HSBC Unveils First ‘Transition’ Plan, Putting Onus on Clients

HSBC Holdings Plc has released its first ever so-called transition plan, laying out a path to slashing financed emissions from its books amid a wider recalibration across the banking industry.

The bank didn’t unveil any new climate commitments, but mapped out the changes it sees as necessary to decarbonize the heavy-emitting industries it still finances.

“The radical change in the shape of many industries required by net zero cannot be achieved by any one organization or part of the financial system alone,” Chief Executive Officer Noel Quinn said in the report published on Thursday. “Our own ability to become a ...