HSBC has announced that it will leave the Net-Zero Banking Alliance, the latest company to leave the group in the past few years.

In a statement the bank said, “The Net Zero Banking Alliance played a role in developing guiding frameworks to help banks establish their initial target-setting approach. With this foundation in place, and as we work towards updating and implementing our Net Zero Transition Plan later in 2025, we, like many of our global peers, have decided to withdraw from the NZBA. We continue to remain engaged with the Glasgow Financial Alliance for Net Zero to support the mobilisation of capital towards the net zero transition”.

Jeanne Martin, Co-Director of Corporate Engagement at ShareAction responded to the decision with the statement, “We strongly condemn HSBC’s decision to leave the NZBA, which is yet another troubling signal around the bank’s commitment to addressing the climate crisis. 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. Shareholders with £1.2 trillion in assets under management called on the bank just weeks ago to continue to reaffirm and build on its existing climate progress, rather than backtracking on ambition to protect the long-term prosperity of the economy and the livelihoods of people around the world”.

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