HSBC Bank Pension Scheme commits to net zero by 2050

The HSBC Bank (UK) Pension Scheme has committed to achieving net-zero greenhouse gas emissions across its £36bn of defined benefit (DB) and open defined contribution (DC) assets by 2050.

As reported by our sister title, Pensions Age, the scheme has also committed to halving its carbon emissions by 2030 for its equity and corporate bond mandates, and to enhancing its engagement and stewardship efforts through its asset managers.

Furthermore, it is targeting to have all its corporate bond and equity investments fully aligned to the goals of the Paris Agreement across its DB and DC assets by 2030.

In meeting these targets the scheme trustee intends to align its climate risk management principle with the best practice principles outlined in the Net Zero Investment Framework.

“The trustee recognises the increased urgency with which climate change needs to be tackled and in it playing an active role in supporting the drive to decarbonise the economy,” commented HSBC Bank (UK) Pension Scheme trustee board chair, Russell Picot.

“It has been active in addressing ESG issues for a number of years, including working in collaboration with regulators, policymakers, asset managers and other asset owners to facilitate the system-wide transition to a net-zero economy.

“The time is right to take the next step to further embed climate change actions into our future plans for the benefit of our members.”

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