HSBC quits net zero alliance becoming 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 setback for international climate coordination efforts. 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.
In a statement HSBC said: “We recognise the role the Net Zero Banking Alliance has played in developing guiding frameworks to help banks establish their initial target-setting approach. “With this foundation in place, we have decided to withdraw from the NZBA as we work towards updating and implementing our own net zero transition plan. We remain resolutely focused on supporting our customers to finance their transition objectives and on making progress towards our net zero by 2050 ambition.”
The climate campaign group ShareAction condemned the move, saying it was “yet another troubling signal around the bank’s commitment to addressing the climate crisis”. Jeanne Martin, ShareAction’s co-director of corporate engagement, said: “It sends a
counterproductive message to governments and companies, despite the multiplying financial risks of global heating and the heatwaves, floods and extreme weather it will bring.
Earlier this year prominent US and Canadian banks announced they were leaving the Alliance. The departures in December 2024 and January 2025 represent a decline of 22% in the total assets of the banks participating in the alliance, while these banks also represented 12% of the assets of the entire global banking system.