Exclusive: HSBC says clients must have plan to exit coal by end-2023

[livingston]

Exclusive: HSBC says clients must have plan to exit coal by end-2023​

LONDON, Dec 14 (Reuters) - HSBC (HSBA.L), Europe's leading banker to corporate Asia, laid out its long-awaited policy on financing thermal coal on Tuesday, and said it expected all its clients to have a plan in place to exit the fossil fuel by the end of 2023.

Under its plan, HSBC will cut exposure to thermal coal financing by at least 25% by 2025 and 50% by 2030, although non-EU or non-OECD-based clients could be funded until a global phase-out by 2040, its sustainability chief told Reuters.

However, groups which had campaigned for HSBC to issue an explicit policy on thermal coal said the bank's plan did not go far enough and still lacked sufficient "urgency".

The bank said it would withdraw services from any client that seeks to expand thermal coal production after Jan. 1, 2021, and would no longer finance clients in EU/OECD markets for which thermal coal makes up more than 40% of revenues, or 30% from 2025, unless the money is explicitly used for clean technology or infrastructure.

Exclusive: HSBC says clients must have plan to exit coal by end-2023

HSBC , Europe's leading banker to corporate Asia, laid out its long-awaited policy on financing thermal coal on Tuesday, and said it expected all its clients to have a plan in place to exit the fossil fuel by the end of 2023.

www.reuters.com

 

[Drinkthekoolaid]

The sooner the grid collapses due to idiocy the better.

 

[Jmac00]

wait til these billionaires teenage daughters can't charge their cell phone, THEN the shit will hit the fan.

Teenage children are addicted to electricity, when the grid collapses and they can use their cell phone, ~~~ watch out