HSBC will end all funding for the coal industry by 2040, narrowly avoiding revolt among climate conscious-investors

HSBC will end all funding for the coal industry by 2040, narrowly avoiding revolt among climate conscious-investors

HSBC said on Thursday it plans to end funding for coal-fired power and thermal coal mining projects by 2030 in developed economies by 2030 and worldwide by 2040, in response to pressure from investors.

Non-profit shareholder ShareAction had previously deemed HSBC's climate change statement of ambition unconvincing and proposed their own motions for the upcoming annual general meeting at Europe's largest bank.

HSBC said ShareAction had retracted their resolutions and support its own proposals, according to a statement issued by the bank and comments from the non-profit organization itself. HSBC agreed to several demands issued by the group, including annual progress reports and using coal investments as a starting point for taking specific action around funding.

The bank has narrowly avoided shareholder revolt at its AGM as experienced last year by Barclays - who had not adjusted their resolutions, despite pressure led by ShareAction. HSBC is currently one of the largest funders of the fossil fuel industry in Europe.

"We are pleased that ShareAction and a group of shareholders have agreed to support the resolution and would like to thank them for their positive ongoing engagement and constructive challenge and input as we have shaped the detail of our plans to support the direct