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HSBC AM to phase out coal investments

'We are clear that we will need to walk away from companies who don’t or won’t take active credible steps to reduce emissions,' the bank's fund arm says

By

Kristen McGachey

HSBC said the move to phase out coal will bring it closer to achieving its net-zero ambition
HSBC said the move to phase out coal will bring it closer to achieving its net-zero ambition Photo: Getty Images

HSBC’s fund arm said it will phase thermal coal companies out of its portfolios in a toughening of its stance on climate change.

HSBC Asset Management, which has some $600bn in assets, will immediately stop investing in IPOs or primary debt issuance of any companies involved with thermal coal expansion, it announced on 22 September.

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