HSBC draws criticism despite net zero pledge

摘要

HSBC has attracted criticism following its recent announcement that it will align the CO2 emissions of the companies that it is financing with the Paris Agreement goal to achieve net zero emissions by 2050 or sooner. The bank provided up to US$1.8bn in five bond and loan deals for companies involved in the construction of new coal, tar sands and oil and gas infrastructure and an offshore oil and gas project in the four months running up to its net zero announcement, according to non-profit ShareAction. "It casts serious doubt over the credibility of HSBC's climate commitments, given that phasing-out financing of fossil fuels is an absolute must for any net-zero strategy," said ShareAction's senior campaign manager Jeanne Martin. HSBC said it was expanding its capital markets-focused carbon transition policies to all of its activities across financing, asset management, and corporate and retail banking. "What we have given the market is an ambition that our total financing by 2050 will be net zero, that is a far bigger prize or goal than picking a sub-segment of our portfolio," chief executive Noel Quinn said.