Giving Compass’ Take:
• HSBC is no longer investing in fossil-fuel based projects, following the lead set by ING, BNP Paribas, and BlackRock Investments.
• How can this trend in divestment continue to grow? Should firms adopt ‘do good’ policies instead of ‘do no harm’ policies like this one?
Global banking giant HSBC has announced it would no longer fund fossil fuel projects, including Arctic drilling, tar sands development, the construction of new coal plants, and hydroelectric projects that are not consistent with guidelines set by the World Commission on Dams.
“Our updated energy policy reflects HSBC’s ambition to help our customers make the transition to a low-carbon economy in a responsible and sustainable way,” said Daniel Klier, Group Head of Strategy and Global Head of Sustainable Finance, HSBC in a public statement. “We recognize the need to reduce emissions rapidly to achieve the target set in the 2015 Paris Agreement to limit global temperatures rises to well below 2°C and our responsibility to support the communities in which we operate.”
Despite the public stances on fossil fuels taken by financial titans such as ING, BNP Paribas, and BlackRock Investments, many financial institutions are still resisting the growing calls to extract themselves from carbon-intensive investments.
Read the full article about HSBC by Leon Kaye at TriplePundit.
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