Investors and activists frustrated by HSBC’s failure to address concerns around fossil-fuel financing have joined forces to pressure the bank’s management to take action.
Fifteen European asset managers and owners, including Amundi and Man Group, have filed a shareholder climate resolution calling on HSBC to publish a strategy and targets to reduce its exposure to fossil-fuel assets.
The move, which has been coordinated by responsible investing NGO ShareAction, comes just three months after HSBC pledged to reduce financed emissions from its customer portfolio to net zero by 2050 or sooner.
Investors have been engaging with [HSBC] on coal for quite a while
Jeanne Martin, ShareAction
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