HSBC’s Chief Sustainability Officer, Celine Herweijer, has stepped down to pursue new opportunities, the bank announced on Monday. Herweijer’s departure follows a recent management reshuffle that removed her role from the lender’s Group Operating Committee, raising concerns about HSBC’s commitment to its climate goals.
Herweijer’s exit comes amid apprehensions that HSBC, under new CEO Georges Elhedery, might scale back its climate ambitions. The 29 October reshuffle, which downgraded her role, has been viewed as a potential signal of shifting priorities.
“With Celine’s departure, HSBC has lost a crucial moral compass in its journey toward net zero,” said Andrew Harper, Chief Responsibility Officer at Epworth Investment Management, a shareholder in the bank.
The appointment of Julian Wentzel, HSBC’s head of global banking for the Middle East, North Africa, and Turkey, as interim Chief Sustainability Officer has further fueled concerns. “Replacing a sustainability expert with a banker, even on an interim basis, could signal a troubling shift in the bank’s priorities,” Harper added.
Despite these concerns, HSBC reiterated its commitment to achieving net-zero emissions by 2050, emphasising that supporting the climate transition remains a cornerstone of its business strategy.
“Supporting the transition to net zero remains a priority for HSBC and one of the four pillars of our business strategy,” the bank said in a statement.
Alongside Herweijer’s departure, HSBC also announced other key appointments. Richard Blackburn will serve as the interim Chief Risk and Compliance Officer, pending the recruitment of a permanent candidate. Also, Selim Kervanci, CEO for Turkey, has been named CEO for the Middle East.
HSBC’s move comes at a time when major lenders are grappling with balancing ambitious climate goals and the complexities of supporting high-emitting industries. While global banks have pledged trillions of dollars toward the green transition, many cite the need for clearer policy direction from governments to meet climate targets effectively.
Herweijer’s departure marks a pivotal moment for HSBC, with stakeholders closely watching whether the bank will stay the course on its sustainability journey or shift its focus under new leadership.