Note that certain products and services provided by an HSBC Group Member may have their own terms and conditions, which constitute the legal agreement between you and that HSBC Group Member. You should read these Terms and Conditions carefully before purchasing the product or service from that HSBC Group Member. Links to third-party downloadable software sites are simple and we are not responsible or responsible for any difficulties or consequences of downloading such software. You are responsible for obtaining all necessary permissions to use this software and we do not give any license or implied warranty as to the receipt or use of this software. Adam McGibbon, an energy finance activist at Market Forces, said the proposals represented “zero ambitions, not zero net ambitions.” In a statement, the bank said it would also “intensify our support to customers in order to move to more sustainable business methods.” The bank and a number of its colleagues are under increasing pressure from shareholders and activists who say they are further harming the environment by financially supporting certain projects. According to the Banking on Climate Change report, HSBC is Europe`s second largest financier of fossil fuels. Make domestic and international payments with real-time exchange rates HSBC is the latest bank to commit to net-zero financed issuance and announced on Monday that it plans to align its portfolio of investment and external financing with global climate goals by mid-century. Ben Caldecott, director of the Oxford Sustainable Finance Program and COP26`s strategic advisor for finance, hailed the announcement as a “big thing” and noted that HSBC faced particular challenges as it was more exposed in emerging markets than many of its competitors. Esmé van Herwijnen, Senior Responsible Investment Analyst at Edentree Investment Management, commented: “I think this is a big step forward, but it lacks some details.
A net-zero target for a global bank like HSBC is positive, but any net-zero target should start by focusing on stopping funding for projects using fossil fuels and other environmentally destructive industries, in order to avoid and reduce emissions instead of simply seeking to offset or offset the emissions financed. It is not yet clear which option HSBC will favour and whether preventing fossil fuel financing will be a key part of this commitment. The testimony still leaves many questions unanswered today. CEO Quinn told Reuters the company will extend its capital-market-focused carbon transitions to its financing, asset management, corporate and personal businesses. Elsewhere, the news sparked a comfortable reaction, with a number of environmental activists calling the pledge a “vacuum” due to a lack of timelines to support fossil fuel companies and companies responsible for deforestation. These Terms and Conditions of Sale shall be governed by and construed in accordance with the laws of England and Wales. The courts of England and Wales shall have non-exclusive jurisdiction over any dispute that may arise in connection with the terms and conditions of sale or the use of this website. Full balance sheet and transaction reports for UK and global accounts Please note that the value of investments and the income derived from them may vary and an investor may not recover the amount originally invested. .