HSBC sharpens Net Zero policy after shareholder resolution

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By Jon Hay
11 Mar 2021

HSBC has agreed to tighten its policies on climate transition and coal funding, in response to a shareholder motion calling on it to phase out fossil fuel financing. The move underlines the power investors have to accelerate change on environmental and social issues using shareholder votes, and could raise the bar for other banks.

Although HSBC pledged in October to reduce the greenhouse gas emissions of customers it finances to net zero by 2050, investors and activists remained critical.

The bank had not given much clarity on how it planned to reduce emissions in the next decade — when carbon output must fall ...

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