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🗞️ Driving the news: Erin Leonard, Global Head of Sustainability at HSBC Asset Management, is departing the firm amid an ongoing organizational restructuring
• Her exit follows other major changes at HSBC, including a new Chief Sustainability Officer and a recalibration of the bank’s climate commitments, such as delaying its operational net-zero target to 2050
🔭 The context: HSBC (see sustainability performance) has been undergoing significant restructuring under CEO George Elhedery, shifting its sustainability leadership and strategy
• The departure of former Group CSO Celine Herweijer and a reassessment of climate targets reflect broader adjustments in the bank’s response to global decarbonization challenges and shareholder expectations
🌍 Why it matters for the planet: HSBC's shift in sustainability leadership and targets signals potential delays in financial sector contributions to global net-zero efforts
• As one of the world’s largest banks, HSBC's policy directions influence capital flows towards — or away from — low-carbon solutions, affecting broader market momentum on climate action
⏭️ What's next: Following Leonard’s departure, her responsibilities will be redistributed across HSBC Asset Management and the Responsible Investment team led by Cathrine De Connick Lopez
• Stakeholders will closely monitor HSBC’s forthcoming sustainability strategy updates, particularly regarding financed emissions targets and the bank’s role in transition finance initiatives
💬 One quote: "Responsibilities will be shared between respective businesses within HSBC Asset Management and the Responsible Investment team," HSBC stated to ESG Today
📈 One stat: HSBC recently postponed its 2030 net zero operations and supply chain target by 20 years, now aiming for 2050
See on illuminem's Data Hub™ the sustainability performance of HSBC and its peers JPMorgan, Citi, and BNP Paribas
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