HSBC is being targeted by climate campaigners, backed by fifteen pension and investment funds, who want to force the bank to slash its exposure to fossil fuels – starting with coal – within a timeline consistent with Paris climate goals. They a have filed the second-ever climate vote at a major UK bank, following a similar resolution tabled at Barclays’ AGM last year. While HSBC has pledged to shrink its carbon footprint to net zero by 2050, the current climate plan stops short of a blanket ban on financing coal power, and does not allow it to turn away clients or cancel contracts based on their fossil fuel exposure. HSBC is Europe’s second-largest financier of fossil fuels after Barclays, according to the Rainforest Action Network (RAN). The vote isn’t until May, so investors will have to wait to see whether HSBC will support the resolution, or follow Barclays’ lead and table an alternative proposal.
Observer 21st Feb 2021 read more »