HSBC has released its Net Zero Transition Plan, outlining a three-pronged strategy to achieve net zero emissions by 2050. The plan involves using HSBC’s strengths in financing, facilitation, and investment to support industries that contribute to decarbonization. The bank also plans to engage with clients on their sustainability needs and establish sectoral finance emissions targets. In addition, HSBC aims to transform itself by embedding net zero into its business and forming partnerships to drive system change.
HSBC highlights the importance of systemic change and its role in driving it. The bank operates in various sectors with partners at different stages of development, and therefore their net-zero and sustainability goals differ. Nevertheless, HSBC aims to support its partners in creating an enabling environment for climate action and investment, mobilize stakeholders to finance the transition, and engage employees, suppliers, and investors in the transition to a net zero future.
HSBC’s CEO, Noel Quinn, emphasizes the bank’s position as one of the world’s largest international banks, stating that it can support and finance the economic transformation needed to achieve net zero. Celine Herweijer, HSBC’s Chief Sustainability Officer, notes that the bank’s presence in regions, markets, and sectors with a significant impact on future emissions allows it to play a crucial role in supporting the transition and catalyzing the new economy.
In summary, HSBC’s Net Zero Transition Plan focuses on leveraging the bank’s strengths in financing and investment to support industries in decarbonization efforts. The plan also emphasizes the importance of systemic change and partnerships in achieving net zero emissions. HSBC aims to create an enabling environment for climate action, mobilize stakeholders, and transform itself to be fit for a net zero future.