Latest news with #UN-convened
HKFP
15-07-2025
- Business
- HKFP
Climate crisis: HSBC exits Net Zero Banking Alliance
HSBC has withdrawn from the Net-Zero Banking Alliance (NZBA) following the departure of 17 other banks, according to a statement released last Friday. The UK banking giant was a founding member of the UN-convened alliance in 2021, which committed members to the transition to net zero and reaching goals laid out in the Paris Agreement. 'With this foundation in place, and as we work towards updating and implementing our Net Zero Transition Plan later in 2025, we, like many of our global peers, have decided to withdraw from the NZBA,' said HSBC in the statement. Net zero refers to a balance between the production and removal of greenhouse gas in the atmosphere. Reducing greenhouse gas emissions and attaining Net Zero is an internationally recognised goal in slowing down the progression of global warming. The 2015 agreement, adopted by 195 parties at the UN Climate Change Conference, underlined the need to achieve the target. String of departures HSBC added that they remained committed to achieving net zero by 2050: 'We continue to support customers in all sectors to make progress towards their individual decarbonisation plans, recognising that the transition to net zero is not linear or uniform across sectors, markets, and regions.' The move follows a string of departures from the alliance including six major US banks: Citigroup, Bank of America, Wells Fargo, Goldman Sachs, Morgan Stanley, and JP Morgan Chase. Each exited following the election of US President Donald Trump. Trump signed an executive order in January to begin a process to withdraw the US from the Paris Agreement under the United Nations Framework Convention on Climate Change. When HKFP asked HSBC if there will be any external audit or monitoring of their new 2050 commitment, the bank did not respond. Nor did they reply when asked on Monday what environmental initiatives may be dropped as a result of the alliance withdrawal. However, a spokesperson for HSBC Hong Kong told HKFP that they 'remain resolutely focused on supporting our customers to finance their transition objectives and on making progress towards our net zero by 2050 ambition.'
Scoop
16-06-2025
- Politics
- Scoop
Address To The Opening Plenary Of The UN June Climate Meetings, Sixty-Second Session Of The Subsidiary Bodies (SB62)
Executive Secretary Simon Stiell UN Climate Change Bonn, Germany Excellencies, Delegates, Friends, Welcome to Bonn, and the 62nd session of the Subsidiary Bodies. There is lots of complex work ahead, so allow me to start with a few simple truths. First: this process matters, deeply. The progress you make in the next 10 days makes a very real difference to billions of lives and livelihoods, in every country. These sessions are where we move from concept to clarity – across sectors, systems, and societies. You are laying down the tracks that further deliver implementation. In the real economy – where deep emissions cuts and transformative adaptation must be delivered. Quickly and fairly. Second: this process is delivering real progress. Thanks to your tireless efforts and ability to compromise, recent COPs have all produced concrete, major global steps forward. Even if imperfect, even if no country gets everything it wants, this is human solidarity in action, with real-life benefits for billions of people. Let's not forget: without UN-convened climate multilateralism, we would be headed for up to 5C of global heating. Now it's around 3. It's a measure of how far we've come, and how far to go. A reminder that 1.5, and protecting all people, continue to be both achievable over the course of time, and utterly essential. Likewise, this year, beneath the noisier negative news, there are plenty of good reasons for optimism. We are seeing green lights for climate actions from many of the world's biggest economies, sending powerful demand signals to investors and doers. Yes, there are headwinds – as there always are – but they do not set humanity's course. The tide has turned for climate action, and there's no turning it back, because it's entirely in every nation's own interests. So I urge you - let's show how we are rising to this moment - with a unity of purpose that is stronger than ever, and laser-focused on real-world results. This also requires being pragmatic: the acceleration still needed will only be possible if our process is adequately resourced. We welcome the growing mandates you have given the secretariat. And through the secretariat's budget, we have found significant cost savings and efficiencies, so that we can keep delivering fully on all of these growing mandates. But this approach is not sustainable. You are all aware of our budget challenges. I urge you to address them fully through your deliberations here in Bonn, to make sure this process keeps getting concrete results that move the world forward. This brings me to my third point: the world is watching closely, as climate impacts get rapidly worse in every country. We must show climate cooperation can keep delivering real progress, and can drive the acceleration demanded by science, to protect people and prosperity. That means these June sessions must: Agree the final steps for delivering indicators under the Global Goal on Adaptation at COP30. Unlock delivery under the Just Transition Work Programme Work so that it helps move 'Just Transition' from a necessary concept to a lived reality, across economies and societies. Deep-dive into the Roadmap to the 1.3 Trillion so that it's not just a report, but rather a how-to guide with clear next steps on dramatically scaling up climate finance and investment. Ensure the mitigation work programme builds momentum for realizing actionable solutions that respond to the urgency we must all confront. Make progress on defining this era of implementation – what it means to deliver on all the commitments we've collectively made to the planet and each other – including in the first Global Stocktake. None of these issues are easy. Disagreement is natural. But our process must be safe and respectful for all. Full adherence to the Code of Conduct is non-negotiable. Friends, guided by the three interlinked priorities set out by the incoming Presidency: To reinforce multilateralism under the Convention. To connect our work to billions of real lives. And to accelerate implementation. Let's get to work. The Secretariat will be with you at every step.
