HSBC recently disclosed that the first half of 2025 enabled US$54.1 billion in sustainable financing, an increase of 19% over the previous year. HSBC insists it hasn't abandoned its climate goals, and the latest report still refers to net zero transformation as a “key priority.” But this two-track strategy — surging investment in green finance while withdrawing from public climate commitments — may mark a shift in the ESG strategies of major banks. As green finance enters a more pragmatic stage, HSBC may become an important sample for investors to observe industry trends.

HSBC recently disclosed that the first half of 2025 enabled US$54.1 billion in sustainable financing, an increase of 19% over the previous year. HSBC insists it hasn't abandoned its climate goals, and the latest report still refers to net zero transformation as a “key priority.” But this two-track strategy — surging investment in green finance while withdrawing from public climate commitments — may mark a shift in the ESG strategies of major banks. As green finance enters a more pragmatic stage, HSBC may become an important sample for investors to observe industry trends.