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EMISSIONS: Firms Must Focus on Scope 3 Emissions Cuts to Derisk: HSBC

EMISSIONS
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Companies could reduce risk and cost by lowering emissions in their supply chains, with the costs of the impact of climate change three times higher than mitigating the impact, HSBC said, cited by Bloomberg.

  • Despite the increased risks from climate change only 8% of companies are targeting emission cuts in their supply chains, HSBC added.
  • Companies must “consider climate risk and the associated financial, and environmental benefits to addressing supply change emissions solutions,” head of global trade solutions at HSBC Marissa Adams said.
  • Companies that reduce scope 3 emissions saved around $13.6bn in 2023 and if all 23,000 companies that disclosed data this number would of be at $165bn.
  • Companies have cut around 43mn/t CO2e via Scope 3 emissions but there is potential for a further 193mn/t CO2e
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Companies could reduce risk and cost by lowering emissions in their supply chains, with the costs of the impact of climate change three times higher than mitigating the impact, HSBC said, cited by Bloomberg.

  • Despite the increased risks from climate change only 8% of companies are targeting emission cuts in their supply chains, HSBC added.
  • Companies must “consider climate risk and the associated financial, and environmental benefits to addressing supply change emissions solutions,” head of global trade solutions at HSBC Marissa Adams said.
  • Companies that reduce scope 3 emissions saved around $13.6bn in 2023 and if all 23,000 companies that disclosed data this number would of be at $165bn.
  • Companies have cut around 43mn/t CO2e via Scope 3 emissions but there is potential for a further 193mn/t CO2e