At a glance
In October 2020 we set our ambition to become a net zero bank by 2050. Our first Net Zero Transition Plan provides an overview of our approach to net zero and the actions we are taking to help meet our ambition. It sets out:
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Our vision and strategic approach – how we intend to use our strengths to make financing, facilitation and investment choices that can have a meaningful impact on decarbonisation in the real economy.
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Our approach to sector transitions – we look at the expected transition in key economic sectors and how we intend to use sector pathways to engage with clients on the future of their industries and their financing needs. We also describe our approach to setting and evolving our sectoral financed emissions targets.
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Our implementation plan – how we are transforming HSBC, including how we support our clients and customers, embed net zero into our business, and partner for systemic change.
We expect to update our Net Zero Transition Plan in the second half of 2025, taking into consideration latest scientific methodologies, climate-related policy measures and real-world progress. Further information on our approach, and progress against our ambitions and targets, is available in our 2024 Annual Report and Accounts (PDF, 576KB).
Ambition to be a net zero bank by 2050, including in our portfolio of financed emissions
Set on-balance sheet financed emissions targets to 2030 for key carbon intensive sectors
Aim to provide $750 billion – $1 trillion in sustainable finance and investment by 2030
Our role in the transition
We will have a complex transition, with markets and sectors at different starting points and moving at different speeds. However, this also provides us with an opportunity to work with our clients and customers to support them to diversify, decarbonise, and realise the economic opportunities in the transition.
We want to make financing choices that can lead to a meaningful impact on emissions reduction in the real economy, not just in our portfolio. Achieving this requires engagement with our clients and customers on their transitions to help finance diversification, decarbonisation and innovation in the sectors and regions with the most change ahead.
Our geographic presence, sectoral expertise, comprehensive banking model, and diversified client network enable us to support the transition to net zero, focusing on three areas that play to HSBC’s strengths: transitioning industry, catalysing the new economy, and decarbonising trade and global supply chains.
Critical to our approach is a recognition that as a bank we cannot do this alone.
Our clients and customers, and the industries and markets we serve will need to transition effectively, supported by strong government policies and regulation, and substantially scaled investment. Engagement and collaboration are therefore an important part of our approach.
Our net zero principles
Science-based, transparent and accountable
Integrating nature
Just and inclusive
Our approach to sector transitions
In our Net Zero Transition Plan, we have set out the key changes that, based on our understanding at the time of writing, will be required for the transition to net zero in key sectors of the global economy.
We regularly review our sector portfolio progress against progress in the real economy, and to iterate our approach to supporting sector transitions over time. As part of this, we will continue to review our approach to financed emissions analysis, targets, and portfolio alignment, while supporting clients and customers with transition plan engagement, innovating on transition solutions, and working with wider stakeholders to help support systemic change.
In our 2024 Annual Report and Accounts (PDF, 8.34MB) we stated that we have begun a review of our interim financed emissions targets and associated policies, as part of the annual review of our Net Zero Transition Plan.
Our approach to implementation
To deliver on our ambition to be net zero by 2050 and have a meaningful impact in the real economy, we are setting out our implementation plan to embed net zero across key areas of our business.
Supporting our customers
Embedding net zero into the way we operate
Partnering for systemic change
Embedding net zero across our business covers areas including the products and services we provide, managing risk, our governance and incentives, our culture and capabilities and how we measure progress.
