HSBC has said it plans to ramp up its climate change policies and stop financing coal projects by 2040, as long as shareholders back the move.
It follows pressure from a coalition of investment firms and pension funds who called for stronger action from the bank on climate change.
Charity Shareaction, which led the group, said HSBC had put $15bn (£11bn) into coal developers since 2018.
HSBC said it welcomed the group's decision to back its new plan.
The bank already has a "net zero" strategy, under which it aims to ensure all its investments are carbon neutral by 2050.
But its new resolution, which needs the support of 75% of shareholders, would see the bank phase out financing for coal-fired power stations and thermal coal-mining by 2030 in the EU and OECD countries.
The same would apply by 2040 for the rest of the world.
It would also set targets to align it with articles of the Paris Climate agreement concerning limits on global warming and emissions when deciding on funding for sectors including oil and gas.
HSBC said it expects to provide between $750bn (£540bn) and $1trn to support its corporate customers to decarbonise.
Read original full article
