HSBC to invest USD 1 tln in green financing by 2050, Reuters

Monday 12 October 2020 14:10 CET | News

UK-based bank HSBC has aimed towards net zero carbon emissions across its entire customer base by 2050 and provide between USD 750 billion and USD 1 trillion in financing transition.

The pledge is a strong statement by the Europe-based bank on climate change, although it met with criticism from some environmental groups for not taking more immediate action to curb its fossil fuel financing. HSBC aims to achieve net zero emissions in its own operations by 2030, as stated by HSBC staff, quoted by Reuters.

While other UK banks such as NatWest have already set similar net zero goals, HSBC’s aim to achieve it across its Asia-focused client base is one of the most significant pledges made by a global lender to date. However, the bank will be closely watched for how quickly and fully it pursues its new goals, which are mainly stated as aims rather than hard commitments.

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Keywords: HSBC, green financing, Reuters, zero carbon emissions, financing , climate change, Europe, Asia, NatWest, UK, banks, lender
Categories: Banking & Fintech
Countries: World
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Banking & Fintech