HSBC financed climate laggards weeks before net zero target

HSBC_Adobe_575x375_3August2020
By Jon Hay
16 Oct 2020

HSBC provided $1.8bn of financing to high carbon companies including Kepco, which is developing new coal plants, in just five deals in the past four months, as it prepared to announce its “net zero ambition” on October 9, an NGO has alleged.

ShareAction, the UK-based responsible investing pressure group, published a report on Friday scrutinising HSBC’s net zero commitment.

On October 9, the bank set out what it called “an ambitious plan to prioritise financing and investment that supports the transition to a net zero global economy”.

It pledged to ...

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