Is a shift in the political climate encouraging companies to dilute net-zero emissions targets?
Europe’s biggest bank HSBC is abandoning its target of reaching net-zero carbon emissions across its business by 2030, compounding fears from climate campaigners that the biggest lenders are diluting their climate pledges.
HSBC has announced that it is currently aiming to reach the net-zero target 20 years later than planned, reported Reuters. The expected target year is 2050. The bank also expects to record a 40% drop in emissions across its operations, supply chains and other entities this decade.
The 2050 net-zero target has made HSBC’s climate pledges comparable to that of Goldman Sachs and Barclays. The London-headquartered lender said that it has realised its clients and suppliers had “seen more challenges” in cutting their carbon footprint than expected.
Climate campaigners fear that banks are seizing on a transition in the political climate, especially under US President Donald Trump, to dilute climate commitments. Keep an eye out for more updates on the climate crisis.
