HSBC Leaves Net Zero Banking Alliance but Maintains Green Finance Strategy

HSBC has exited the Net Zero Banking Alliance (NZBA), joining a growing list of major banks reassessing climate-related commitments. The London-headquartered, Asia-focused bank affirmed it remains committed to achieving net-zero emissions by 2050. While no longer part of NZBA, HSBC will continue to work with the broader Glasgow Financial Alliance for Net Zero (GFANZ) and update its Net Zero Transition Plan later this year. The bank also reiterated its use of financed emissions targets and pledged pragmatic financing solutions to support clients’ decarbonisation efforts, balancing environmental goals with energy security and economic needs.