Overview

• HSBC has pushed back its goal to achieve net zero emissions across its operations, travel, and supply chain from 2030 to 2050, citing slower-than-expected progress in decarbonization efforts.
• The bank plans to reduce emissions by 40% by 2030 but acknowledges reliance on carbon offsets to meet interim targets.
• A review of HSBC's 2030 financed emissions targets is underway, with results expected later this year, as the bank highlights external factors like policy lags and technological limitations affecting progress.
• CEO Georges Elhedery's new bonus plan reduces the weight of environmental targets and focuses solely on the bank's own emissions, excluding client-related emissions due to tracking difficulties.
• HSBC remains a member of the Net Zero Banking Alliance, even as several major U.S. banks have exited the group amidst shifting climate policies.