HSBC Shelves Plans for Trading, Financing Carbon Credits [Yahoo! Finance Canada]
HSBC Holdings, plc. (HSBC)
US:NYSE Investor Relations:
hsbc.com/investor-relations
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Source: Yahoo! Finance Canada
Most Read from Bloomberg The decision means the bank is no longer working to build a dedicated unit focused on trading credits in the voluntary carbon market or on financing project developers who sell into the VCM, according to the people who asked not to be named discussing private information. A spokesperson for HSBC declined to comment. HSBC's carbon-desk plans were relatively short-lived. The bank explored moving into the market a couple of years ago, just as it peaked, seeking new hires to build a trading book and offer liquidity to clients. Then in 2023, the voluntary carbon market shrank by almost a quarter to roughly $1 billion as greenwashing concerns prompted companies keen to offset their carbon footprints to back away. The HSBC bankers assigned to the desk have since been allocated other roles. A carbon credit is supposed to represent 1 metric ton of emissions that have been avoided, reduced or removed from the atmosphere. Carbon credits are sold by project dev
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Sec Filings
- 11/21/24 - Form 6-K
- 11/20/24 - Form 6-K
- 11/19/24 - Form 8-A12B
- HSBC's page on the SEC website