HSBC has joined an increasing list of large banks in refusing to finance coal-fired plants, oil sands and arctic drilling.
Europe’s largest bank HSBC won’t fund new coal power plants, oil sands and arctic drilling, except in Bangladesh, Indonesia and Vietnam. (Image courtesy of Håkan Dahlström via Flickr.)
HSBC has joined an increasing list of large banks by announcing Friday it would not longer finance coal-fired plants, oil sands and arctic drilling.
The move, announced by Europe’s largest bank at its annual meeting as part of its new energy policy, seeks to head off criticism from investors who want the institution’s actions to be aligned with the Paris Agreement, a global pact to limit greenhouse gas emissions and curb rising temperatures.
Daniel Klier, HSBC’s sustainability boss, said the decision reflected the bank’s ambition to help its customers make the transition to a low-carbon economy.
“Europe’s largest bank, however, will continue to finance coal-fired power plants in Bangladesh, Indonesia and Vietnam.
“We recognize the need to reduce emissions rapidly…
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