LONDON - Major HSBC shareholders are calling on Europe’s biggest bank to toughen its commitment to cut lending linked to fossil fuels and to turn its climate “ambitions” into targets.
That pledge was criticised by campaigners for not directly addressing HSBC’s lending to fossil fuel firms, including a relatively large share of clients involved in the coal sector. “As Europe’s largest bank and the second largest provider of fossil fuel financing, HSBC has the unique opportunity to help lead the financial services sector towards Paris-aligned commitments rather than mere ambitions,” said Jason Mitchell, Co-Head of Responsible Investment at Man Group.
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