Post by account_disabled on Feb 20, 2024 3:25:21 GMT -5
In a statement released on October 9, the bank pledged to reach net zero across all of its own operations and supply chains by 2030, and to ensure that all projects it finances generate no net emissions by mid-century. To achieve this latter goal, HSBC will use the Paris Agreement Capital Transition Assessment Tool (PACTA) to develop a methodology for changing its portfolio. The tool was jointly developed by BBVA, BNP Paribas, ING, Standard Chartered and Societe Generale following a commitment at COP24 and was recently open sourced following initial testing. HSBC has not yet confirmed whether the path it takes will involve divestment from high-emitting sectors and companies. But it has pledged to provide between $750 billion and $1 trillion in funding to companies seeking to decarbonize their own operations or scale up net-zero solutions by 2030. Companies already in HSBC's portfolios, as well as new additions, are expected to receive support under this commitment. At least $100 million of this sum will be allocated to cleantech innovation companies. This particular facet of the plans has drawn the ire of environmental groups, who have pointed out that HSBC has allegedly provided $87 billion in financing to fossil fuel companies since 2015. The bank has also come under fire from investors for financing companies.
Coal and businesses with known links to deforestation in recent years. This net zero commitment is welcome, but if HSBC is serious about fighting the climate crisis then it must stop funding the expansion of fossil fuels and the destruction of forests now. Everything that is not like this is an ecological deception. Hana Heineken, principal activista de Rainforest Action Network. HSBC said it will publish more information on how it plans to meet its new targets in the coming months. In addition to the funding commitment, it has outlined plans to report in line with the Europe Cell Phone Number List recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and to encourage its business clients to follow suit. Land in sight! In related news, ING this week published a progress report on its efforts to align its €600 billion loan book with the Paris Agreement. The Dutch bank uses a methodology called 'Terra' to identify the highest emitting sectors in its portfolios and develop specific commitment and divestment objectives. Since the introduction of Terra in 2018, the bank has reduced its direct exposure to coal by 22% and pledged to reduce its financing of fossil fuel operations by a fifth by 2040. It has also increased its commitment to the companies it owns in the power generation, shipping, cement, steel, residential real estate, automotive, aviation and commercial real estate sectors.
Terra is, above all, a strategy based on inclusion ,” says the progress report. “ING believes we can achieve the greatest impact by supporting customers with our products and services, while working with the banking sector to scale and leverage this impact,” he says. ING recently co-founded a new company designed to decarbonise the Netherlands' inland shipping sector. The company's global head of sustainable finance, Leonie Schreve, recently sat down for a video interview with Edie , in which she discusses this project.This shows how powerful visual language can be in shaping people's opinions on a topic... Dr. Rebecca Swift, Global Head of Creative Insights at Getty Images. Because it is important? Swift highlights the importance of these social changes, saying: It is surprising and encouraging that despite the enormous change in people's lifestyles and consumer behavior caused by COVID-19, the environment and sustainability continue to be as important to society as they always were. In fact, our customer search data shows that 'sustainability' and 'sustainable lifestyle' are on the rise, quite contrary to expectations. For comparison, while interest in the environment declined following the 2008 financial crisis, the environment has become inextricably linked to well-being during the COVID-19 crisis. Dr. Rebecca Swift, Global Head of Creative Insights at Getty Images. Environmentalists have used the pandemic as an opportunity to reconfigure entrenched behaviors and habits in favor of more sustainable living by reducing travel and environmental impacts. Surveys on both sides of the Atlantic indicate that people are willing to do as much for the climate as they do for COVID-19, and expect brands to have similar priorities.