HSBC to (almost) stop financing coal power

[f2wohf]

HSBC, the biggest bank in Europe, has today announced it will stop financing coal-fired power stations, oil sands and Arctic offshore drilling projects in a move to support the low-carbon economy.

Announced ahead of the bank's annual meeting today, the decision is likely an attempt to ease pressure from activist investors keen to see HSBC reduce its support for high carbon industries.

In a statement HSBC said the move will apply globally except for three countries - Vietnam, Indonesia and Bangladesh - which it said may be given a five-year "specific dispensation" if experts conclude there is no viable alternative energy source available.

HSBC said this was in order to "appropriately balance local humanitarian needs with the need to transition to a low-carbon economy".

Daniel Klier, group head of strategy and global head of sustainable finance, said the new policy reflects HSBC's ambition to help its customers transition smoothly to a low-carbon economy.

"We recognise the need to reduce emissions rapidly to achieve the target set in the 2015 Paris Agreement to limit global temperature rises to well below two degrees Celsius and our responsibility to support the communities in which we operate," he said.

HSBC had already restricted financing for coal power projects in 78 developed countries. Today's move expands this stance to almost every country around the world, and sees HSBC promise to exit all existing coal power financing in developed markets by the end of 2019. HSBC said it will also stop financing new Arctic drilling projects for oil and gas, and greenfield oil sands projects.

Other large banks, such as ING and BNP Paribas, have made similar pledges in recent months.

Campaigners welcomed the news, but expressed concern over the three countries eligible for exemption. "HSBC's climate commitments here should not go uncelebrated, given how much they financed coal power last year," Katie Kedward, project officer at ShareAction, said in a statement. "However, we were disappointed to see the South East Asian countries excluded from HSBC's new coal policy, which feels a little less like climate leadership, and a little more like business as usual. We're urging them to close this loophole now."

Keward added she would be raising the issue at today's AGM.

In related news, Italian insurer Assicurazioni Generali announced yesterday it will liquidate its investments in the coal sector within the next 12 months, following its pledge in February to take a "leadership position" on climate change.

https://www.businessgreen.com/bg/news/3030612/hsbc-to-almost-stop-financing-coal-power

 

[NarrowBandFtw]

What's the catch? No bank, especially big bank, has ever or will ever do something for the good of humanity, someone either paid them stupid amounts to take this step or they have some ace up their sleeves.

 

[f2wohf]

What's the catch? No bank, especially big bank, has ever or will ever do something for the good of humanity, someone either paid them stupid amounts to take this step or they have some ace up their sleeves.

No idea but ING and BNP seem to already do it.

 

[HavocXphere]

What's the catch? No bank, especially big bank, has ever or will ever do something for the good of humanity, someone either paid them stupid amounts to take this step or they have some ace up their sleeves.

They get to make a big loud PR announcement that's widely circulated...like the one you just read despite being on the other side of the world.

 

[NarrowBandFtw]

They get to make a big loud PR announcement that's widely circulated...like the one you just read despite being on the other side of the world.

Too little return, like Shell gets to brag about renewable energy which it invests heavily in, but in reality they still pump oil like there's no tomorrow. HSBC will be something similar, if only we knew the full story.

 

[Techne]

Looks like central banker ponzi scheme criminals think climate change is their issue to solve:

Global Warming Is a Central Bank Issue

And this is the beginning of their twattery.

 

[HavocXphere]

Too little return, like Shell gets to brag about renewable energy which it invests heavily in, but in reality they still pump oil like there's no tomorrow. HSBC will be something similar, if only we knew the full story.

Not at all. Renewables is where it's at financially. Shell doesn't have much choice - they're committed to old tech.

HSBC is a finance company...they can focus their PR on whatever is hot right now.

Too little return - not at all...anything that helps paint a old company as cutting edge progressive is worth a lot

 

[NarrowBandFtw]

Looks like central banker ponzi scheme criminals think climate change is their issue to solve

Takes one scam to recognize another ...