‘Profoundly irresponsible’: HSBC updates climate transition plan with looser sector-specific targets
The bank has changed sector-specific financed emissions targets from fixed targets to ranges.
HSBC has updated its climate transition plan and shifted from fixed goals to target ranges for sector-specific financed emissions targets – a move seen as a backtrack by climate-conscious investors.
The bank published its first net zero transition plan in January 2024, at a time of accelerating climate commitment from the financial sector. But since then, HSBC along with most global banks have left the Net Zero Banking Alliance (NZBA), leading it to stop operations, and many have revised their targets downwards – including HSBC itself.
