HSBC Bank Pension Scheme commits to net zero by 2050

The HSBC Bank (UK) Pension Scheme has committed to achieving net-zero greenhouse gas emissions across its £36bn of defined benefit (DB) and open defined contribution (DC) assets by 2050.

The scheme has also committed to halving its carbon emissions by 2030 for its equity and corporate bond mandates, and to enhancing its engagement and stewardship efforts through its asset managers.

Furthermore, it is targeting to have all its corporate bond and equity investments fully aligned to the goals of the Paris Agreement across is DB and DC assets by 2030.

In meeting these targets the scheme trustee intends to align its climate risk management principle with the best practice principles outlined in the Net Zero Investment Framework.

“The trustee recognises the increased urgency with which climate change needs to be tackled and in it playing an active role in supporting the drive to decarbonise the economy,” commented HSBC Bank (UK) Pension Scheme trustee board chair, Russell Picot.

“It has been active in addressing ESG issues for a number of years, including working in collaboration with regulators, policymakers, asset managers and other asset owners to facilitate the system-wide transition to a net-zero economy.

“The time is right to take the next step to further embed climate change actions into our future plans for the benefit of our members.”

    Share Story:

Recent Stories


DB risks
Laura Blows discusses DB risks with Aon UK head of retirement policy, Matthew Arends, and Aon UK head of investment, Maria Johannessen, in Pensions Age's latest video interview

Sustainable equity investing in emerging markets
In these highlights of the latest Pensions Age video interview, Laura Blows speaks to Premier Miton Investors fund managers, Fiona Manning and Will Scholes, about sustainable investing in equities within emerging markets

Keeping on track
In the latest Pensions Age podcast, Sophie Smith talks to Pensions Dashboards Programme (PDP) principal, Chris Curry, about the latest pensions dashboards developments, and the work still needed to stay on track
Building investments in a DC world
In the latest Pensions Age podcast, Sophie Smith talks to USS Investment Management’s head of investment product management, Naomi Clark, about the USS’ DC investments and its journey into private markets

Advertisement