ICYMI: HSBC says clients must have plan to exit coal by the end of 2023
Top lender to corporate Asia releases coal policy detailsWill cut all financing to clients who refuse to engage, Europe's leading banker to corporate Asia, laid out its long-awaited policy on financing thermal coal on Tuesday, and said it expected all its clients to have a plan in place to exit the fossil fuel by the end of 2023.
Building on an existing pledge not to finance new coal-fired power plants or thermal coal mines, HSBC said its policy would help phase out existing coal use in line with the science of climate change and be reviewed annually. As one of Europe's largest banks and with exposure to the industry in emerging markets in Asia and elsewhere, HSBC has faced pressure from investors and activists to cut funding to those using coal, the dirtiest of fossil fuels.
While HSBC, in common with peers, had previously set out a high-level commitment to reach net zero carbon emissions across its customer base by 2050, activists had criticised the strength and detail of its policies. The bank said it would next year announce a science-based target for coal-fired power in line with capping global warming at 1.5 degrees Celsius above pre-industrial averages, with progress on cutting thermal coal financing to be published annually.
For clients outside the EU and OECD, HSBC said it would evaluate their transition plans before deciding whether to offer finance, acknowledging the infrastructure, policy and resource obstacles many face compared to developed market peers.
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