HSBC joins US banks in quitting climate coalition
HSBC said while it recognised the role played by the Net-Zero Banking Alliance (NZBA) in developing guiding frameworks to help banks set emissions-reduction targets, the foundation was now in place and it had decided to withdraw from the group as it prepares to update its 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," an HSBC spokesperson said.
Global peers including JPMorgan, Citi, Morgan Stanley, Macquarie and Bank of Montreal have all exited the group this year. The group was formed in 2021 to help align the sector with the world's goal of limiting global warming, including by mobilising more money for environmentally friendly activities and setting targets for members to reduce emissions linked to their business activities.
HSBC dropped a 2030 emissions-reduction target in February blaming slow progress towards net zero in the real economy.
Jeanne Martin, Co-Director of Corporate Engagement said: '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."
The UK government has a legally binding commitment to reach net-zero emissions by 2050.
HSBC's Chief Sustainability Officer Julian Wentzel said in February the bank would take a "more measured approach" to lending to the fossil fuel industry, sparking concerns among some activists that it would row back on its climate promises.
On its website, HSBC says that targets for cutting emissions linked to its loan book would "continue to be informed by the latest scientific evidence and credible industry-specific pathways".
In the U.S., banks have come under pressure from some Republican politicians and been called to testify before policymakers who have accused them of colluding to unfairly penalise fossil fuel producers through their membership of groups like NZBA.
The Trump administration has consistently taken a critical position on the world's efforts to fight climate change, pulling out of the Paris Agreement on climate for the second time, cutting development aid, encouraging a ramping up of fossil fuel output and rolling back environmental regulations.
Legal concerns prompted the NZBA to amend rules which members then voted on in April.
NZBA received strong backing in that vote to continue to help facilitate the conditions needed for banks' clients to invest in the net-zero transition, a spokesperson said.
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