(Thursday 6th November) Reacting to HSBC’s new net zero transition plan, Louise Marfany, Director of Financial Sector Standards at ShareAction, said: “Today’s update from HSBC is an egregious example of backtracking on climate that responsible investors will not tolerate. This is profoundly irresponsible behaviour from one of the largest banks in the world at a time when extreme heat, droughts and floods exacerbated by climate change are destroying lives and wreaking havoc on economies around the world.
"HSBC has declared more than 80 per cent of its clients expect to accelerate their approach to the climate transition. Today’s announcement is not for them. Instead, it opens the door to new clients making large investments in oil & gas exploration, weakens expectations on some coal clients to demonstrate plans for phasing down their polluting assets, and dilutes the ambition of the bank's climate targets.
“While HSBC presented this update as business-as-usual with some added flexibility, the reality is quite different with changes across its coal, oil and gas policies amounting to a significant step back on climate. This raises important questions about the level of trust that investors and the wider market can have in the bank’s commitment to the energy transition.
“As banks continue to drag their feet and roll back on commitments to prevent the worst effects of global heating, investors should make full use of their shareholder rights to raise their concerns and push back against dangerous backsliding before it’s too late. Taking robust action now is necessary to avoid a ripple effect across the banking sector.”
