Transition plans are becoming the new normal and, in an increasing number of markets, a regulatory and disclosure requirement for both corporates and financial institutions. Transition plans demonstrates action and practical steps against ambition and show regulators, financiers, investors and customers how an organisation intends to reach net zero, often by 2050, across its operations and value chains.
Our net zero ambition means aligning financed emissions – the greenhouse gas emissions of our clients – to net zero by 2050. We’re setting 2030 targets in different sectors, focusing on the heaviest emitters first. We have set 2030 targets for a 34% reduction in financed emissions for the oil and gas sector, and a 75% reduction in the financed emissions intensity for power and utilities.