Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 102

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 102
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$ invested. The PCAF data quality score for our 31 December 2023 financed emissions intensity was 2.63.

| Reported metrics3                          |   2019 |  2023 | Unit             |
| Scope 1 and 2 financed emissions intensity | 124.0* |  69.8 | tCO2e/M$invested |
| AUM in scope                               |  193.9 | 223.0 | Billions $       |
| PCAF Data Quality Score                    |   2.63 |  2.63 |                  |

*indicates that this metric has been re-baselined 1 Our targets remain subject to consultation with stakeholders including investors and fund boards on whose behalf we manage the assets. The 58% target is based on assumptions for financial markets and other data, including the IEA Net Zero emissions by 2050 scenario and its underlying activity growth assumptions. Carbon emissions intensity is measured as tonnes of carbon dioxide equivalent per million USD invested (t CO 2 e /M$ invested), where emissions are scaled by enterprise values including cash. 2 PCAF defines and develops greenhouse gas accounting standards for financial institutions. Its Global GHG Accounting and Reporting Standard for Financed Emissions provides detailed methodological guidance to measure and disclose financed emissions. PCAF Standards are available at: https:// carbonaccountingfinancials.com/standard. 3 The re-baselined 2019 financed emissions intensity metric, and 2023 metrics were subject to independent third-party limited assurance in accordance with the International Standard on Assurance Engagements 3000 (Revised) ‘Assurance Engagements other than Audits or Reviews of Historical Financial Information’, and with respect to the greenhouse emissions, in accordance with the International Standard on Assurance Engagements 3410 ‘Assurance Engagements on Greenhouse Gas Statements’, issued by the International Auditing and Assurance Standards Board. For the independent third-party’s limited assurance report, see http://www.assetmanagement.hsbc.com/net-zero. The methodology used is available at: http://www.assetmanagement.hsbc.co.uk/-/media/files/attachments/ common/creating-a-new-climate-for-change/financed-emissions-disclosures-reporting-criteria.pdf.

| 56 | HSBC Holdings plcAnnual Report on Form 20-F |

ESG review | Environment

Net zero in our own operations

| TCFD |

As described on page 18 , we have revisited our ambition to achieve net zero in our own operations