11:58 AM EDT, 07/11/2025 (MT Newswires) -- (Updates with HSBC's ( HSBC ) comment in the fifth paragraph.)

HSBC ( HSBC ) has left the Net-Zero Banking Alliance, the world's largest climate banking group, following the lead of several major US, Japanese, and Canadian banks that exited over the past eight months, multiple media outlets reported, citing the lender.

The bank said the alliance was helpful in creating guidelines for reducing emissions, but now that those are in place, it is choosing to move forward independently. HSBC ( HSBC ) plans to update its own climate strategy in 2025, the reports said.

"Our approach to setting financed emissions targets will continue to be informed by the latest scientific evidence and credible industry-specific pathways," the bank was quoted as saying.

Since December, major banks including JPMorgan ( JPM ) , Goldman Sachs ( GS ) , and the Royal Bank of Canada ( RY ) have left the alliance, which has since shifted its focus to offering financial support for clean energy and relaxed some of its emission-cutting expectations, Bloomberg reported.

"We recognise the role the Net Zero Banking Alliance has played in developing guiding frameworks to help banks establish their initial target-setting approach. With this foundation in place, we have decided to withdraw from the NZBA as we work towards updating and implementing our own Net Zero Transition Plan," an HSBC ( HSBC ) spokesperson told MT Newswires, adding that the bank is still fully committed to reaching its net-zero target by 2050.

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