Shareholders of multinational bank HSBC have passed a management resolution that commits the bank to phase-out financing for the coal industry by 2030 in the OECD and by 2040 worldwide, following successful campaigning from investors. The ShareAction coalition, comprising investors with a combined $2.4 trillion in assets under management, filed a resolution calling on HSBC to publish a strategy that outlines efforts to reduce exposure to fossil fuel assets. Preliminary results showed the resolution passing with over 99% of the vote. The resolution binds HSBC to publish a policy by the end of 2021 with further detail on the phase-out plan, its scope and interim targets, and to engage with ShareAction, representatives of the group of co-filing institutions and other stakeholders in the development of this policy.

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Reuters