HSBC becomes first UK bank to quit industry’s net zero alliance

HSBC was a founding member of the Net Zero Banking Alliance when it was convened by the UN environment programme’s finance initiative in 2021. Photograph: Andy Rain/EPA

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.