Following months of negotiations between HSBC and a $2.4 trillion coalition of investors, HSBC’s board have tabled a resolution that commits the company to phase out financing of coal-fired power and thermal coal mining by 2030 in the EU and OECD and by 2040 elsewhere.
As Natasha Landell-Mills comments:
“Today, HSBC has demonstrated how a global bank can act as a positive force in protecting our planet from climate change. Working with shareholders, HSBC has published a Resolution to be voted on at its forthcoming AGM, which commits it to align its financing with keeping temperature increases to 1.5C – including an explicit target to phase out its exposure to coal. By covering all aspects of its financing, all regions in which it operates, and all sectors that it lends to, HSBC’s commitment offers a model for other banks to follow.
In the end, of course, what matters is that the Board’s words are matched by action that reflects the urgency of our climate crisis. All eyes will now turn to the targets HSBC plans to publish in coming months for phasing out its coal and other fossil fuel financing. We hope, and expect, the Board to live up to its promises”
Find out more about the commitment here.