"HSBC becomes first UK bank to quit industry’s net zero alliance", 11 July 2025

"HSBC has become the first UK bank to leave the global banking industry’s net zero target-setting group, as campaigners warned it was a “troubling” sign over the lender’s commitment to tackling the climate crisis.

The move risks triggering further departures from the Net Zero Banking Alliance (NZBA) by UK banks, in a fresh blow to international climate coordination efforts.

HSBC’s decision follows a wave of exits by big US banks in the run-up to Donald Trump’s inauguration in January. His return to the White House has spurred a climate backlash as he pushes for higher production of oil and gas.

HSBC was a founding member of the NZBA at its launch in 2021, with the bank’s then chief executive, Noel Quinn, saying it was vital to “establish a robust and transparent framework for monitoring progress” towards net zero carbon-emission targets.

“We want to set that standard for the banking industry. Industry-wide collaboration is essential in achieving that goal,” Quinn said....

The climate campaign group ShareAction condemned the move, saying it was “yet another troubling signal around the bank’s commitment to addressing the climate crisis”.

Jeanne Martin, ShareAction’s co-director of corporate engagement, said: “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."