LONDON (Reuters) – HSBC HSBA.L will target net zero carbon emissions across its entire customer base by 2050 at the latest, and provide between $750 billion and $1 trillion in financing to help clients make the transition, its Chief Executive Noel Quinn told Reuters.
In the strongest statement by Europe’s biggest bank on climate change to date, its CEO outlined HSBC’s ambitions to align its activities with the Paris Agreement.
“COVID has been a wake-up call to us all, including me personally, we have seen how fragile the global economy is to a major event, in this case a health event, and it brings home the reality of what a major climate event could do,” Quinn told Reuters in a video interview.
HSBC aims to achieve net zero in its own operations by 2030, he added.
While other UK banks such as NatWest NWG.L have already set similar net-zero goals, HSBC’s aim to achieve it across its huge Asia-focused client base is one of the most significant pledges made by a global lender to date.
However, the bank will be closely watched for how quickly and fully it pursues its new goals, which are mainly stated as ‘aims’ rather than hard commitments.
It will also face scrutiny on whether it has allowed itself leeway to continue financing some fossil fuel-linked clients, especially in developing markets.
HSBC has come under increasing pressure from activists, shareholders and politicians who say it is contributing to climate change by financing fossil fuel and other environmentally harmful projects.
Quinn said the bank is focused on expanding its capital markets-focused carbon transition policies, to a broader one encompassing all its activities across financing,
Tesla continues to tweak and update its Autopilot system, likely in preparation for aset to launch in about a month, according to CEO Elon Musk. The latest update adds the capability for Tesla vehicles to automatically drive through green lights without a lead car.
According to the Tesla release notes, the vehicle will not require “explicit drive confirmation” to move through an intersection when a. Before this update, drivers needed to give the car permission to proceed with a stalk push or a tap of the accelerator anytime they used Autopilot on city streets. Autopilot also always relied on a car in front of the Tesla to indicate when it was safe to start accelerating. All of these functions require Tesla owners to purchase the , and no, it does not make any Tesla fully autonomous, despite its name.
Now the software will let a Tesla simply roll through as it recognizes the green signal even if the EV is the first car in line. When this happens, “the stop line in the driving visualization will turn green to indicate that the car will continue through an intersection,” according to the release notes. Don’t expect the Tesla to take over every intersection, though. The notes also state drivers still need to give the car permission if they’ve already brought the car to a complete stop when the light turns green. Autopilot also will not turn through an intersection — only accelerate in a straight line. The automaker said it expects that, as it gathers more data from the fleet of Teslas using the software, it will