Global bank pledging $1 trillion in sustainable finance by 2030 that was banned by the UK Advertising Standards Authority in 2022 for misleading climate ads while continuing to finance fossil-fuel expansion.
Why it's on ClimateTicker
HSBC presents itself as a climate-enabling bank mobilising up to $1 trillion in sustainable finance by 2030, but the gap between marketing and action is severe: it has poured at least $192 billion into fossil fuels since Paris, had ads banned by the UK ASA for greenwashing, repeatedly breached its own coal-financing restrictions, exited the Net-Zero Banking Alliance, and downgraded its interim emissions targets — all while claiming net-zero ambition.
Commitments & Certifications
Controversy & Greenwashing Watch
BankTrack found that HSBC's November 2025 updated Sustainability Risk Policies Framework removed exclusions for prospective clients in unconventional oil and gas and eliminated restrictions on ultra-deepwater activities, accelerating policy backsliding.source ↗
HSBC became the first UK bank to quit the NZBA in July 2025, while simultaneously having weakened its Sustainability Risk Policies Framework and delayed its operational net-zero goal by 20 years.source ↗
HSBC raised $1 billion for Glencore in 2023, breaching its own coal-financing restrictions, infuriating investors; a separate breach was found in 2024 via a deal for a coal-expanding Indian steel company.source ↗
Despite public net-zero commitments, HSBC's fossil fuel financing increased 35% year-on-year in 2024, totalling at least $192 billion since the Paris Agreement.source ↗
After CEO change in 2024, HSBC removed sustainability from executive-level representation and the chief sustainability officer resigned, signalling a structural deprioritisation of climate governance.source ↗
The Bureau of Investigative Journalism revealed in November 2022 that HSBC counted sustainability-linked bonds for major polluters — including a floating oil-drilling platform company and an Indian cement giant emitting more CO2 than Greece — as sustainable finance.source ↗
The UK Advertising Standards Authority banned HSBC ads for misleading consumers by promoting green credentials while omitting that HSBC continued to finance fossil fuel companies generating ~65.3 million tonnes of CO2/year — the first-ever such ruling against a UK bank.source ↗
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