
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.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

South Wales Argus
38 minutes ago
- South Wales Argus
River Island on brink of collapsing into administration
The fashion chain, which has stories in Newport city centre, Spytty and Cwmbran, also needs to secure further funding later this year in order to preserve its future, according to documents shared with creditors. The London-based company has laid out a major rescue plan which will see it shut 33 stores and pay reduced rents on a further 71 shops. River Island has asked landlords to cut rents for three years and potentially stop payments completely on some sites in a bid to stem losses. River Island is on the brink of collapsing into administration The plan, which will also see it write off parts of its heavy debt pile, will need court approval next month. River Island will need the backing of 75% of the group's creditors, predominantly landlords, at a hearing on August 7. The company said talks with creditors have been positive and it expects to gain approval for the restructuring plan. However, company documents first reported by the Telegraph warned that the company will be 'unable to pay its debts' by the end of the month if the plan is rejected. It indicated that the company will not be able to keep trading if it fails on these payments and would therefore 'be subject to administration or other insolvency proceedings'. The documents also highlighted that the company faces a £10 million 'funding need' in September, which could balloon to £50 million by next year. A River Island spokeswoman said: 'River Island circulated its proposals for a restructuring plan to creditors on June 20. Recommended reading: 'In combination with the company's ongoing transformation strategy, the plan is a proactive measure to place the company on a firm footing. 'We have been having positive conversations with key stakeholders and are confident that we will achieve approval of the plan in the next few weeks.' River Island employs around 5,500 people and was founded in 1948 under the Lewis and Chelsea Girl brand before being renamed in the 1980s.


The Independent
an hour ago
- The Independent
Woody Johnson completes purchase of Crystal Palace shares
Crystal Palace have confirmed that Woody Johnson's purchase of Eagle Football's shareholding in the club has been completed. American businessman Johnson – who is co-owner of the New York Jets – joins chairman Steve Parish, Josh Harris and David Blitzer as a partner and director of the Eagles, and has also signed the Premier League's Owners' Charter. 'I am honoured and privileged to be joining the ownership group of Crystal Palace Football Club,' Johnson told the Eagles website. 'It is an organisation with a proud history, tradition, and deep roots in English football in South London, which I came to admire during my time as US Ambassador to the United Kingdom. 'Eagles fans have demonstrated extraordinary loyalty, passion, and unwavering dedication and I am excited to meet and get to know them. 'I have great respect for Steve Parish and the leadership he has provided over the years. 'I look forward to working with him and the entire ownership group to build on the club's recent successes and help shape an exciting future for Crystal Palace. 'This is more than an investment – it's a commitment to realising the vision for the club, the community, and the culture around Selhurst Park.' Johnson's arrival at Palace comes with the club in dispute with UEFA over which European competition they will play in next season after winning the FA Cup in May. The Eagles were demoted from the Europa League to the Conference League after falling foul of UEFA's rules governing multi-club ownership, but have submitted an appeal to the Court of Arbitration for Sport. UEFA determined that as of March 1, American businessman John Textor had control or influence in Palace and French club Lyon. Textor said he had agreed to sell his stake in Palace to Johnson, but the move came too late to satisfy UEFA. Parish said: 'At this exciting time for Crystal Palace, we are delighted to be welcoming Woody to the ownership of the football club, and we very much look forward to working alongside him to build on our historic recent success moving forwards.'


The Independent
an hour ago
- The Independent
FA issue England manager warning ahead of Euros final
The Football Association (FA) is determined to retain Sarina Wiegman as England manager, with chief executive Mark Bullingham stating she is "not for sale" at any price. Wiegman has reached five consecutive major tournament finals, including the last three with the Lionesses, and will lead them in the Euro 2025 final against world champions Spain. Her current contract with the FA extends until the end of the 2027 Women's World Cup, and Bullingham expressed confidence in keeping her in charge. Bullingham praised Wiegman as a "special coach" for her exceptional tournament record, work with players, and ability to maintain a cool head in critical moments. He dismissed suggestions that Wiegman should be considered for the England men's job, asserting it is disrespectful to view the men's role as more senior.