Our updated plan<\/p>\n
The updated NZTP remains structured around three core implementation pillars: supporting our customers, embedding net zero into how we operate, and partnering for an enabling environment.<\/p>\n
Building on these foundations, the updated plan intensifies our efforts to be:<\/p>\n
Customer focused: Further aligning our strengths, capabilities and capital to customers\u2019 evolving transition needs
\n Commercial: Pursuing with greater clarity the growing opportunities the transition affords our customers, shareholders, and the economies we serve
\n Agile: Leveraging our simpler structure and responding pragmatically to a dynamic external environment<\/p>\n
To deliver on these priorities, key updates include:<\/p>\n
Corporate and Institutional Banking customers<\/p>\n
We\u2019ve launched a new joined-up commercial strategy to support Corporate and Institutional Banking customers\u2019 transition, focused on mobilising capital and our capabilities towards areas where customer demand and our real-economy impact are greatest.<\/p>\n
Targets review and update<\/p>\n
We\u2019ve updated interim sector-specific financed emissions targets from fixed targets to target ranges, in light of a review of current decarbonisation rates, the latest scientific evidence and credible industry-specific net zero pathways.<\/p>\n
Associated policies and metrics<\/p>\n
We\u2019ve published a new Sustainability Risk Policies Framework, providing a single, clearer overview of how we identify, evaluate and manage risks related to the delivery of our sustainability approach. We\u2019re also exploring additional new metrics, including a method calculating the ratio of financing for low-carbon energy supply relative to fossil fuels.<\/p>\n
Driven by greater clarity<\/p>\n
Consistent with our 2021 climate resolution, the approach is informed by and aligned with the goals of the Paris Agreement and seeks to balance ambition on net zero while remaining realistic and credible given global developments.<\/p>\n
\u201cOur updated Net Zero Transition Plan is driven by greater clarity about our customers\u2019 specific transition needs and the significant, growing commercial opportunities the transition affords them, our shareholders and the economies we serve,\u201d said Georges Elhedery, our Group CEO.<\/p>\n
\u201cWith our new plan, we are putting HSBC\u2019s strengths and simpler structure to work for our customers with even more intent: supporting today\u2019s economy to decarbonise, and enabling innovation, growth, and significant opportunity in the new economy, while continuing to make progress towards our own net zero ambitions and targets.\u201d<\/p>\n