Business
HSBC waters down 2030 climate targets for polluting sectors
HSBC has softened its 2030 targets for cutting planet-heating emissions driven by the financing of polluting firms.
The UK’s biggest lender released an update on its climate policies on Thursday after carrying out a review of its near-term targets over the last few months.
The review was launched in May at the same time that the bank announced it was pushing back its ultimate target to cut emissions across its supply chain to net zero by 20 years, from 2030 to 2050.
The bank cited a “slower pace of the transition across the real economy” and a “slower than envisioned” pace of decarbonisation globally.
HSBC’s updated policy now sets its targets for reducing its 2030 financed emissions for polluting sectors – such as oil and gas – as a range, rather than a single figure by 2030.
The lower end of each range is aligned with globally recognised scenarios that are consistent with limiting global warming to the key threshold of 1.5C.
Meanwhile, the upper bound would fit with a scenario of 1.7C warming.
For example, the bank said it aims to see reductions in financed emissions for oil and gas clients of between 14% and 30% by 2030, from the baseline year of 2019.
The document notes: “Our ability to meet these targets is dependent on a wide range of external factors, including the progress our customers make towards decarbonisation.”
HSBC said the policy reflects the reality of the transition’s uneven pace in the evolving geopolitical and macroeconomic landscape.
In the policy document, Georges Elhedery, HSBC group chief executive, said: “Against this wider landscape, we have refined our approach.
“Developed in the spirit of putting our customers at the heart of everything we do, our updated net zero transition plan reflects the realities of an evolving transition playing out very differently across the global economy – and the scale of opportunity it presents our customers.”
The bank said it is still on track to meet its target to provide or facilitate 750 billion – 1.0 trillion US dollars (£570-762 billion) in sustainable finance by 2030 and become a net-zero bank by 2050.
The changes come amid a wider trend of lenders softening their green commitments in the face of a global breakdown in political consensus over climate action.
Following in the wake of several major US lenders, HSBC became the first British bank to leave the banking sector’s global alliance for setting climate target earlier this year.
The Net Zero Banking Alliance recently ceased operations after the exodus of its members as Donald Trump returned to office in the US.
Campaigners criticised the move, with Louise Marfany, director of financial sector standards at ShareAction, calling the update “an egregious example of backtracking on climate that responsible investors will not tolerate”.
“This is profoundly irresponsible behaviour from one of the largest banks in the world at a time when extreme heat, droughts and floods exacerbated by climate change are destroying lives and wreaking havoc on economies around the world,” she said.
Hannah Bond, co-chief executive of ActionAid UK, said: “It’s high time corporations like HSBC were held accountable for their role in the climate crisis.
“By weakening its commitments ahead of Cop30, HSBC is sending a dangerous signal that it’s acceptable to walk away from promises to protect the planet.”
Texas Attorney General Ken Paxton says he has sued Roblox over “flagrantly ignoring” safety laws and “deceiving parents” about the dangers the online video gaming platform poses to young people.
In a social media post he said Roblox is a “breeding ground for predators”, accusing Roblox of putting “pixel paedophiles and corporate profit” over the safety of Texas children.
The lawsuit adds to the legal challenges related to online safety and internet predators faced by the gaming giant, which has tens of millions of daily active users.
Roblox told the BBC it is “disappointed” that it is being sued based on “misrepresentations and sensationalised claims”.
The company’s spokesperson said in a statement that it shares Paxton’s commitment to keeping children safe online and that it has introduced measures to remove bad actors and protect its users.
Roblox, which is especially popular with children, operates a massive online platform where users can play solo or with friends.
The platform has been marketed to families and offers a host of educational games that teach subjects including coding, physics and problem-solving.
Users are also offered developer tools to build their own games – a feature that has resulted in some violent and sexual content surfacing on Roblox.
Another feature that allows users to enter servers and interact with strangers online has also been criticised for potentially exposing young players to dangerous individuals.
Parents and children have raised concerns about Roblox, saying that they have seen distressing content or suffered abuse on the platform.
Paxton called on the company to do more to protect children from “sick and twisted freaks hiding behind a screen”.
“Any corporation that enables child abuse will face the full and unrelenting force of the law,” he said in a statement on X.
Texas joins the US states of Kentucky and Louisiana which have also sued Roblox over potential harms to children.
Dave Baszucki, Roblox’s chief executive, previously told the BBC that parents who are uncomfortable with their children playing games on the platform should not let them use it.
“That sounds a little counter-intuitive, but I would always trust parents to make their own decisions,” Mr Baszucki said.
Roblox has introduced features in recent years to tighten age verification and safety for young players.
The platform said it is rolling out technology to estimate a player’s age using video selfies and other measures before they are allowed to communicate on Roblox.
Last year, Roblox also announced it will block under-13s from messaging others on the platform unless a parent or guardian grants permission.
Roblox has been banned in some countries, including Turkey over concerns about child exploitation.
The platform came under scrutiny in Singapore in 2023 after the government said that a self-radicalised teenager had joined ISIS-themed servers on Roblox.
The 16-year-old, who was one of two young people who were detained at the time, had joined Roblox servers that replicated real-life conflict zones such as those in Syria, the Singapore government said.
Morgan Stanley has an equal-weight rating on SBI with the target price raised to Rs 1,025. Analysts said the key positive from SBI’s July-Sept (Q2FY26) results was a 5% higher net interest income (NII) over analysts’ estimates and strong fees. Its profit after tax (PAT, pre-exceptional gain) was 15% above estimates, while asset quality remained strong. Analysts raised earnings per share (EPS) estimates by high single-digit percentage points for FY26 to FY28.Jefferies has a buy on M&M with the target price Raised to Rs 4,300. Analysts said the auto major delivered 14th consecutive quarter of double-digit earnings before interest, taxes, depreciation and amortisation (EBITDA) growth, with Q2FY26 up 23% on the year (YoY), ahead of analysts’ estimates. M&M raised FY26 outlook for tractors and LCVs, and now expects double-digit growth across segments. Analysts also said it has gained market share across SUV, tractors and LCVs in recent years. It also plans to launch three new SUVs in CY26, and a new SUV platform in CY27.HSBC has a buy on Adani Ports with the target price raised to Rs 1,700. Analysts said for the company Q2FY26 marked another quarter of continued improvement in return on capital employed (ROCE) across major businesses, notably in international ports. Robust underlying demand, market share gains, and overseas expansion underpin its 1,000 million metric ton throughput ambition for 2030. The company’s strategic pivot to focus on ROCE improvement should drive rerating.Citigroup has a buy rating on Paytm with the target price at Rs 1,500. Analysts said the company reported strong growth and market share momentum in credit on UPI (Rupay & Postpaid) is a tailwind that is likely to continue to aid net payment margins ex-devices. Additionally, device costs (across new device capex, refurbishment) have meaningfully declined, improving device economics. They said overall, Paytm reported a solid beat on EBITDA/EBIT on lower cloud costs and lower depreciation & amortisation. They said PayTM’s outlook on growth and EBIT margins are robust.CLSA has a hold rating on Kaynes Technology with the target price slightly reduced to Rs 6,375 from Rs 6,410 earlier. Analysts said the company’s Q2FY26 top line was largely in line while margins were slightly better. It maintained its FY26/FY28/FY30 revenue guidance, indicating consistently strong growth. However, cashflow conversion remained low, with around Rs 510 crore working capital increase largely due to receivables, which the company expects to improve going forward. While analysts are positive on the company on its strong growth outlook, low free cash flow generation could raise risks of consistent fund raise.
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Petrol, Diesel Price On November 7: Check City-Wise Rates Across India Including In Delhi, Mumbai and Chennai.
Petrol, Diesel Prices On November 7
Petrol and Diesel Prices on November 7, 2025: OMCs update petrol and diesel prices daily at 6 AM, aligning them with fluctuations in global crude oil prices and currency exchange rates. This daily revision promotes transparency and ensures consumers have access to the most up-to-date and accurate fuel prices.
Petrol Diesel Price Today In India
Check city-wise petrol and diesel prices on November 7:
| City | Petrol (₹/L) | Diesel (₹/L) |
|---|---|---|
| New Delhi | 94.72 | 87.62 |
| Mumbai | 104.21 | 92.15 |
| Kolkata | 103.94 | 90.76 |
| Chennai | 100.75 | 92.34 |
| Ahmedabad | 94.49 | 90.17 |
| Bengaluru | 102.92 | 89.02 |
| Hyderabad | 107.46 | 95.70 |
| Jaipur | 104.72 | 90.21 |
| Lucknow | 94.69 | 87.80 |
| Pune | 104.04 | 90.57 |
| Chandigarh | 94.30 | 82.45 |
| Indore | 106.48 | 91.88 |
| Patna | 105.58 | 93.80 |
| Surat | 95.00 | 89.00 |
| Nashik | 95.50 | 89.50 |
Key Factors Behind Petrol and Diesel Rates
Petrol and diesel prices in India have remained unchanged since May 2022, following tax reductions by the central and several state governments.
Oil Marketing Companies (OMCs) update fuel prices daily at 6 am, adjusting for fluctuations in global crude oil markets. While these rates are technically market-linked, they are also influenced by regulatory measures such as excise duties, base pricing frameworks, and informal price caps.
Key Factors Influencing Fuel Prices in India
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Crude Oil Prices: Global crude oil prices are a primary driver of fuel prices, as crude is the main input in petrol and diesel production.
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Exchange Rate: Since India relies heavily on crude oil imports, the value of the Indian rupee against the US dollar significantly affects fuel costs. A weaker rupee typically translates to higher prices.
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Taxes: Central and state-level taxes constitute a major portion of retail fuel prices. Tax rates vary across states, leading to regional price differences.
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Refining Costs: The cost of processing crude oil into usable fuel impacts retail prices. These costs can fluctuate depending on crude quality and refinery efficiency.
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Demand-Supply Dynamics: Market demand also influences fuel pricing. Higher demand can push prices up as supply adjusts to consumption trends.
How to Check Petrol and Diesel Prices via SMS
You can easily check the latest petrol and diesel prices in your city through SMS. For Indian Oil customers, text the city code followed by “RSP” to 9224992249. BPCL customers can send “RSP” to 9223112222, and HPCL customers can text “HP Price” to 9222201122 to receive the current fuel prices.
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
November 07, 2025, 07:13 IST
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