Investors pressure HSBC on fossil finance

Investors that include Amundi and Man Group have filed a resolution for the bank’s AGM calling for it to “promote the long-term success of the company” and publish a strategy of targets to reduce its expose to fossil fuel financing.

HSBC has already announced a desire to achieve net-zero status by 2050, but the resolution, supported by ShareAction believes that there is not enough substance or concrete action on financing of carbon creating activities.

ShareAction has noted that HSBC has done well in its own rankings of European banks and is “ doing well” when it comes to governance structures and the provision of low-carbon financing, but in terms of financing ‘high-carbon’ activity it is falling short.

ShareAction, together with over 100 institutional and private co-filers, is filing of a shareholder resolution.

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