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(Alliance News) - HSBC Holdings PLC on Thursday proposed to phase out all coal power financing by 2040 and affirmed its aim of committing up to USD1 trillion in green financing and investments.
It comes after the lender faced pressure from investors and campaign group ShareAction who back in January filed a climate change resolution for HSBC's upcoming annual general meeting. ShareAction was acting on behalf of investors including French asset manager Amundi Asset Management and London-listed Man Group PLC.
HSBC noted this resolution for the May 28 annual general meeting has since been withdrawn.
HSBC shares were 3.7% lower at 429.55 pence each in London on Thursday morning.
HSBC added on Thursday: "HSBC's resolution will be the sole resolution on climate change at this year's AGM. HSBC is pleased that ShareAction and a number of shareholders who had originally proposed a separate shareholder resolution on climate change, have agreed to withdraw this and support HSBC's resolution, following constructive and positive discussions based on a common goal of helping to build a net zero global economy.
"The HSBC resolution outlines the next phase of the bank's net zero strategy, with a particular emphasis on how it will support its customers on their own transition journeys. The bank expects to provide between USD750 billion and USD1 trillion in financing and investment to support its customers to progressively decarbonise and help realise the opportunity for long-term, sustainable growth."
The Asia-focused bank in October said it aims to achieve net-zero carbon emissions across its investments by 2050.
HSBC Chief Executive Noel Quinn said on Thursday: "We are delighted to be setting out the next phase of our net zero strategy in this resolution, and invite our shareholders to support us on this journey. We are pleased that ShareAction and a group of shareholders have agreed to support the resolution and would like to thank them for their positive ongoing engagement and constructive challenge."
Separately on Thursday, the company said Heidi Miller, the chair of its US arm, will not stand for re-election at the AGM. Independent Non-Executive Director Henri de Castries will also depart from the board.
Miller will hand over her responsibilities in the US to Non-Exec Jamie Forese.
HSBC added that Rachel Duan will join the board from September 1. She serves on the board of AXA SA and Sanofi SA and brings with her "extensive knowledge and experience" from mainland China and Hong Kong, two crucial markets for HSBC.
By Eric Cunha; ericcunha@alliancenews.com
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