Overview
- HSBC published an updated Net Zero Transition Plan that replaces single 2030 financed‑emissions targets with ranges tied to the IEA’s 2024 scenarios.
- For oil and gas clients, the bank now targets a 14%–30% reduction in financed emissions by 2030 from a 2019 baseline.
- HSBC reaffirmed a 2050 net‑zero goal for its financed portfolio and said it remains on track to provide or facilitate $750 billion to $1 trillion in sustainable finance by 2030.
- Chief sustainability officer Julian Wentzel said fossil‑fuel financing could increase in absolute terms but will decline materially as a share of HSBC’s total energy allocation.
- The reset follows a review that earlier dropped a 2030 operational net‑zero pledge and aligns with a broader retrenchment by lenders discussed around COP30.