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HSBC Leaves Climate Coalition, Following US Banks
GREATER LONDON, ENGLAND, JUL 11 – HSBC exits the United Nations-backed Net-Zero Banking Alliance to focus on transparent, measurable climate actions while maintaining its 2050 net-zero emissions target, joining several major global banks.
- HSBC, the global bank, has left the United Nations-backed Net-Zero Banking Alliance, following the exit of major U.S. and Canadian banks.
- HSBC cited the alliance's role in developing initial frameworks for setting climate targets as its reason for leaving, and it will continue engaging with other climate coalitions.
- Investors representing over $1.6 trillion have pressed HSBC to affirm its commitment to its net-zero plans, with a responsible investment NGO condemning the decision as a troubling signal.
19 Articles
19 Articles
Climate crisis: HSBC exits Net Zero Banking Alliance
HSBC has withdrawn from the Net-Zero Banking Alliance (NZBA) following the departure of 17 other banks, according to a statement released last Friday. HSBC. File Photo: Tom Grundy/HKFP. The UK banking giant was a founding member of the UN-convened alliance in 2021, which committed members to the transition to net zero and reaching goals laid out in the Paris Agreement. “With this foundation in place, and as we work towards updating and implement…
The British bank HSBC announced on Friday 11 July that it had left the international alliance of financial institutions for carbon neutrality, a coalition of which it had been a founding member since its creation in 2021. HSBC has since the beginning of the year reduced its environmental objectives and is following the disengagement movement initiated by US banks since Donald Trump's return to the White House.
HSBC, the British financial giant, has decided to break out of the main climate coalition of the banking sector, thus joining its global peers such as JPMorgan, Citi, Morgan Stanley, Macquarie and Bank of Montreal, who have already made the same decision this year.According to the original report, this move does not affect its firm commitment to achieve zero net emissions in its business by the middle of the century.Commitment to the Green Futur…
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