An incredible win for campaigners at ShareAction. Through organising shareholders, ShareAction are making HSBC commit to:

βœ…Β  Update its coal, oil, and gas policies again before the end of the year. HSBC committed to a coal phase out last year, but this new change closes some loopholes.
βœ…Β  “Phase down” its funding of fossil fuels in line with 1.5C. This refers to the 1.5C necessary to limit warming to.
βœ…Β  Include all financing, incl underwriting, in its fossil fuel reduction targets. This is the biggy –Β because most of HSBC’s financing of fossil fuels is done through underwriting.

This is the definition of taking on giants. HSBC are a monster bank, with billions in dirty fossil fuel investments across the world. There are holes in the policy. But this sort of progress would have been unthinkable just a few years ago.

Catherine Howarth, CEO at ShareAction, said: β€œToday’s commitments are an important step for HSBC that showcase the impact of shareholder engagement. The focus must now be on ensuring that these are implemented in a way that is robust and science-based. As Europe’s largest provider of financing to top oil and gas expanders, HSBC must act decisively.”

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