Europe - Jesuits in Britain file for climate resolution at HSBC

Fifteen institutional investors, with a combined US $2.4 trillion in assets under management, have filed a climate change resolution at HSBC. The resolution, co-ordinated by responsible investment NGO  ShareAction, calls on HSBC to publish a strategy and targets to reduce its exposure to fossil fuel assets, starting with coal, on a timeline consistent with the Paris Agreement climate goals. In a sign of the growing appeal of climate resolutions for mainstream investors, the group of co-filers includes Europe’s largest asset manager, Amundi, the world’s largest publicly traded hedge fund company, Man Group, as well as asset managers and asset owners from the UK, Denmark, France, and Sweden. 

HSBC is Europe’s second largest financier of fossil fuels, after Barclays, according to the Rainforest Action Network (RAN). RAN found it had provided US $87 billion to some of the world’s largest fossil fuel companies since the signing of the Paris Agreement (2016-2019). In October 2020, HSBC announced an ambition to be a net zero bank by 2050 at the latest, an important move given the bank’s strong exposure to Asia. But the announcement was criticised by investors and campaigners for making no commitment to reduce HSBC’s funding for fossil fuels, in particular coal, which has risen each year since 2016. Read more…