Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 101

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 101
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 average score based on financing for on-balance sheet financed emissions. 4 The total capital markets activity analysed applying a 100% weighting in 2023 was $10.4.bn, representing 3.3% of capital markets activity at 31 December 2023. † Data is subject to independent third-party limited assurance in accordance with ISAE 3000 / ISAE 3410. For further details, see our Financed Emissions and Thermal Coal Exposures Methodology and the independent third-party limited assurance report, which are available at www.hsbc.com/who-we-are/esg-and-responsible- business/esg-reporting-centre.

| HSBC Holdings plcAnnual Report on Form 20-F | 55 |

Financed emissions continued Reducing emissions in our assets under management HSBC Asset Management continues to work towards its interim target 1 of reducing scope 1 and 2 financed emissions intensity by 58% between 2019 and 2030 for its in scope assets under management (AUM), consisting of listed equities and corporate fixed income managed within its major investment hubs. As of 31 December 2019, in scope assets amounted to $193.9bn, equating to 38% of global AUM. 2019 re-baselined metrics In 2024, we improved our methodology for calculating financed emissions intensity, including a revised mapping logic for issuers’ carbon intensity and EVIC (enterprise value including cash) data. We have re-baselined our 2019 intensity figure due to an error in the data mapping and it is now 124 tCO 2 e/M$ invested versus 131 tCO 2 e/M$ invested reported in the Annual Report and Accounts 2022, representing a decrease of 5.6%. The Partnership for Carbon Accounting Financials (PCAF) 2 recommends that financial institutions should, in line with the Greenhouse Gas Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard requirement, establish a restatement policy to ensure consistency, comparability and relevance of the reported greenhouse gas emissions data over time. HSBC Asset Management has defined an internal financed emissions re-baseline and restatement framework which adapts HSBC Group’s approach and defines relevant circumstances for HSBC Asset Management. Our financed emissions metrics As at 31 December 2023, the scope 1 and 2 financed emissions intensity of HSBC Asset Management’s in scope assets stood at 69.8 tCO 2 e/ M