HSBC sets target of 34% cut to emissions from oil and gas clients by 2030

HSBC aims to cut emissions associated with loans made to its oil and gas clients by 34% this decade, the bank’s sustainability chief told Reuters, marking the first time that Britain’s biggest lender has committed to such a target.

More than 100 banks have pledged to reach net zero carbon emissions by 2050 and are under pressure to provide details on the deep shorter-term cuts to “financed emissions” that are needed if banks are to have any chance of meeting their goal. “This is rewiring the way we make financing and investment decisions from here on in,” Group Chief Sustainability Officer Celine Herweijer said of HSBC’s 2030 targets.