Reported 4 days ago
HSBC Holdings Plc has decided to abandon its plans to set up a carbon credits trading desk due to ongoing concerns regarding greenwashing in the voluntary carbon market. Initially exploring this market a couple of years ago, HSBC now finds that many companies, including major buyers like Delta Air Lines and Google, have moved away from purchasing carbon credits. The bank's shift away from carbon trading is part of broader organizational changes under its new CEO, George Elhedery, who aims to simplify operations while continuing to engage in purchasing carbon credits where feasible.
Source: YAHOO