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HSBC toughens stance on fossil fuel funding after shareholder heat

Europe's biggest bank to phase out support for coal industry in developed world

HSBC's announcement is the latest example of a mega financial institution bowing to public and political pressure to battle climate change.   © Reuters

LONDON(Reuters) -- HSBC will phase out its support for the coal industry in the developed world by 2030 and in the developing world by 2040, the bank said on Thursday, bowing to investor pressure to toughen its stance on fossil fuel financing.

Investors managing some $2.4 trillion in assets who earlier this year filed a resolution that would bind the bank to make stronger commitments, have withdrawn the motion in a sign they have reached a compromise with Europe's biggest bank.

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