Reacting to HSBC’s decision to leave the Net-Zero Banking Alliance, the world’s largest climate alliance for banks, Jeanne Martin, Co-Director of Corporate Engagement said:

“We strongly condemn HSBC's decision to leave the NZBA, which is yet another troubling signal around the bank's commitment to addressing the climate crisis. It sends a counterproductive message to governments and companies, despite the multiplying financial risks of global heating and the heatwaves, floods, and extreme weather it will bring."

“Shareholders with £1.2 trillion in assets under management called on the bank just weeks ago to continue to reaffirm and build on its existing climate progress, rather than backtracking on ambition to protect the long-term prosperity of the economy and the livelihoods of people around the world."

“Investors will be watching closely how this backsliding move will translate into its disclosures and policies.”

Notes to editors

For more information on the investor statement on climate read out at HSBC’s annual general meeting, please see here.

This article was originally published on ShareAction's website here.