Wednesday, May 12, 2021

"A loophole in HSBC’s pledge to phase out financing for coal by 2040 will allow the bank to support companies with plans to build more than 70 new coal plants"


HSBC bowed to investor pressure over its support for fossil fuels earlier this year by vowing to phase out its financing of coal-fired power and coal mining by 2030 in developed economies, and by 2040 elsewhere in the world.

However, the pledge will not extend to HSBC’s $612bn asset management arm


The coal plants are expected to be built in Bangladesh, China, India, Indonesia, Japan, Madagascar, Pakistan, the Philippines, South Africa, South Korea and Vietnam.