LONDON, Dec 14 — HSBC, Europe’s leading banker to corporate Asia, laid out its long-awaited policy on financing thermal coal today, and said it expected all its clients to have a plan in place to exit the fossil fuel by the end of 2023.
Building on an existing pledge not to finance new coal-fired power plants or thermal coal mines, HSBC said its policy would help phase out existing coal use in line with the science of climate change and be reviewed annually. Jeanne Martin, senior campaign manager at ShareAction, a group that aims to improve corporate action on environmental, social and governance issues, said the fact HSBC had introduced a coal phase-out policy was in itself a victory for shareholder engagement with banks on climate, but more was needed.
In a victory for campaigners, HSBC said its new policy would apply to all parts of its business, including its US$621 billion asset management arm, and cover all aspects of financing, including refinancing and advisory services.
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HSBC says clients must have plan to exit coal by end-2023LONDON: HSBC, Europe's leading banker to corporate Asia, laid out its long-awaited policy on financing thermal coal on Tuesday, and said it expected all its clients to have a plan in place to exit fossil fuels by the end of 2023.
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