Asia-focused bank HSBC announced Friday that it aims to achieve net-zero carbon emissions across its investments by 2050, but campaigners accused it of falling short on tackling climate change.
“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 lender said in a statement.
Its target is 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”.
“The bank also aims to be net zero in its operations and supply chain by 2030.”
Europe’s biggest bank added that it has earmarked between $750 billion and $1.0 trillion of finance and investment to assist the transition.
CEO Noel Quinn called the 2020s a “pivotal decade of change” towards “a healthier, more resilient and more