HSBC has announced a new plan to help make net zero by 2050 a reality.
The strategy aims to prioritise financing and investment that supports decarbonisation and promises to “apply a climate lens” to financing decisions.
The bank, which aims to be net zero in its operations and supply chain by 2030, said the current moment is a “landmark opportunity to build a thriving, resilient future for society and businesses”.
The plan involves aligning its business activities to the goals of the Paris Agreement and setting out a route to net zero by 2050 or sooner, as well as stepping up its support for customers as they work towards low carbon operations.
It will also create natural capital managers, establish a $100 million (£77.3m) cleantech venture debt fund and launch a programme to help other organisations develop new net zero solutions.
Group Chief Executive Noel Quinn said: “HSBC has long been committed to opening up opportunities for our customers and the communities we serve. As we enter a pivotal decade of change, we have a landmark opportunity to accelerate our efforts to build a healthier, more resilient and more sustainable future.
“Our net zero ambition represents a material step up in our support for customers as we collectively work towards building a thriving low carbon economy.”