Hsbc Paris Agreement

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The Paris Agreement is a multi-nation pact drawn up in 2015 by the contracting parties to the United Nations Framework Convention on Climate Change (UNFCCC) to combat climate change. The main objective of the agreement is to limit the increase in global temperature over this century to less than 2 degrees Celsius above pre-industrial levels and to try to limit the rise to 1.5 degrees. Gillian James (0) 7584 404 238 gillian.james@hsbcib.com Robert Sherman (646) 939-6998 robert.a.sherman@us.hsbc.com Ankit Patel -44 (0) 7920 411 084 ankit.patel@hsbc.com elsewhere, The news provoked a lukewarm reaction, with a number of environmental activists calling the commitment “empty” because there was no timetable for supporting fossil fuel companies and deforestation companies. “Our net zero ambition is an essential step in supporting our customers as we work together to build a low-carbon economy. Typically, this involves the restoration and protection of natural resources such as oceans, forests, soils and mangroves, which absorb carbon from the atmosphere. In order to provide up to one month of funding, the banker recognizes our work of sustainable financing and support for local communities. High funding plans, including infrastructure projects, are two-fold higher than HSBC`s last funding pledge of $100 billion in 2017, with the remaining investments the rest. HSBC has established itself as a key player in the transition to a low-carbon economy. In 2017, until 2025, the Bank has pledged US$100 billion in sustainable financing, and since then it has introduced a number of award-winning products and has been recognized as the first sustainable financing bank. However, the Bank recognizes that achieving the paris agreement goal will require additional efforts at a faster pace, and plans to use its global scope and scope to accelerate the transition to net zero.

Global banking and financial services company HSBC today announced a number of new commitments, including adapting its financing activities to the objectives of the Paris Agreement. In addition, the Bank has set a new target of achieving net zero carbon emissions in its own operations and supply chain by 2030. To help stakeholders track their path to net zero, HSBC said it would use the scientifically-based instrument to assess the assessment of Paris equity transfers (PACTA) and would report regularly on progress. HSBC is committed to working with clients in all sectors to develop tailored solutions to reduce emissions. The Bank will increasingly prioritize financing and investments contributing to the transition to low CO2 emissions and will apply a climate lens for financing decisions. HSBC`s goal is to support clients with $750 billion to $1 trillion in financing and investment by 2030 to support their transition. This week`s announcement is the latest in a growing wave of commitments from banks and investment firms across the financial sector to completely decarbonize not only their operations but also their portfolios. Last month alone, Morgan Stanley and JPMorgan Chase made similar commitments, while Barclays and Natwest promised earlier this year to bring their investment activities into line with the Paris agreement. To do this, we are stepping up our support to customers to move to more sustainable business methods.

We believe that we have the scale and global reach to advise them on the path to net zero, and we have the ambition to allocate between $750 billion and $1 trillion in financing and investment by 2030 to help them achieve this goal.