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.

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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.

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