HSBC has followed several US banks and exited the Net Zero Banking Alliance.

HSBC was one of the first global banks to set a net-zero by 2050 ambition and is adamant that it will continue this long-term ambition as it embarks on updating its net-zero strategy.

Acknowledging the work so far done, saying that the Net Zero Banking Alliance played a role in developing guiding frameworks to help banks establish their initial target-setting approach, HSBC added that with this foundation in place, it has decided to withdraw.

The bank follows the likes of JPMorgan, Citi and Morgan Stanley who have all left the Alliance. Some will point to US political pressure, others will point to a lack of international support, but either way it could be seen as a case of ‘job done’ by the Alliance or dilution of commitment.

HSBC will remain engaged with the Glasgow Financial Alliance for Net Zero to support the mobilisation of capital towards the net-zero transition.

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