---
title: HSBC to phase-out coal funding, bows to shareholder pressure
date: 2021-03-16T05:09:32Z
modified: 2023-07-24T11:35:25Z
permalink: "https://350.org/hsbc-to-phase-out-coal-funding-bows-to-shareholder-pressure/"
type: post
status: publish
excerpt: "Now let's focus our energies on ensuring that HSBC delivers on their commitments"
wpid: 146682
categories:
  - Featured
  - Global
  - KIITG
tags:
  - coal finance
  - finance
  - hsbc
featured_image: /wp-content/uploads/2018/11/16319502457_11011a7515_o.jpg
author: Jenny Tuazon
---

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](https://shareaction.org/shareholder-campaign-secures-hsbc-coal-phase-out/) 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.

**Share this good news with your friends:**

[Share on Facebook](https://www.facebook.com/sharer/sharer.php?u=https%3A//350.org/hsbc-to-phase-out-coal-funding-bows-to-shareholder-pressure/)

[Share on Twitter](https://twitter.com/intent/tweet?text=HSBC%20to%20phase-out%20coal%20funding,%20bows%20to%20shareholder%20pressure%20https%3A//350.org/hsbc-to-phase-out-coal-funding-bows-to-shareholder-pressure/)

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](https://twitter.com/intent/tweet?text=HSBC%20to%20phase-out%20coal%20funding,%20bows%20to%20shareholder%20pressure%20https%3A//350.org/hsbc-to-phase-out-coal-funding-bows-to-shareholder-pressure/)**.

**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.

##### Want to do more?

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](https://350.org/stop-fossil-finance/).