HSBC announced on Friday the appointment of Julian Wentzel as Group Chief Sustainability Officer. Wentzel, who joined the bank in 2015, had been serving in the role on an interim basis since the departure of Celine Herweijer last November.
In his new position, Wentzel will report to HSBC Chief Financial Officer Pam Kaur, according to a spokesperson for the bank.
Transitioning from his previous role as head of global banking for HSBC's Middle East, North Africa, and Turkey business, where he advised clients on climate and sustainability policies, Wentzel noted on Friday that his past experience will guide his work moving forward.
HSBC's unveiling of its first net-zero transition plan in January aligns with its commitment to achieve this target by 2050. The bank aims to assist its most carbon-intensive clients in reducing their environmental impact.
The financial sector's efforts to combat climate change face challenges due to lacking government policy direction, hindering progress towards emission reduction targets. The return of climate skeptic Donald Trump as U.S. President has led some Wall Street institutions to withdraw from the Net-Zero Banking Alliance.
Amid CEO Georges Elhedery's restructuring of HSBC's operational departments in the West, the appointment is part of wider management changes within the bank.
In a trend among major UK banks, HSBC is among those rearranging the roles of executives responsible for climate-related initiatives, as reported by Reuters last month.