HSBC’s position has long been that the two principal cause of climate change are deforestation and fossil fuels, which is why we have introduced and progressively tightened policies governing agricultural commodities, forestry, energy and mining. All of these policies are available on our website. Since the introduction of the revised energy policy in 2018, we have not agreed any project financing for any new coal-fired power plants anywhere; and our Mining and Metals policy prohibits the financing of new thermal coal mines and new customers dependent on thermal coal mining.
We always read the Banking on Climate Change report with interest and recognise that it is an important contributor to the debate on the role of financial institutions in addressing the climate emergency. We welcome informed contributions from civil society and other stakeholders, the better to inform our own approach.