{"id":17238,"date":"2021-12-14T10:18:49","date_gmt":"2021-12-14T09:18:49","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=17238"},"modified":"2023-02-08T15:52:35","modified_gmt":"2023-02-08T14:52:35","slug":"hsbc-fails-to-blacklist-all-coal-expansionists","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2021\/12\/14\/hsbc-fails-to-blacklist-all-coal-expansionists\/","title":{"rendered":"HSBC fails to blacklist all coal expansionists"},"content":{"rendered":"

Paris, December 14th 2021 – <\/b><\/span>HSBC has finally published the updated coal policy<\/a><\/u> i<\/span>t promised to its shareholders at its last AGM in the spring. Indeed, HSBC doesn\u2019t put a hard stop to its financing to the expansion of the coal sector and will still be able to finance companies with coal expansion plans.<\/b><\/span><\/p>\n

Between October 2018 and October 2020, the UK bank channeled $4.1bn to companies planning new coal plants worldwide, and $15bn to the whole coal industry<\/a><\/u>, making it one of the top 30 \u201cdirty lenders and underwriters\u201d of the industry.<\/b><\/span><\/p>\n

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Yann Louvel, Senior Policy Analyst at Reclaim Finance, said<\/b><\/span>: \u201cDespite its repeated commitment to exit the coal sector, HSBC will still continue to support the expansion of the highly polluting industry. Financial institutions who are serious in their net-zero commitments should instead blacklist all coal developers, without exception. It really is that simple.\u201d<\/p>\n<\/blockquote>\n<\/div><\/div><\/div>

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1. What\u2019s new<\/h1><\/span>
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HSBC published on December 14th, 2021, its updated coal policy which contains the following new measures:<\/p>\n