US EditionHSBC Leaves Climate Coalition, Following US Banks
GREATER LONDON, ENGLAND, JUL 11 – HSBC delays its net-zero target from 2030 to 2050 and revises its transition plan while maintaining commitments amid a broader withdrawal of major North American banks, investors said.
- 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.
14 Articles
14 Articles
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.
[London - Onishi Kohei] On the 11th, the UK's HSBC Holdings announced that it would be withdrawing from the Net Zero Banking Alliance (NZBA), an international framework aimed at decarbonising financial institutions. This is believed to be the first time for a major British financial institution to do so. HSBC follows in the footsteps of the US and Japan, who have been withdrawing from the alliance in succession in anticipation of the inauguratio…
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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