Mar 11, 2021
HSBC plans to phase out coal lending by 2040
HSBC has said it plans to ramp up its climate change policies and stop financing coal projects by 2040, as long as shareholders back the move. Charity Shareaction, which led the group, said HSBC had put $15bn of funds into coal projects since 2018. Firms in the group include Amundi, which is a top 25 HSBC investor, Man Group, and Sarasin & Partners. Initially Shareaction had threatened to bring its own resolution at HSBC's annual general meeting in May to try to force change. "Noel Quinn, chief executive of HSBC, said:"We are pleased that ShareAction and a group of shareholders have agreed to support the resolution and would like to thank them for their positive ongoing engagement and constructive challenge and input.
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