HSBC delays net-zero emissions target by 20 years
Source: Reuters
HSBC delays net-zero emissions target by 20 years
Simon Jessop and Tommy Reggiori Wilkes
Wed, February 19, 2025 at 4:31 AM EST 3 min read
LONDON (Reuters) - HSBC is ditching its target of reaching net-zero carbon emissions across its business by 2030 because of slow change in the economy, the bank said on Wednesday, compounding fears from campaigners that the world's biggest lenders are rowing back on climate pledges.
Europe's biggest bank said it was now aiming to reach the net-zero target 20 years later than planned, by 2050, and it only expects to record a 40% drop in emissions across its operations, business travel and supply chains this decade.
It also announced an internal review of targets on emissions linked to its loans.
"I've had real world experience of working... with (clients). Through that experience, I understand some of the challenges they have had in their transition, and those challenges are acute," the bank's chief sustainability officer Julian Wentzel told Reuters following HSBC's full-year results.
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Read more: https://finance.yahoo.com/news/hsbc-pushes-back-climate-emissions-093138059.html