HSBC to align its portfolio of financed emissions to the Paris Agreement goal to achieve net zero by 2050
HSBC announced an ambitious plan to prioritise financing and investment that supports the transition to a net zero global economy, citing a landmark opportunity to build a thriving, resilient future for society and businesses.
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The bank is committing to align its financed emissions – the carbon emissions of its portfolio of customers – to the Paris Agreement goal to achieve net zero by 2050 or sooner. HSBC has both the scale and global reach to play a leading role in guiding its customers through this transition and helping them to achieve this ambitious goal. The bank also aims to be net zero in its operations and supply chain by 2030.
HSBC pledged to work with its customers in all sectors to develop tailored solutions to reduce emissions. The bank will increasingly prioritise financing and investment that contributes to the low carbon transition and will apply a climate lens to financing decisions. HSBC’s ambition is to support customers with between USD750bn and USD1 trillion of finance and investment by 2030 to help with their transition.
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To achieve this ambition, HSBC aims to:
- Align its business activities to the goals of the Paris Agreement and a pathway to net zero by 2050 or sooner
- Enhance its support for customers in their transition to low carbon, providing dedicated financing support and advice for their unique transition journeys
- Unlock new climate solutions by creating one of the world’s leading natural capital managers, creating a USD100m venture debt fund for CleanTech innovation, and launching a philanthropic programme to donate USD100m to bring new solutions to viability and scale
- Work in partnership with its peers, customers, regulators, governments and wider society to effect change across the financial system
HSBC is well-established as a leading player in the transition to a low carbon economy. In 2017, the bank committed USD100bn of sustainable finance by 2025, and has since launched a number of award-winning products, and been recognised as a leading bank for sustainable finance. However, the bank recognises that achieving the Paris Agreement goal will require extra effort, at a faster pace, and plans to use its scale and global reach to seek to accelerate the transition to net zero.
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