HSBC could be forced to slash its exposure to fossil fuels – starting with coal – from next year, after an influential group of investors filed a shareholder vote urging the bank to ramp up its climate commitments. Fifteen pension and investment funds are pushing HSBC to reduce the loans and underwriting services offered to clients which rely heavily on fossil fuels within a timeline consistent with Paris climate goals. The resolution – which has been coordinated by campaign group ShareAction and is also backed by 117 individual shareholders – is the second climate vote filed at a major UK bank, following a similar resolution tabled at Barclays’ AGM last year. It will be put to shareholders at HSBC’s AGM in April, and will becoming binding if 75% vote in its favour.
Guardian 10th Jan 2021 read more »
Business Green 11th Jan 2021 read more »