Along with 14 other institutional investors representing a combined USD 2.4 trillion in AUM, Sarasin has co-filed a climate change resolution at HSBC. The resolution calls on HSBC to publish a strategy and targets to reduce its exposure to fossil fuel assets, on a timeline consistent with the Paris climate goals.
Natasha Landell-Mills, Head of Stewardship at Sarasin & Partners, said: In October, HSBC’s Board announced an important ambition: to ensure its financing activities support efforts to limit Global Warming to 1.5C. Attention must now turn to implementation. In light of the urgency of the climate crisis, we have decided to co-file a Shareholder Resolution to seek a clear timetable for emission reductions from HSBC’s financing activities. In the end, increasing financing for green activities only gets us half way; the Board must be clear on its intent to withdraw financing of harmful emissions. The sooner HSBC sets out its strategy for delivering this, the less disruptive the transition. And – above all – the greater the chances that HSBC helps to build, not destroy, our collective capital.”