BRITAIN’S largest bank HSBC axed its climate commitment to reach net zero across it operations and supply chain by 2030 today.

Announcing its annual results, the lender said it will now aim to meet this goal by 2050 as well as a review of its 2030 targets to reduce emissions caused by its financing of polluting firms.

HSBC, which previously acknowledged its “heavy financed emissions footprint,” expects to publish the results of the 2030 targets review later this year.

Chief executive Georges Elhedery said: “It’s completely reasonable that we take stock halfway into [our net zero reduction plan].”

HSBC blamed factors “outside of our control” such as technological advancements, diversification of the energy mix, market demand for climate solutions, evolving customer preferences and government leadership.

“Until the real economy makes significant progress in decarbonising, our own progress towards our 2030 targets and 2050 net zero ambition will be constrained,” it said.

Zahra Hdidou, senior climate and resilience adviser at ActionAid UK, called the announcements “deeply concerning.”

“Despite priding itself on being ‘the world’s local bank,’ HSBC seems to be only listening to profit margins and boardroom agendas,” she said.

“The bank can no longer feign ignorance to the environmental destruction and human rights abuses it is causing.”

Jeanne Martin, head of ShareAction’s banking programme, said changes have been under way at the bank since its decision to drop the position of chief sustainability officer from its executive committee last year.

HSBC also revealed that it will look to reduce its global staff costs by 8 per cent in order to cut costs by £1.2 billion by the end of 2026.