HSBC Pledges Green Finance for Net-Zero Client Emissions by 2050

HSBC Holdings Plc will aim to reach a net-zero carbon client portfolio by 2050 in a step to align its business activities to the goals of the Paris climate agreement.

The London-based bank, which has previously come under fire for financing harmful environmental activity, also pledged to provide as much as $1 trillion over the next decade to assist customers in reducing their carbon emissions. It’s also committed to achieving net-zero emissions in its own operations and supply chain by 2030.

“As we enter a pivotal decade of change, we have a landmark opportunity to accelerate our efforts to build a healthier, more resilient and more sustainable future,” HSBC Chief Executive Officer Noel Quinn said in a statement. “Our net-zero ambition represents a material step up in our support for customers as we collectively work towards building a thriving low carbon economy.”

HSBC follows JP Morgan Chase & Co.’s announcement on Tuesday that the U.S. bank is setting climate targets for its financing portfolio and planning a net-zero carbon footprint for its own operations. Morgan Stanley said in September that it plans to eliminate net emissions from its financing activities by 2050.