A group of 30 investors* representing $1.6 trillion in assets under management, led by responsible investing NGO ShareAction, called on HSBC at its AGM on Friday to restate its net zero commitments, noting that recent moves by the bank have created “deeply concerning signals” around its climate priorities.

The investor statement follows an announcement by HSBC 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.

In the bank’s statement at the time, HSBC stated that “there are fundamental prerequisites, outside of our control, which impact our ability to meet our 2030 interim financed emissions targets and ultimately reach our net zero ambition.” Specific factors cited by the bank holding back progress included “technological advancements, diversification of the energy mix, market demand for climate solutions, evolving customer preferences, and government leadership and effective policy.”

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.

In a statement announcing the campaign, Jeanne Martin, Head of the Banking Programme at ShareAction said:

“After dropping its Chief Sustainability Officer from its executive committee and announcing plans to review its climate targets and policies in February, HSBC has sent deeply concerning signals around whether managing the rapidly multiplying financial risks of global heating is still one of its priorities.”

At the AGM, HSBC’s departing chairman Mark Tucker confirmed the bank’s confirmed the commitment of “becoming a net zero bank by 2050,” but reiterated the bank’s conclusion that reaching its climate goals was proving tougher than anticipated given the pace of change in the broader economy.

Following the meeting, ShareAction representatives said that they were disappointed that HSBC did not address investors’ concerns about the potential weakening of its short term financed emissions reduction targets, but welcomed signals from the bank that it would meet with the group to discuss the concerns.

*Investors signing the statement included AkademikerPension, Australian Ethical, Axiom Alternative Investments, Bank J. Safra Sarasin, Barrow Cadbury Trust, Border to Coast Pension Partnership, Church of England PB, EdenTree Investment Management, Epworth Investment Management, Ethos Foundation, Ethos Engagement Pool International, Ethos Engagement Services Clients, EQ Investors, Folksam, Friends Provident Foundation, Greater Manchester Pension Fund, Jesuits in Britain, KLP, Local Authority Pension Fund Forum, Merseyside Pension Fund, Nest, P1 Investment Services, Rathbones Investment Management, Sarasin & Partners LLP, Smart Pension, Sparinvest, and Trinity College Cambridge.