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 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,