HSBC has launched its Net Zero Transition Plan, providing an overview of how it plans to be a net-zero bank by 2050.

The report attached to the plan acknowledges that HSBC is starting from a point of a ‘heavy financed emissions footprint’ and understands that its transition to net-zero will be ‘complex’, with markets and sectors ‘moving at different speeds’.

In 2020, HSBC set out to align their financing portfolio to net-zero by 2050 and achieve net-zero in their operations and supply chain by 2030. The new plan sets out ways that it will help its customers decarbonise and transform their businesses whilst also providing ways to finance new net-zero companies, aiming to provide $750 bn to $1tr in sustainable finance and investment by 2030.

However, the plan sets out how HSBC needs to support its customers ‘not just with finance, but with the services, insights and tools they need to transition.’

Celine Herweijer, group chief sustainability officer at HSBC said: “We are present in the regions, the markets and the sectors that arguably make the biggest impact in terms of future emissions. We have an opportunity to support them to make the transition and catalyse the new economy, following the science and leveraging our entrepreneurial spirit.”

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