HSBC to end coal financing by 2040 after facing pressure from investors

SCMP

12 Mar 2021

HSBC said that it would end financing of coal mining and coal-fired power plants in the European Union and countries that make up the Organisation for Economic Cooperation and Development (OECD) by 2030, and a decade later elsewhere, following pressure from investors

The London-based bank said it would propose a special resolution on climate change and outline its ambitions to reduce carbon emissions to net zero in its loan portfolio by 2050, at its annual meeting in May.


“We are delighted to be setting out the next phase of our net zero strategy in this resolution and invite our shareholders to support us on this journey,” Noel Quinn, HSBC’s chief executive (CEO), said in a stock exchange filing. “This represents an unprecedented level of cooperation between a bank, shareholders and NGOs on a critical issue, with a positive outcome for all.”


SCMP