ESG & Investing
HSBC Delays Green Targets Citing Slow Progress in Wider Economy
- Bank had previously aimed to zero out some emissions by 2030
- Current pace of global decarbonization is slower than expected
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HSBC Holdings Plc said it needs to walk back some of its earlier emissions goals as it responds to the slow pace of decarbonization in the wider economy.
Emissions reductions targets for its operations that were initially set for 2030 have now been pushed back to 2050, HSBC said in connection with its fourth-quarter results on Wednesday. The bank also said it’s now reviewing the targets it set to reduce the emissions associated with its lending to seven high-carbon sectors.