HSBC says it will target net zero carbon emissions across its customer base by 2050
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, Chief Executive Noel Quinn told Reuters.
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.
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.
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