HSBC is ditching its target of reaching net-zero carbon emissions across its business by 2030 because of slow change in the economy, the bank said on Wednesday, compounding fears from campaigners that the world's biggest lenders are rowing back on climate pledges.

LONDON (Reuters) - HSBC, Europe's biggest bank by assets, said on Wednesday it was pushing back its emissions-reduction goal to mid-century, as the real economy was moving too slowly to net zero, and would look to review its lending targets and policies.

HSBC has pushed back a climate target to reduce planet-heating emissions caused by its operations and supply chain by 20 years. Publishing its annual results on Wednesday, the UK’s largest bank announced sweeping updates to its strategy to achieve net zero emissions as a firm by 2050.

HSBC has abandoned its target of achieving net-zero carbon emissions across the business by 2030. The lender told shareholders it now expects a 40 per cent drop in emissions across its operations, business travel and supply chain by 2030,