Cleaner Tech
HSBC Asset Management to Phase Out Thermal Coal in Active Funds
- Move comes as 2022 global coal demand returns to peak level
- Critics say HSBC’s plan has ‘loopholes’ and is short on detail
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HSBC Asset Management will exclude thermal coal companies from its active funds by 2040, but that policy won’t apply to its existing exchange-traded and index products.
Starting today, the $595 billion asset manager will not participate in listings or primary debt issuance of companies engaged in thermal coal expansion, it said in a statement.