HSBC First Major UK Bank To Dump Net-Zero Commitments, Following In Footsteps Of 6 Major US Banks
HSBC has become the first UK bank to leave the global banking industry’s net zero target-setting group, as campaigners warned it was a “troubling” sign over the lender’s commitment to tackling the climate crisis. The move risks triggering further departures from the Net Zero Banking Alliance (NZBA) by UK banks, in a fresh blow to international climate coordination efforts.
HSBC’s decision follows a wave of exits by big US banks in the run-up to Donald Trump’s inauguration in January. His return to the White House has spurred a climate backlash as he pushes for higher production of oil and gas.
HSBC was a founding member of the NZBA at its launch in 2021, with the bank’s then chief executive, Noel Quinn, saying it was vital to “establish a robust and transparent framework for monitoring progress” towards net zero carbon-emission targets. “We want to set that standard for the banking industry. Industry-wide collaboration is essential in achieving that goal,” Quinn said.
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In February HSBC announced it was delaying key parts of its climate goals by 20 years and watering down environmental targets in a new long-term bonus plan for its chief executive, Georges Elhedery, who took over last year.
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https://www.theguardian.com/business/2025/jul/11/hsbc-leaves-net-zero-banking-alliance-climate-crisis