HSBC’S green adverts ‘misleading’

HSBC has been accused of misleading consumers and greenwashing its reputation in a landmark ruling by the advertising watchdog.

The Advertising Standards Authority said that HSBC had made unqualified claims and omitted material information about its environmental credentials in two high-street adverts that appeared in October last year in the run up to Cop 26. The ASA said it had received 45 complaints from members of the public that accused HSBC of “greenwashing” its record by selectively promoting its green initiatives, while failing to disclose information about its financing of fossil fuels.

The two adverts included one claim that the lender would provide $1 trillion (£880 bn) in financing for clients to transition to net zero, while the other pledged to plant two million trees to trap 1.25m tons of carbon.

HSBC, which is Britain’s biggest lender, has been banned from publishing the adverts in their original form.

It said: “The financial sector has a responsibility to communicate its role in the low carbon transition to raise public awareness and engage its customers, so we will consider how best to do this as we deliver our ambitious net zero commitments.”