HSBC, SocGen Drop Bids to Get CO2 Goals Approved by UN Body (1)

HSBC Holdings Plc and Societe Generale SA are among banks that have withdrawn applications to get their climate goals approved by a United Nations-backed group widely regarded as the gold standard-setter for credible net zero claims.

The banks will no longer seek verification from the Science Based Targets initiative, according to people familiar with the matter. ABN Amro Group NV and Standard Chartered Plc have also withdrawn their bids, representatives for the banks said. The news was earlier reported by Reuters.

Spokespeople for the banks said they would still comply with standards set by the Net-Zero Banking Alliance, ...