(Wednesday 21st 2024) Reacting to the publication of HSBC’s annual report today, Jeanne Martin, Head of Banking Programme at ShareAction said:

“We welcome HSBC’s decision to report on all of the emissions that come from the financing it helps clients raise through bonds or share issues. However, the bank is only including a third of these emissions in some of its decarbonisation targets for cutting down its climate impact. This is a missed opportunity for the bank to show it is serious about its green credentials and meeting its own net zero goal. The bank needs to set ambitious targets and stick to them to prevent catastrophic global warming that puts people and planet at risk.”

Notes to editors

HSBC reported on its facilitated emissions using a 100% weighting in 2022, following a resolution filed by ShareAction and a coalition of investors.