LONDON (Reuters) – HSBC, Europe’s biggest bank by assets, said on Wednesday it was pushing back its emissions-reduction goal to mid-century, as the real economy was moving too slowly to net zero, and would look to review its lending targets and policies.
The lender said it now expects to record a 40% drop in emissions across its operations, business travel and supply chain by 2030, after previously planning to reach net-zero across its business with the help of carbon credits.
The bank, in its annual report, said it had limited influence on companies, with issues including technological advancements, market demand and effective policy all influencing the pace of change in the real economy.
(Reporting by Simon Jessop and Tommy Wilkes; Editing by Bernadette Baum)
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