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EMISSIONS: HSBC May Save $620mn On Climate Target Delay

EMISSIONS
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HSBC may save $620mn in carbon credits purchases over the next 25 years, after the bank delayed its net zero target from 2030 to 2050, it said, according to Bloomberg. 

  • Under the new target timeline, the bank needs an emissions offset budget of $910mn, down from $1.5bn previously envisaged under the 2030 net zero target.
  • HSBC will now need to offset 9mn ton CO2e through 2050, half the level under the 2030 target.
  • The bank now targets to reduce its total emissions by 40% vs 2019 levels by 2030.
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HSBC may save $620mn in carbon credits purchases over the next 25 years, after the bank delayed its net zero target from 2030 to 2050, it said, according to Bloomberg. 

  • Under the new target timeline, the bank needs an emissions offset budget of $910mn, down from $1.5bn previously envisaged under the 2030 net zero target.
  • HSBC will now need to offset 9mn ton CO2e through 2050, half the level under the 2030 target.
  • The bank now targets to reduce its total emissions by 40% vs 2019 levels by 2030.