Our Planet Climate and Geopolitics
HSBC has delayed a plan to hit net zero for its own operations by two decades while watering down environmental targets that form part of a new bonus plan for its CEO, Georges Elhedery.
“Progress in reducing emissions in the… supply chain component is proving slower than we anticipated,” the bank says in its annual report.
It claims to have taken into account “best practice” on carbon offset and, partly as a result, has decided on a new target of achieving net zero in operations, travel and supply chain by 2050 instead of 2030.
Elhedery’s long-term incentive (LTI) plan is worth up to £9 million, or 600 per cent of his base salary.
The portion of the LTI linked to environmental targets has been changed from 25 to 20 per cent. HSBC said this would “ensure a greater proportion of the LTI is aligned to value creation while supporting our ESG ambitions”.
