HSBC CSO Celine Herweijer Steps Down After Three Years
Celine Herweijer, HSBC's Group Chief Sustainability Officer, has announced her decision to step down at the end of the year. Celine, who has been instrumental in advancing HSBC's sustainability initiatives, shared this news through a personal social media post.
She expressed pride in the achievements made during her tenure and confidence in the talented team she leaves behind to continue advancing HSBC's sustainability goals.
“It’s been an honour to work side by side with such passionate and dedicated colleagues as we have navigated how to move forward on arguably one of the most complex, dynamic and societally critical issues this generation faces,” she said.
“I am immensely proud of what we have all accomplished so far.”
Celine’s achievements at HSBC
During her tenure, Celine was central to developing HSBC's Net Zero Transition Plan. This comprehensive strategy outlines the bank’s commitment to aligning its operations and financial activities with global climate targets, aiming for net zero carbon emissions by 2050.
- Sustainable Finance Commitment - HSBC committed to providing and facilitating between US$750bn and US$1tn in sustainable finance and investment by 2030. This initiative supports clients in transitioning to low-carbon business models and investing in clean energy technologies.
- Sector-Specific Targets - The bank set 2030 financed emissions targets for high-emitting sectors such as oil and gas, power, and heavy industry. These targets are part of a broader effort to decarbonise its portfolio and support sector transitions.
- Innovative Partnerships - HSBC launched a US$100m five-year Climate Solutions Partnership and became a founding member of the Global Climate Finance Centre, demonstrating its commitment to collaborative approaches in tackling climate change.
All in all, Celine’s leadership ensured that sustainability became a core pillar of HSBC's corporate strategy, embedding climate considerations into its operations and client engagements.
Why is Celine stepping down?
In her announcement, Celine mentioned her desire to pursue new opportunities while thanking her colleagues for the work they'd done together on furthering HSBC's net zero and sustainability ambitions.
She also acknowledged the complexity of tackling climate change and emphasised the importance of continued innovation within the bank’s sustainability framework.
It's also important to note that Celine's decision to step down comes amid reports of significant restructuring at HSBC. In late August 2024, reports emerged that new CEO Georges Elhedery was planning to implement widespread management cuts as part of a broader overhaul of the bank's operations.
It's unclear whether this shake-up affected Celine's decision, but it is clear that this is a transitional moment for the British bank. Celine follows long-serving CEO Noel Quinn out the door, who paid a tribute to her work and character on social media.
"I am incredibly grateful for all you’ve done to support HSBC on its journey to net zero, and for all your personal advice to me which has greatly helped me with my own learning and development in this space," he said.
Celine's legacy at HSBC
Celine's legacy at HSBC will likely be marked by her transformative approach to corporate sustainability. Her work has also laid the foundations for her successor to build on, as the global bank looks to reduce its emissions and the emissions of its investments and customers.
The sustainability of some of HSBC's investments has been the subject of some controversy in recent months, however. HSBC formally ended its funding for new oil and gas field projects in late 2022, but reports from January 2024 found that the bank had been instrumental in raising over US$47bn for fossil fuel projects around the world.
Andrew Harper, CRO of Epworth (an investment company with shares in HSBC), said: “As investors, we’re not going to be fooled by the marketing, by the pledges, by these policies. We want to see real change and for them to seriously end new fossil fuel financing, no loopholes. Anything short of that is the bank trying to dupe its key stakeholders.”
Despite this controversy, however, industry professionals and colleagues have been totally effusive in their praise of Celine following the announcement.
Arlo Brady, CEO of Freuds Group and Chair of the Blue Marine Foundation, said: "You leave a fantastic legacy - particularly the Net Zero Transition Plan - that you should be very proud of indeed."
Likewise, ex-HSBC Chief of Staff Neelesh Heredia said: "Congratulations on the immense contribution you made to the Bank and the legacy you leave. Working alongside you was a highpoint in my career. My very best wishes for the future."
As HSBC moves forward under new leadership, maintaining the momentum of its sustainability initiatives will be crucial. Celine's contributions will continue to guide the bank’s efforts, serving as a blueprint for others in the financial sector committed to addressing climate change.
"I leave HSBC knowing that we have an incredible depth of talent motivated to support the bank’s net zero and wider sustainability ambitions and a Net Zero Transition Plan that clearly lays out why and how this huge and historic bank can play a critical role in years to come. " she says.
Explore the latest edition of Sustainability Magazine and be part of the conversation at our global conference series, Sustainability LIVE.
Discover all our upcoming events and secure your tickets today.
Sustainability Magazine is a BizClik brand
