Largest European bank projects neutrality to 2050 and reduces emission cut expectations to 40% by 2030
HSBC (HSBA.L) announced on Wednesday (19.FEV.2025) that it will postpone its goal of zeroing carbon emissions from 2030 to 2050. The largest European bank said it expects to reduce only 40% of emissions in its operations, Business trips and supply chain by 2030.
The financial institution said it will revise the goals of loan emissions. The new target of 2050 aligns HSBC with other major banks, such as Goldman Sachs () and Barclays (Barc.L). The bank said it has a limited influence on technological advances, market demand and policies that affect the pace of change.
Change means a more moderate approach to oil and gas loans, with more flexible policies to understand different sectors, according to the bank.
HSBC also reported that the original goal considered the use of carbon credits to compensate for supply chain emissions, but this is not aligned with the recent guidelines of Science Based Targets Initiative, a group that evaluates corporate climate goals.
The change in the bank’s climate policy occurs after changes in its internal structure. The position of sustainability director was removed from the bank’s executive committee, a decision taken by CEO Georges Elhedery this month.
