HSBC shelves plans for trading, financing carbon credits

HSBC Holdings Plc has abandoned plans to build a carbon credits desk, according to people familiar with the matter, as Europe’s biggest bank cools to a market rocked by repeated allegations of greenwashing.

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.

Source: Bloomberg