HSBC has pledged to prioritize financing and investment that support the transition to a net zero global economy, noting that it has the scale and reach to play a leading role in helping clients to achieve the ambitious goal.

In a statement issued on Friday (October 9), the bank said it is aligning its financed emissions – the carbon emissions of its portfolio of customers – to the Paris Agreement goal to achieve net zero by 2050 or sooner.  It also aims to be net zero in its operations and supply chain by 2030.

To achieve this, HSBC says it will provide between US$750 billion and US$1 trillion of finance and investment by 2030 to help customers with their transition. The bank also seeks to unlock new climate solutions by creating one of the world’s leading natural capital managers, establishing a US$100 million venture debt fund for CleanTech innovation, and launching a philanthropic programme to donate US$100 million to bring new solutions to viability and scale.

The plan also includes collaborating with peers, customers, regulators, governments and wider society to effect change across the financial system.

Says group chief executive Noel Quinn: “HSBC has long been committed to opening up opportunities for our customers and the communities we serve. As we enter a pivotal decade of change, we have a landmark opportunity to accelerate our efforts to build a healthier, more resilient and more sustainable future. Our net zero ambition represents a material step up in our support for customers as we collectively work towards building a thriving low carbon economy.”