At a time like this, we remain steadfast and on the lookout for good news – and I am delighted to bring one to you today.
Last week, HSBC bowed to pressure from ShareAction and a coalition of investment firms and pension funds who called for stronger climate action commitments from the bank. HSBC says it will stop financing coal projects by 2040.
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HSBC’s new resolution would see the bank phase out financing for coal-fired power stations and thermal coal-mining by 2030 in the European and Organisation for Economic Co-operation and Development (OECD) countries.
As a big financier of the coal industry, HSBC’s commitment to phase out from coal is significant. But we can’t relax just yet.
The resolution still needs the support of 75% of its shareholders. It’s time for us to focus our energies on ensuring that HSBC delivers on their commitments. HSBC must publish its coal phase-out policy before the end of 2021 with a clear plan to stop financing coal developers and coal companies. It must also demand clients to publish their coal-phase out plans by 2023.
Continue putting more pressure on HSBC by sharing this news.
Banks and financial institutions like HSBC must set targets fully aligned with the Paris Climate Agreement and completely stop funding all fossil fuel projects. It is a crucial step they need to take to strengthen their commitments to cut emissions over time.
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Public and private banks pour hundreds of billions of dollars each year into the climate-wrecking fossil fuel industry. We need to urgently work together to stop fossil fuel finance through sustained public organising and people power. Pledge your support – we’re counting on you.