HSBC (HSBC) said Wednesday it now aims to achieve net zero in operations, travel and supply chain by 2050 instead of a previous target of 2030.

The bank said it remains on track for a 90% reduction in scope 1 and 2 emissions by 2030, but scope 3 supply chain reductions have been slower than anticipated. HSBC said it expects a 40% reduction in emissions from operations, travel, and supply chains by 2030.

The revision follows an annual review of HSBC's net-zero transition plan, which was first unveiled in January 2024.

HSBC shares were 1% lower in recent premarket activity.