Oct 9, 2020

HSBC targets net zero carbon emissions by 2050

HSBC has become the latest global lender to commit to a target of net zero carbon emissions by 2050 and pledged as much as $1tn of support in the next decade to help its clients become more environmentally friendly. HSBC also said it aimed to be net zero in its own operations and supply chain by 2030. In response, HSBC reiterated at a press conference on Friday that it would not finance any new coal power stations but did not commit to divesting from companies or projects it backs at present. "This is a bank that owns stakes in companies seeking to build enough coal power plants to emit carbon emissions equivalent to 37 years of the UK's annual emissions," the group said in an email. HSBC did not respond to a request for further comment by press time.

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