HSBC climate credentials in firing line as asset managers file shareholder resolution

Investors call for decarbonisation plans

HSBC is facing a shareholder resolution filed in co-ordination with 117 shareholders, including Man Group, Sarasin & Partners and Amundi, targeting the bank's substantial exposure to fossil fuel assets and its compliance with the Paris Climate goals.

The investors, which together represent $2.4trn in AUM, are calling 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 climate goals. Banks attempted to defy calls to scrap dividends - reports It follows a four-year engagement campaign with the bank, most recently including the March 2020 letter, signed by the likes of Hermes, Schroders and Edentree, urging HSBC to restrict its financing of the coal industry. HSBC is Europe's second largest financier of fossil fuels, after Barclays, acc...