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Environmental News>

HSBC announces phasing out of coal-fired industry financing to strengthen climate change response

  • 2021-06-21

HSBC announced today (11) that it will gradually stop financing the coal-fired industry in developed countries such as the European Union by 2030, and expand it to developing countries by 2040, strengthening its commitment to addressing climate change and bringing greater pressure on investors. According to foreign media reports, HSBC said today that it will propose a special resolution on climate change at this year's shareholders' meeting, and will gradually stop investing in coal-fired power generation and mining, and encourage customers in other industries to reduce carbon emissions. It also promised to formulate clear and scientific strategies, set short-term and medium-term goals, and formulate financing policies in line with the goals of the Paris Agreement. HSBC announced its emission reduction targets in October last year, planning to achieve carbon neutrality in the group's operations and supply chain by 2030, and zero carbon emissions for all customers by 2050. HSBC said that this resolution outlines the next stage of the group's "net zero strategy" and mentioned that it plans to provide 750 billion to 1 trillion US dollars in financing and investment to support customers in reducing carbon emissions. Source: Environmental Information Center

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