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