Apr 20, 2018

HSBC to promise an end to its financing of coal power stations

HSBC will seek to head off criticism from pressure groups at its annual meeting on Friday by promising to stop financing coal power stations in many countries, as well as oil sands and Arctic offshore drilling projects. Daniel Klier, head of strategy and sustainable finance at HSBC, said coal power was still the only realistic way to sufficiently increase the power supply in countries such as Bangladesh, where 62m people still have no access to electricity. HSBC had already committed to stop financing new coal power projects in developed markets. It has now decided to expand this by promising to exit all existing coal power financing in developed markets by the end of next year. Over the past three years, HSBC provided $2.1bn of financing for new coal power projects, ranking it 14th among the world's banks, according to the Banking on Climate Change report published last month by a collection of pressure groups.

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