.jpg)
22 hours ago
1
Article content
(Bloomberg) — HSBC Holdings Plc has left the world’s biggest climate alliance for banks, which was rocked over the past eight months by an exodus of the biggest US lenders.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
HSBC said in a statement on Friday that the Net-Zero Banking Alliance played an important role in helping banks develop frameworks for setting emissions-reduction targets. “With this foundation in place, and as we work towards updating and implementing our Net Zero Transition Plan later in 2025, we, like many of our global peers, have decided to withdraw from the NZBA,” the London-based bank said.
Article content
Article content
Article content
Having swelled at one point to representing more than 40% of global banking assets, NZBA has contracted significantly since December as the largest banks in the US, Japan and Canada, including Goldman Sachs Group Inc. and JPMorgan Chase & Co., left the group. Others that have exited include Mitsubishi UFJ Financial Group Inc., Royal Bank of Canada and Macquarie Group Ltd.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
NZBA has since pivoted to focus on providing financial support for the energy transition and holding signatories to a less stringent standard for reducing emissions enabled by their lending.
Article content
An HSBC spokesperson said the bank remains “focused on supporting our customers to finance their transition objectives and on making progress” toward achieving its net zero targets.
Article content
NZBA’s website shows the group having more 125 banks from more than 40 countries, with total assets of $44 trillion. HSBC, along with 42 other banks, were founding members of NZBA when the group was convened by the United Nations in 2021.
Article content
Advertisement 1
English (US)