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.
So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
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08 March 2021
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