<ul data-eligibleForWebStory="false"><li>HSBC becomes the first UK bank to quit the global banking industry’s net zero target-setting group, the Net Zero Banking Alliance (NZBA), raising concerns about its commitment to climate crisis mitigation.</li><li>The move may lead to further exits by UK banks from the NZBA, which could hinder international climate coordination efforts.</li><li>HSBC, a founding member of NZBA, announced its departure after delaying key parts of its climate goals by 20 years and revising environmental targets in its CEO's bonus plan.</li><li>Despite HSBC's withdrawal, other UK banks like Barclays, Lloyds, NatWest, Standard Chartered, and Nationwide remain part of the NZBA, which aims to align banking activities with net zero greenhouse-gas emissions by 2050 or earlier.</li></ul>

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

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