HSBC announces landmark commitment to phase out coal by 2030 in EU
By Sophie Smith
12/3/2021
HSBC has tabled a resolution that commits to phasing out financing of coal-fired power and thermal coal mining by 2030 in the EU and Organisation for Economic Co-operation and Development (OECD) countries, and elsewhere by 2040.
The resolution, which will be put to a vote at HSBC s upcoming annual general meeting on 28 May, follows months of negotiations between HSBC and a coalition of investors led by ShareAction.
This coalition, which includes a number of Local Government Pension Schemes, such as Brunel Pension Partnership, previously filed a shareholder resolution with the bank, calling for it to reduce its exposure to fossil fuels.