The UK's Green Economy: What does HSBC's departure from the Net-Zero Banking Alliance mean, according to CEO Nick Spicer?
- Amanda Spicer
- Sep 8
- 2 min read
With banking giants such as HSBC following peers footsteps stepping away from the Net Zero Banking Alliance, serious questions are being raised about the future of our green economy and the financial sector’s responsibility in supporting climate resilience. With many arguing that the finance industry has moral responsibility to take action to address the climate crisis, institutions such as HSBC argue that “standards weren't high enough”for the NZBA; rather, they “continue to advocate for stricter climate policies and alignment of all loans within the 1.5 degrees celsius global warming scenario”
Our CEO, Nick Spicer, was recently featured in The Fintech Times, voicing the concerns of many purpose-led businesses at a critical moment for UK infrastructure:
“The NZBA provided crucial frameworks for banks to assess climate risks in their lending portfolios. Without this collaborative structure, individual banks may struggle to adequately price climate risk, potentially leading to underinvestment in resilient infrastructure precisely when we need it most.
This trend away from collective climate action is particularly concerning given the UK’s ageing energy infrastructure. As extreme weather events become more frequent, the financial sector’s role in funding adaptive, renewable energy solutions becomes critical for national resilience.
Nick’s insights highlight the urgent need for joined-up action between finance and industry as political institutions face mounting pressure to invest in the net zero transition.
Rather than signalling greater accountability, HSBC’s exit reflects a divergence from the long-term thinking required to address systemic climate risk. The UK needs financial institutions that recognise clean energy investment not as an ESG obligation, but as essential infrastructure for economic stability in an increasingly volatile climate.
Read more about Nick’s feature on the FinTech Times article: https://thefintechtimes.com/does-hsbc-net-zero-alliance-exit-signal-a-dangerous-disconnect/
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