RIYADH: HSBC is seeking a 34 percent cut in oil and gas emissions for its loan portfolio by 2030 in support of climate action and sustainable growth, it said in a statement.
Through realigning its portfolio within the carbon-intensive oil and gas sector, the bank aims to reduce financed emissions in that sector from a 2019 baseline of 35.8 million tons of carbon dioxide equivalent.
For power and utilities' clients, the lender is targeting a reduction of 75 percent in emissions to 0.14 million tons by 2030.
This comes as HSBC is working on expanding financing for renewable sources, having recently pledged $100 million to fund green ventures.
“We are supporting clients to evolve their business models and replace old technology with new, greener alternatives,” said the group’s chief executive, Noel Quinn.
“We will request and review science-based client transition plans and use them as the basis for further engagement,” he added.
