Banking giant HSBC has pushed back its target to reach net zero by 20 years.
It has previously planned to hit the net zero goal for its own operations and supply chain by 2030 but has now pushed it back to 2050.
The bank now only expects a 40% drop in emissions across its operations, business travel and supply chains by 2030.
HSBC’s suggests it has made “good progress” in cutting Scope 1 and 2 emissions and is currently on track to deliver reductions of more than 90% by 2030 compared to its 2019 baseline.
It adds: “However, progress in reducing emissions in the Scope 3 supply chain component is proving slower than we anticipated. We currently expect a 40% emissions reduction across our operations, travel and supply chain by 2030 which would mean that we would need to rely heavily on carbon offsets to achieve net zero in our supply chain by 2030.
As such, we have revisited our ambition, taking into account latest best practice on carbon offsets. We are now focused on achieving net zero in our operations, travel and supply chain by 2050.”
HSBC also announced a review of its 2030 targets to reduced emissions caused by its financing of polluting companies.
