HSBC's exit follows an announcement by the bank earlier this year of a decision to push back its 2030 target to achieve net zero emissions in its operations and supply chain by 20 years to 2050, and that it is placing its interim targets to reduce financed emissions in key carbon-intensive industries under review, noting a "slower than envisioned" pace of decarbonization globally impacting its ability to reach its goals. HSBC also announced in November that the bank's Group Chief Sustainability Officer Celine Herweijer had decided to step down, with the departure following HSBC's restructuring which resulted in the CSO no longer being included on the bank's Group Executive Committee. At HSBC's AGM in May 2025, a group of investors representing $1.6 trillion in assets under management, led by responsible investing NGO ShareAction, called on HSBC to restate its net zero commitments, noting that recent moves by the bank have created "deeply concerning signals" around its climate priorities.