Tracking the emissions we finance

Our net zero ambition means aiming to align financed emissions – the greenhouse gas emissions of our clients – to net zero by 2050 or sooner.

What we’re doing

We are setting policies and targets to enable us to deliver our ambition by supporting our customers in the highest-emitting sectors to reduce emissions.

Supporting industries to decarbonise

We’re setting 2030 sector targets across the heaviest emitting sectors of our financing portfolio. Our aim is to support our customers as they diversify and decarbonise to reduce emissions in the real economy.

The industrial landscape of the world will fundamentally change over the next decades. We want to help our clients invest in new technologies and develop more sustainable business models.

To build a net zero economy, production will need to increase in some sectors over the short term, but this can happen with fewer emissions. The use of intensity metrics in some of our targets allow for this decoupling of production from emissions.

All of these targets support the wider aim of reducing absolute emissions and achieving net zero by 2050

The science and accounting around how to set targets will evolve. We continue to work with our peers and industry bodies to encourage coherence and robust approaches across the financial sector.

Progress may not be linear. It will take time for industries to develop and implement the technologies required to achieve net zero. There may be years when the emissions we finance in some sectors temporarily rise, particularly in capital markets.

Similarly, external factors – such as the pandemic and energy crisis – may create volatility in emissions.

We will be transparent about our targets and the progress we’re making, recognising there may be challenges along the way.

You can also expect regular annual updates on our progress towards our targets. You can view our latest financed emissions disclosures on pages 53-62 of the 2023 Annual Report (PDF 6.6MB)