Mar 11, 2021

HSBC avoids revolt by investors pressing for retreat on fossil fuel

HSBC has fended off a shareholder revolt ahead of its annual meeting after a $2.4tn coalition of big investors agreed to back the bank's climate change plans. Amundi, Man Group and 13 other large investors in January filed a resolution for HSBC's May annual meeting calling for the bank to curtail its financing of fossil fuels. HSBC ranks among the 10 biggest financiers of fossil fuels in the world, according to the Rainforest Action Network, a charity. RAN data showed the bank had provided $87bn in total to some of the world's largest fossil fuel companies since the 2016 Paris accord. "HSBC's investors need to back the resolution and make their expectations for HSBC's new coal policy and climate strategy clear today, to ensure HSBC sets the benchmark for other banks to follow," he said.

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