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Company Response

Response by HSBC

We are intent on playing our part in the transition to a low carbon economy – which is why we committed in 2017 to provide US$100 billion in finance to develop clean energy and lower-carbon technologies by 2025...Our 2016 Mining and Metals policy prohibits involvement in new thermal coal mines or new customers dependent on thermal coal mining; the Energy Policy further limits our involvement in coal-fired power plants (‘CFPPs’)...Prohibition of the ‘bad’ is only one side of the climate change equation. It is also important that the financial sector contributes positively to the transition by helping capital flows go to, for example, the renewables sector...HSBC’s Climate Change Centre of Excellence has long been the top-rated research provider on climate change issues, including highlighting the risk presented by stranded fossil fuel assets to both the asset owners and the finance behind them. Our newly established Centre for Sustainable Finance will augment this with forward-looking, debate-shaping contributions on, for example, unlocking capital, the low-carbon transition, and climate risk and disclosure.

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