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.
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.
"There's no way that you can move to a net-zero economy by 2050 if you have intensity-based metrics in the energy sector," Herweijer told Reuters. Herweijer said this target was intensity-based, rather than absolute, because electricity consumption globally would need to rise during the transition to a lower-carbon economy.Scenario, which Herweijer said was the hardest to meet but "doable".
While focused on helping clients to plan, those who did not risked losing access to finance, Herweijer said, adding that a major challenge is the variability in emission disclosures.
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