HSBC has exited the Net Zero Banking Alliance, becoming the first UK bank to do so, prompting concerns about its dedication to addressing climate change. This move may encourage other UK banks to leave, further impacting global climate coordination. The exit follows the departure of multiple US banks amid changing political pressures. HSBC delayed its net zero goals by 20 years and adjusted its CEO's compensation plan to lower environmental standards. These steps have drawn criticism from climate advocacy groups concerned about the bank's future climate commitments.
HSBC has become the first UK bank to leave the global banking industry's net zero target-setting group, which raises concerns about its commitment to tackling the climate crisis.
This decision risks triggering further departures from the Net Zero Banking Alliance by UK banks, undermining global climate coordination efforts.
HSBC's exit follows a trend of major US banks withdrawing from the NZBA, influenced by the return of Trump and heightened oil and gas production efforts.
The bank's decision coincides with a delay in its net zero goals by 20 years and a less stringent long-term bonus plan for its CEO.
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