At the heart of the plan is a pledge to reduce financed emissions from our portfolio of customers to net zero by 2050 or sooner, in line with the goals of the Paris Agreement.

There is not, at this stage, a commitment to decreasing oil and gas financing by a certain amount within a set timeframe. HSBC has stated that its “primary objective is financing the transition” and that it will “continue to support energy clients” – albeit with stricter requirements. Coal financing will, as previously confirmed, be ended in OECD nations by 2030 and elsewhere by 2040.