HSBC Exits Net Zero Banking Alliance
The exodus of the climate change group continues with London-based Asia-focused lender HSBC being the latest to quit.
HSBC has decided to withdraw from the Net Zero Banking Alliance (NZBA), according to a statement. Despite the exit, the bank notes that it remains committed to achieving its net-zero goals by 2050 and will continue to engage with the Glasgow Financial Alliance for Net Zero (GFANZ). NZBA is an initiative within GFANZ.
«Our strategy is to provide our customers with pragmatic financing solutions that facilitate their progress and support long-term emissions reduction while advancing energy security and meeting the economic and industrial needs of today’s economy,» the bank added.
HSBC has become the latest bank to quit the net zero group alongside global lenders such as J.P. Morgan, Citi, Morgan Stanley, Macquarie, Bank of Monetreal and MUFG.
