HSBC is the latest bank to aim for carbon neutrality by 2050 - Front Page Live

HSBC is the latest bank to aim for carbon neutrality by 2050

HSBC is the latest bank to aim for carbon neutrality by 2050

Dennis Sylvester Hurd / Flickr / CC BY 2.0

HSBC, Europe’s largest bank and second-largest fossil fuel financier, said Friday it will seek to achieve net zero carbon pollution across its client portfolio by 2050, and across its own operations and supply chain by 2030.

The move comes after JPMorgan Chase announced earlier in the week it would target net zero carbon pollution for its financing portfolio by 2050, and a similar pledge from Morgan Stanley in September. Responding to the climate news from JPMorgan this week, Rockefeller heirs — whose wealth descends from John D. Rockefeller Sr.’s eventually trust-busted Standard Oil — published an op-ed in the New York Times calling on JPMorgan to institute specific plans and timelines to end support for fossil fuels.

The Rockefeller scions seek to leverage their family’s wealth and network to push banks to end support for fossil fuels. Like JPMorgan, HSBC has come under sustained pressure from environmental groups.

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