C: Jose G. Ortega Castro – Unsplash

HSBC has pledged to achieve net-zero carbon emissions by 2050, and will aim to support its clients to make the transition towards net-zero operations in response to the goals of the Paris Climate Agreement.

On October 9th, the banking giant announced an ambitious plan for green finance that will provide between US$750 billion and US$1 trillion of financing and investment in ameliorating the carbon emissions from its portfolio of clients.

“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,” said Noel Quinn, CEO at HSBC. “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.”

In addition, HSBC also promised to reach net-zero carbon emissions in its operations and supply chain by 2030, demonstrating its ambition to be a leading role in green finance.

However, the giant’s plan might not go smoothly.

C: Kit Suman – Unsplash

HSBC, Europe’s largest bank, is the second biggest financial backer of fossil fuel-linked companies.

Such a client portfolio might pose a dilemma between its zero emissions plan and its reliance on the coal sector for HSBC, and whether there is any leeway allowed to continue investment in fossil fuel clients and other environmentally harmful projects.

The London-based bank has also suffered growing pressure from activists, shareholders and politicians.

As a financial backer of fossil fuel companies, this factor has spurred the public’s condemnation of being an accomplice in climate change.

HSBC’s commitment to align its business activities to the goal is also criticized by campaigners for failing to make a firm standpoint.

Campaigners denounced HSBC’s plan for lacking credibility since the bank didn’t indicate a specific timeline for when it would begin to ease off aiding fossil fuel companies.

“A 550-word statement and not a single concrete commitment made by HSBC. This is zero ambition, not ‘Net Zero Ambition,’ commented Adam McGibbon, UK energy finance Campaigner, at Market Forces.

Becky Jarvis, coordinator of Fund Our Future UK, said: “HSBC’s net-zero commitment is a bit like saying you’ll give up smoking by 2050, but continuing to buy a pack a week, or even smoking more.”

In fact, the banking giant’s step to net-zero emission is considered a laggard compared to its peers such as BNP Paribas, a leader in moves towards carbon reduction, and JPMorgan, the heavyweight bank that has expanded investment in clean energy.

Obviously, HSBC is in a tougher position and faces the public’s queries.

In order to rebuild trust among stakeholders, HSBC has clearly stated that it would employ “a climate lens” to decisions and apply the science-based Paris Agreement Carbon Transition Assessment Tool to track and report its progress.

Besides the astronomical investment in guiding its clients to move towards low carbon economy, HSBC also targets the boosting of investment in clean technology and subsidizing climate innovation ventures and renewable energy sources, in line with its previous announcement.

240 comments
  1. Pingback: MKsOrb
  2. Pingback: Best WordPress
  3. Pingback: Reba Fleurantin
  4. Pingback: Reba Fleurantin
  5. Pingback: Cory Chase
  6. Pingback: Click Here
  7. Pingback: Click Here
  8. Pingback: Click Here
  9. Pingback: Click Here
  10. Pingback: Click Here
  11. Pingback: Click Here
  12. Pingback: Click Here
  13. Pingback: Click Here
  14. Pingback: Click Here
  15. Pingback: Click Here
  16. Pingback: Click Here
  17. Pingback: Click Here
  18. Pingback: Click Here
  19. Pingback: Click Here
  20. Pingback: no code robotics
  21. Pingback: Click Here
  22. Pingback: Click Here
  23. Pingback: Click Here
  24. Pingback: Click Here
  25. Pingback: Click Here
  26. Pingback: Click Here
  27. Pingback: Click Here
  28. Pingback: Click Here
  29. Pingback: Click Here
  30. Pingback: Click Here
  31. Pingback: Click Here
  32. Pingback: Click Here
  33. Pingback: Click Here
  34. Pingback: Click Here
  35. Pingback: Click Here
  36. Pingback: Click Here
  37. Pingback: Click Here
  38. Pingback: Click Here
  39. Pingback: Click Here
  40. Pingback: Click Here
  41. Pingback: Click Here
  42. Pingback: Click Here
  43. Pingback: Click Here
  44. Pingback: Click Here
  45. Pingback: Click Here
  46. Pingback: Click Here
  47. Pingback: Click Here
  48. Pingback: Click Here
  49. Pingback: Click Here
  50. Pingback: Click Here
  51. Pingback: Click Here
  52. Pingback: Click Here
  53. Pingback: Click Here
  54. Pingback: Click Here
  55. Pingback: Click Here
  56. Pingback: Click Here
  57. Pingback: Click Here
  58. Pingback: domain-name
  59. Pingback: start a business
  60. Pingback: Google reviews
  61. Pingback: 2023 Books
  62. Pingback: cemetery location
  63. Pingback: find a grave
  64. Pingback: IRA Empire
  65. Pingback: Academic programs
  66. Pingback: Accounting degree
  67. Pingback: الصيادلة
  68. Pingback: Vortex
  69. Pingback: engineering jobs
  70. Pingback: Cybersecurity
  71. Pingback: Resume Building
  72. Pingback: IT Professionals
  73. Pingback: Biochemistry
  74. Pingback: Biochemistry
  75. Pingback: Elective Courses
  76. Pingback: fue
  77. Pingback: fue
  78. Pingback: fue
  79. Pingback: binario luci led
  80. Pingback: Fiverr Earn
  81. Pingback: fiverrearn.com
  82. Pingback: fiverrearn.com
  83. Pingback: fiverrearn.com
  84. Pingback: french bulldog
  85. Pingback: fiverrearn.com
  86. Pingback: fiverrearn.com
  87. Pingback: designer dogs
  88. Pingback: jute vs sisal rug
  89. Pingback: SMM
  90. Pingback: blogging
  91. Pingback: Cash for phones
  92. Pingback: Pure copper ring
  93. Pingback: future university
  94. Pingback: future university
  95. Pingback: future university
  96. Pingback: slot nexus
  97. Pingback: future university
  98. Pingback: lean six sigma
  99. Pingback: Warranty
  100. Pingback: FUE
  101. Pingback: FUE
  102. Pingback: FUE
  103. Pingback: FUE
  104. Pingback: FiverrEarn
  105. Pingback: FiverrEarn
  106. Pingback: Fiverr.Com
  107. Pingback: FiverrEarn
  108. Pingback: FiverrEarn
  109. Pingback: FiverrEarn
  110. Pingback: pupuk terbaik
  111. Pingback: pupuk
  112. Pingback: partners
  113. Pingback: menorescue
  114. Pingback: qcharge supplement
  115. Pingback: kerassentials
  116. Pingback: Betting tips
  117. Pingback: FiverrEarn
  118. Pingback: FiverrEarn
  119. Pingback: live sex cams
  120. Pingback: live sex cams
  121. Pingback: live sex cams
  122. Pingback: FiverrEarn
  123. Pingback: FiverrEarn
  124. Pingback: cheap sex cams
  125. Pingback: live sex cams
  126. Pingback: live sex cams
  127. Pingback: live sex cams
  128. Pingback: rare breed-trigger
  129. Pingback: 늑대닷컴
  130. Pingback: Slot Olahraga
  131. Pingback: nang delivery
  132. Pingback: keylogger

Comments are closed.

You May Also Like

Fitness Club Shut Due To Coronavirus Fears

despite a requirement (for) self-quarantine … club member chose to visit the Yawei fitness club

Taiwan to Impose Health Declaration Forms on All Visitors

Those failing to accurately do so face a fine of up to NT$150,000

Despite Trade War, Taiwan Raises Economic Forecast For 2020

The ongoing US-China trade war seems to be impacting everyone, except perhaps…

In Taiwan, Southeast Asians Find Roots In A Bookstore

Humans often tend to create and sustain differences between each other. In…