Overview

• HSBC has formally left the UN-backed Net-Zero Banking Alliance, becoming the first UK member to quit the coalition.
• It joins major US banks including JPMorgan, Citigroup, Morgan Stanley, Macquarie and Bank of Montreal in exiting this year.
• HSBC reaffirmed its commitment to reach net-zero emissions across its business by 2050.
• The lender dropped its 2030 emissions-reduction target in February, citing slow progress in the real economy.
• Departures from the alliance reflect mounting political and legal scrutiny of ESG commitments, particularly by Republican policymakers.