HSBC to Phase-Out Thermal-Coal Financing, Cuts New Funding to Incompatible Companies
14 Dezembro 2021 - 5:34AM
Dow Jones News
By Joe Hoppe
HSBC Holdings PLC said Tuesday that it will phase out its
financing of thermal-coal power and mining and it won't provide new
financing to companies with plans that are incompatible with its
own sustainability targets.
The London-based bank said that it will phase out phase-out
thermal coal financing in the European Union and countries in the
Organization for Economic Co-operation and Development by 2030, and
world-wide by 2040. It will also cut its exposure to thermal-coal
financing by at least 25% by 2025 and by 50% by 2030.
The bank said it expects all of its existing thermal
coal-related clients to publish transition plans, and it won't
provide new financing where plans are incompatible with its target
of net-zero greenhouse-gas emissions from clients' portfolios by
2050.
The company also said it will decline new financing, refinancing
or advisory services to thermal coal-related clients that fail to
show a credible plan to transition in an acceptable timeframe.
"We want to be at the heart of financing the energy transition,
particularly in Asia. This is where we can have the biggest impact
to help the world achieve its target of limiting global warming to
1.5 degrees Celsius," Chief Executive Noel Quinn said.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
December 14, 2021 03:19 ET (08:19 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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