HSBC shareholders vote to end coal financing in 99% landslide

One of Europe's top banks commits to phase-out by 2040, aligning with Paris Agreement

The Belchatow power station in Poland: After a shareholder vote, HSBC will join a growing movement against financing coal power projects. © Reuters

RHYANNON BARTLETT-IMADEGAWA and NARAYANAN SOMASUNDARAM, Nikkei staff writers

May 29, 2021 00:32 JST

LONDON/HONG KONG -- HSBC shareholders overwhelmingly voted to phase out coal financing by 2040 and align the bank's lending with Paris Agreement climate goals

The resolution, supported by over 99% of votes at an annual shareholders meeting Friday, was spearheaded by a coalition of investors managing $2.4 trillion in assets led by U.K.-based nonprofit ShareAction. A 75% majority was needed to make the resolution binding.