Banks and energy transition: You can run, but you can’t hide

When HSBC chief executive Noel Quinn announced a “net zero by 2050” commitment in October, he was presumably expecting a positive response from investors – or, at least, to quieten those accusing the bank of heel-dragging on energy.

Alas, the days when vague promises of vast sums for transition and phrases about applying “a climate lens” to financing decisions would win plaudits are long gone.

As the shareholder climate resolution recently filed at HSBC demonstrates, asset managers and owners are scrutinizing firms’ climate commitments ever more stringently – and are ready to take public action against laggards and obfuscators.