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HSBC targets net zero emissions by 2050, earmarks $1 trln green financing
(Reuters, 9 Oct 2020) The bank has come under pressure from activists and shareholders who say it is contributing to climate change by financing fossil fuel projects.
HSBC will target net zero carbon emissions across its entire customer base by 2050 at the latest, and provide between $750 billion and $1 trillion in financing to help clients make the transition, Chief Executive Noel Quinn told Reuters.
The pledge is the strongest statement by Europe's biggest bank on climate change to date, although it met with criticism from some environmental groups for not taking more immediate action to curb its fossil fuel financing.
"COVID has been a wake-up call to us all, including me personally. We have seen how fragile the global economy is to a major event, in this case a health event, and it brings home the reality of what a major climate event could do," Quinn told Reuters in a video interview.
HSBC aims to achieve net zero emissions in its own operations by 2030, he added.
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