HSBC to phase out thermal coal

HSBC Asset Management has announced its policy to phase out coal-fired power and thermal coal mining from its listed holdings.

The company will actively work with company boards to support the transition away from thermal coal in the EU and OECD markets by 2030, and globally by 2040. Those companies who do not show credible plans to transition away from thermal coal within the timeframe will lose the support of the asset manager, including voting against company chairs at AGMs or, ultimately, divesting.

Nicolas Moreau, CEO, HSBC Asset Management said: “We believe in working in partnership with our clients to transition away from thermal coal, while supporting a just transition. But we are clear that we will need to walk away from companies who don’t or won’t take active credible steps to reduce emissions.”

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