HSBC has announced it has joined the Partnership for Carbon Accounting Financials (PCAF) to help the bank measure and disclose its financed emissions as it works to achieve its net zero ambition.
The partnership is a collaboration between financial institutions worldwide to enable harmonized assessments and disclosures of greenhouse gas emissions financed by loans and investments.
In October 2020, the bank set out an ambitious climate strategy focused on aligning its provision of financing to net zero by 2050, or sooner, in line with the Paris Agreement goals.
HSBC expects to provide between US$750bn and US$1tn of finance and investment by 2030 to support its customers in the transition to net zero.
Daniel Klier, global head of sustainable finance, HSBC, said: “When we set out our ambition to align our financed emissions to net zero by 2050 or sooner, in line with the Paris Agreement goals, we committed to work in partnership with our peers to enable the financial system to collectively tackle climate change.
“We are therefore delighted to be joining PCAF to improve our ability to measure and disclose our financed emissions as we work to achieve our net zero ambition.”