A coalition of shareholders in HSBC, including Jesuits in Britain, have asked the bank to explicitly set out how they intend to use the money they have dedicated to sustainable finance and demand they set a funding target for renewable energy, critical for the net zero transition.

The organisation leading this campaign, ShareAction, with whom Jesuits in Britain share in a network, made clear that investors do not have enough information about how exactly this money will be spent and want to know if the bank is really on the path to net zero and contributing its fair share of financing to address climate finance gaps.

Brother Stephen Power SJ, who attended the AGM, said:

“Jesuits in Britain holds shares in HSBC and uses the bank for certain other financial services. We have been engaged with HSBC over some years with our concerns about its global financing of fossil fuels. This engagement coordinated by ShareAction has been carried out in a coalition of investors and investment managers similarly concerned. The bank has moved to show support for climate mitigation and adaption efforts in the Global South. Monitoring organisations such as HSBC in their fulfilment of their commitments, however, needs more detail of its green finance strategy and hence the need for the appeal at the 2024 AGM.”

Photo by Joshua Lawrence on Unsplash