Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 92

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 92
---
 Environment

Financed emissions continued Targets and progress We have set out in the table below our combined on-balance sheet financed and facilitated emissions targets for the oil and gas, and power and utilities sectors. In 2023, applying three-year average values weighted at 33%, facilitated emissions for the oil and gas sector total 6.5 Mt CO 2 e , and for the power and utilities sector, they total 346.6 tCO 2 e /GWh. These values are then combined with the on-balance sheet numbers for the relevant year to track progress to target. We set out the annual figures before the application of the three-year average in the facilitated emissions table on page 54 . We also set out our defined targets for the on-balance sheet financed emissions of the following sectors: cement; iron, steel and aluminium; aviation; automotive; and thermal coal mining. We disclose emissions in 2022 and 2023 and progress achieved in 2023 versus baseline for each sector, except for the thermal coal mining sector, for which we disclose financed emissions figures for 2021 and 2022. We are continuing to work on our 2023 and 2024 figures and expect to report on these in future disclosures. In 2021, thermal coal mining financed emissions totalled 1.38 Mt CO 2 e . In 2022, they were down by 69% against the re-baselined 2020 figure of 4.7 Mt CO 2 e. When assessing the changes from 2019 to 2023, it is important to emphasise how changes to exposure and market fluctuations impact yearly updates as we make progress towards our interim targets. Movement from one year to the next may not reflect future trends for the financed emissions of our portfolio.

| Sector1                                                                                             | Baseline      |  2022 |  2023 | 2023 % changevs. baseline |  2030 target | Unit2             | Target scenario |
| Combined on-balance sheet financed and facilitated emissions at 33%, with three-year moving average |               |       |       |                           |              |                   |                 |
| Oil and gas                                                                                         | 42.6 in 2019  |  31.9 |  23.2 | (46)%                     |        (34)% | Mt CO2e           | IEA NZE 2021    |
| Power and utilities                                                                                 | 513.4 in 2019 |