With today's headwinds of energy security and inflation adding to the challenge of tackling the climate crisis, how are companies moving ahead with a resilient, affordable and orderly energy transition? As businesses decide whether to divest, diversify, optimise their infrastructure or offset their emissions, HSBC's Transition Pathways brings together industry insights and sector expertise to help business leaders act on their transition plans, across their capex, supply chains and wider social strategies.
Transition plans are becoming the new normal and, in an increasing number of markets, a regulatory and disclosure requirement for both corporates and financial institutions. Transition plans demonstrates action and practical steps against ambition and show regulators, financiers, investors and customers how an organisation intends to reach net zero, often by 2050, across its operations and value chains.
Our net zero ambition means aligning financed emissions – the greenhouse gas emissions of our clients – to net zero by 2050. We’re setting 2030 targets in different sectors, focusing on the heaviest emitters first. We have set 2030 targets for a 34% reduction in financed emissions for the oil and gas sector, and a 75% reduction in the financed emissions intensity for power and utilities.