There are obviously concerns over the huge transition challenges ahead, but more and more firms are keen to get started.
We are committed to helping our clients on this journey. We’ve pledged to move our own operations and, crucially, our financing portfolio to a net zero footing by 2050. We’ll also provide between USD750 billion and USD1 trillion of sustainable financing and investment towards the transition by the end of this decade.
Investment is key. The easiest way for HSBC to become a net zero bank would be to step away from heavy-emitting clients. But we think that would be the wrong move. It would damage economic growth, hurt many of the communities we exist to serve, and, crucially, mean we couldn’t help those customers to reduce their emissions.
The best way forward is to provide all our clients with the means to make their transition as swiftly and as fairly as possible.
We also want to expand the range of sustainable financing products we offer. Marine de Bazelaire, HSBC’s Head of Sustainability for Continental Europe, led a fantastic panel focusing on the importance of using financial innovation to protect biodiversity.