Jan 10, 2021

HSBC targeted by shareholders over fossil fuel financing

HSBC is under fire for financing the fossil fuel industry after a group of investors including Amundi and Man Group filed a climate resolution ahead of the bank's annual meeting in April. The resolution - which was filed by 15 institutional investors with $2.4tn in assets, and 117 individual shareholders - called on HSBC to publish a strategy and targets to reduce its exposure to fossil fuel assets. ShareAction, a responsible investment charity that brought the shareholders together, said the bank was Europe's second-largest financier of fossil fuels after Barclays. "The message from the resolution is clear: net zero ambitions by top fossil fuel financiers are simply not credible if they fail to be backed up by fossil fuel phaseout plans," said Jeanne Martin, senior campaign manager at ShareAction. RAN said the bank has provided $87bn in total to some of the world's largest fossil fuel companies since the 2016 Paris climate agreement, which aims to tackle rising temperatures.

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