Bill Winters, chief executive of Standard Chartered, has condemned rival banks that have abandoned their climate commitments under political pressure. Speaking to journalists on Thursday, he criticised those that joined the climate bandwagon when it was 'fashionable' but have since rowed back or remained silent on green issues.
His comments come after HSBC became the first UK-based bank to leave the Net-Zero Banking Alliance (NZBA) in the weeks prior, dealing a blow to international climate coordination. The NZBA, part of a UN environment programme finance initiative, commits members to align lending and investments with net-zero emissions by 2050. HSBC was a founding member in 2021, with then-chief executive Noel Quinn hailing industry collaboration as 'essential'.
HSBC's exit followed a delay in key climate goals and a watering down of environmental targets in a long-term bonus plan for new CEO Georges Elhedery. The move also mirrored a wave of withdrawals by major US banks such as JPMorgan and Citigroup ahead of Donald Trump's inauguration in January, whose second term has emboldened a right-wing backlash against climate action.
Winters said: 'People that said a lot of stuff, but [when] it was fashionable to say it, [and] who are saying either nothing or the opposite now: shame on them.' He noted that most of Standard Chartered's clients across Asia and the Middle East remain focused on net-zero transitions, adding that many green projects 'just make sense economically'.
During HSBC's second-quarter earnings call, Elhedery stated the NZBA exit was 'not cost related' and reiterated the bank's commitment to net-zero by 2050. He announced a review of interim 2030 targets, due to conclude in the second half of this year.
