Investors urge HSBC to stop bankrolling coal-burning projects
by Kalyeena Makortoff from Environment | The Guardian on (#4AF5Q)
Bank urged to close loopholes allowing it to lend to projects in countries until 2023
A group of powerful HSBC shareholders have written to the bank's CEO, John Flint, urging him to close a loophole in its energy policy that allows the lender to bankroll coal projects in certain emerging markets.
Investment management firms Schroders, EdenTree and stewardship provider Hermes EOS have also called on HSBC to impose a ban on corporate loans, underwriting and advisory services to bank clients that are highly dependent on coal. The letter, which was coordinated by campaign group ShareAction, stresses that HSBC must adopt a "clear, timebound plan" to phase out its existing exposure to the dirty fuel.
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