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.

HSBC has postponed its net-zero carbon emissions target to 2050, citing economic challenges. Originally set for 2030, the bank cited limited influence over technological and policy changes as reasons.

HSBC will no longer strive to achieve net-zero emissions across its operations and supply chains by 2030. The bank has blamed the slow pace of decarbonisation globally for scaling back its climate ambitions.

HSBC is ditching its target of reaching net-zero carbon emissions across its business by 2030 because of slow change in the real economy, it said on Wednesday. Europe's biggest bank said it expects to record a 40% drop in emissions across its operations,

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.

The UK’s largest bank has announced it will begin a round of global job cuts as part of a cost-cutting initiative aimed at reducing expenses by $1.5 billion (£1.2 billion) by the end of 2026.

HSBC has pushed its climate target aimed at reducing emissions caused by operations and supply chain back by 20 years.

And in a move that could prove more significant for its climate ambitions, HSBC also announced a review of its 2030 targets to reduc

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,