissions across its entire customer base by 2050 at the latest, and provide between US$750 billion and US$1 trillion in financing to help clients make the transition, its Chief Executive Noel Quinn told Reuters.
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.It will also face scrutiny on whether it has allowed itself leeway to continue financing some fossil fuel-linked clients, especially in developing markets.
"What we have given the market is an ambition that our total financing by 2050 will be net zero, that is a far bigger prize or goal than picking a sub-segment of our portfolio and saying 'I am not going to bank you' because that's not what the world needs," he said."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.
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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
European Parliament backs a 60 pct EU emissions-cutting target for 2030BRUSSELS (REUTERS) - The European Parliament on Tuesday (Oct 6) voted in favour of a legally binding target for the European Union to cut its greenhouse gas emissions by 60 per cent by 2030, against 1990 levels, according to vote results released on Wednesday (Oct 7).. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
EasyJet says pandemic causes annual loss of over US$1 billionBritish airline easyJet warned it would report a loss of as much as 845 million pounds (US$1.09 billion) in its last financial year, and said it ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
EasyJet says pandemic causes annual loss of over US$1 billionBritish airline easyJet warned it would report a loss of as much as 845 million pounds (US$1.09 billion) in its last financial year, and said it ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Former police officer charged in George Floyd's death released on US$1 million bailWASHINGTON (REUTERS) - Derek Chauvin, the former Minneapolis police officer charged with murdering George Floyd, has been released from a correctional facility after posting a US$1 million (S$1.3 million) bond, according to court records.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
EU tussle over climate change ambition heats up after parliament voteThe European Parliament on Tuesday voted in favour of a legally binding target for the European Union to cut its greenhouse gas emissions by 60per ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China funds targeting Ant IPO rake in US$9 billion from over 10 million investorsFive newly launched Chinese funds targeting Ant Group's upcoming mega stock listing raised 60 billion yuan (US$8.93 billion) cumulatively from ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »