Hang Seng Bank, a major bank in Hong Kong, has set target for net zero by 2030 and is taking steps to reduce its carbon emissions. Hang Seng Bank has identified six key sectors with the highest climate transition risk based on their carbon emissions. The company's total greenhouse gas (GHG) emissions for 2022 demonstrate a comprehensive approach, totaling 15,479.79 tonnes of CO2e. The breakdown across Scope 1, Scope 2, and Scope 3 emissions highlights the company's commitment to transparency. In 2022, Scope 1 emissions accounted for 100.58 tonnes of CO2e, Scope 2 emissions primarily from purchased electricity, constituted the majority of the company's carbon footprint at 14,992.74 tonnes of CO2e. The company also acknowledges the impact of business travel, transmission and distribution loss, and upstream transportation and distribution, which accounted for 386.32 tonnes of CO2e in Scope 3 emissions. The company has demonstrated a proactive commitment to environmental sustainability by consistently surpassing its targets in reducing greenhouse gas (GHG) emissions.

Against the 2018 base year, the firm exceeded its 2022 target with a remarkable 27.1% reduction in total Scope 1 and 2 emissions by the end of September 2022. This substantial achievement builds upon the prior success of a 7.5% reduction in the base year, illustrating the company's dedication to minimizing its carbon footprint. By the end of 2023, the company set an ambitious goals, aiming for an additional 10% decrease in both electricity consumption and total GHG emissions compared to the 2018 baseline, further emphasizing its long-term commitment to environmental stewardship.

The bank has already taken several measures to reduce its emissions. Hang Seng Bank has integrated climate considerations into its new money request processes for its wholesale business. It has also engaged a third-party ESG rating agent and implemented an ESG scoring system that includes a climate change module for incorporating climate-related risks into its investment process. The bank is committed to supporting local renewable energy generation and has started collecting data on its financed emissions.

Hang Seng Bank acknowledges the importance of managing climate-related risks and opportunities. The board has endorsed the bank's net-zero ambition and has engaged consultants to develop climate risk management strategies. The bank is also working towards aligning its sustainable data recording system to enhance accuracy and completeness in reporting sustainable finance-related data.

In conclusion, Hang Seng Bank is actively working towards achieving its net-zero targets and reducing its carbon emissions. The bank has set ambitious goals for its own operations and is aligning with HSBC's Climate Strategy. It has implemented various measures and investments to support renewable energy usage, reduce emissions, and manage climate-related risks. Hang Seng Bank is committed to playing its part in transitioning to a low-carbon economy and contributing to a sustainable future.

Data Insights

From

The gold standard of business intelligence.

Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.

Be better informed