From Yahoo Finance: 2025-05-02 15:59:00

HSBC’s top sustainable finance executive is leaving amid restructuring under new CEO Georges Elhedery. Erin Leonard’s departure follows former chief sustainability officer Celine Herweijer’s exit. Rising pushback against ESG in the U.S. has led many financial firms, including HSBC, to scale back climate change commitments.

Leonard oversaw HSBC Asset Management’s Sustainability Office, now redistributed across other divisions. Responsibilities consolidated under Responsible Investment team led by Cathrine de Coninck-Lopez. Uncertainty surrounds Leonard’s removal from the asset manager’s management committee. Elhedery’s restructuring aims to deliver $1.5 billion annual savings by 2026.

HSBC faced criticism for dropping net-zero emissions target by 2030 due to slow progress. However, the bank remains committed to becoming a net-zero bank by 2050. A review of emission targets for loans and policies is underway. New hires, including former UK politician Danny Alexander, focus on low-carbon transition projects.

In 2024, HSBC Asset Management managed $179 billion in ESG and sustainable investments. The bank is a signatory of the Net Zero Asset Managers initiative, aligning investments with net zero goals. Elhedery’s changes continue to reshape HSBC’s sustainability efforts.

Read more: Exclusive-HSBC Asset Management’s global head of sustainability to depart