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 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.

HSBC didn't immediately reply to MT Newswires' request for comment.

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