We’ve set climate targets for the real economy
Our targets in numbers
Cement (on-balance sheet financed emissions intensity): A reduction from 0.64 tonnes of carbon dioxide equivalent per ton of cement (tCO2) to 0.46 by 2030
Iron, steel and aluminium (on-balance sheet financed emissions intensity): A reduction from 1.8 tonnes of carbon dioxide equivalent per ton of steel / aluminium (tCO2) to 1.05 by 2030
Aviation: A reduction from 84 grams of carbon dioxide equivalent per revenue passenger kilometre (tCO2/ rpk) to 63 by 2030
Automotive: A reduction from 191.5 grams of carbon dioxide equivalent per vehicle kilometre (tCO2/million vkm) to 66 by 2030
Setting sector pathways
These pathways estimate the changes needed to limit global warming temperature rises to 1.5C. They are based on expert analysis by the International Energy Agency and Intergovernmental Panel on Climate Change.
Achieving these targets will require us to work closely with our clients. By setting intensity based targets, we can enable climate-positive investment in these sectors, to support green technologies and transition solutions. Our overall aim is to drive absolute emissions reduction and help achieve net zero by 2050.
The targets we set are consistent with wider industry standards. This helps us to ensure our targets are credible and durable.
While we do not expect progress against our targets to be linear, particularly in the face of the current global energy crisis, we are resolute in our commitment to the 2030 targets set out for these sectors.
We plan to continue to report progress on an annual basis for all our interim targets and have created a dedicated webpage to track progress.
As part of our ongoing efforts to align our portfolio to net zero, we plan to set further 2030 sector targets for agriculture, shipping, and commercial and residential real estate.
Later this year we plan to publish our bank-wide net zero transition plan, which sets out how we intend to embed our 2050 and 2030 net zero targets into HSBC’s strategy, processes, and policies.
Finally, we continue to work to channel capital towards the new technologies and industries key to building a net zero future, both directly and in collaboration with our industry partners.