By Susanna Rust2021-01-11T13:52:00+00:00
Major asset managers Amundi and Man Group and a dozen other institutional investors have co-filed a shareholder resolution calling for HSBC to set out a plan for phasing out its exposure to fossil fuel assets, starting with coal.
The move comes after the bank in October announced an ambition to be a net-zero bank by 2050 at the latest, a pledge seen as important given HSBC’s large presence in Asia.
More than 100 individual shareholders plus European asset owners from Denmark, Sweden and the UK have joined Amundi and Man Group in co-filing the resolution .
HSBC Shareholders Ask Bank to Cut Fossil-Fuel Lending Exposure
Alastair Marsh, Bloomberg News A bucket-wheel reclaimer stands next to a pile of coal at the Port of Newcastle in Newcastle, New South Wales, Australia, on Monday, Oct. 12, 2020. Prime Minister Scott Morrison warned last month that if power generators don t commit to building 1,000 megawatts of gas-fired generation capacity by April to replace a coal plant set to close in 2023, the pro fossil-fuel government would do so itself. Photographer: David Gray/Bloomberg , Bloomberg
(Bloomberg) A group of HSBC Holdings Plc shareholders have filed a resolution urging the bank to cut its support to the fossil-fuel industry.