Special resolution on climate – HSBC Holdings PLC’s 2021 Annual General Meeting

ClientEarth argues that HSBC faces significant financial, reputational, and legal risks by continuing to finance fossil fuels. The organization supports a shareholder resolution calling for a Paris-aligned strategy with short, medium, and long-term targets, specifically starting with coal. ClientEarth contends that HSBC's current net zero ambitions and transition financing pledges are insufficient without a concrete plan to reduce fossil fuel exposure, noting that the bank is Europe's second largest financier of fossil fuels.

• ClientEarth supports a shareholder resolution that directs HSBC to establish and report annually on a strategy and targets to reduce its fossil fuel asset exposure in alignment with the Paris Goals, prioritizing coal.
• HSBC faces long-term financial risks from stranded assets and non-performing fossil fuel financing as global climate policies strengthen and renewable energy costs fall, particularly in markets like Indonesia, Vietnam, and the Philippines.
• The bank's continued financing of fossil fuels creates reputational risks, as a Deloitte survey indicated nearly half of UK banking customers would move their money if their bank financed fossil fuels.
• ClientEarth asserts that HSBC's pledge to provide US$750 billion to US$1 trillion in transition financing over ten years is not a substitute for actively reducing current fossil fuel financing.
• The document highlights a trend in the banking sector toward Paris-aligned strategies, citing a resolution passed at Barclays PLC's 2020 AGM that directs the bank to transition financial services across all sectors to align with the Paris Agreement.

APA

Thornton, J. (2021). Special resolution on climate – HSBC Holdings PLC’s 2021 Annual General Meeting. ClientEarth. https://www.clientearth.org/media/10nf01r5/2021-02-letter-from-clientearth-to-noel-quinn-of-hsbc.pdf

Chicago

Thornton, James. Special resolution on climate – HSBC Holdings PLC’s 2021 Annual General Meeting. ClientEarth, 2021. https://www.clientearth.org/media/10nf01r5/2021-02-letter-from-clientearth-to-noel-quinn-of-hsbc.pdf.

Wikipedia

{{cite press release |last1=Thornton |first1=James |title=Special resolution on climate – HSBC Holdings PLC’s 2021 Annual General Meeting |publisher=ClientEarth |date=11 February 2021 |url=https://www.clientearth.org/media/10nf01r5/2021-02-letter-from-clientearth-to-noel-quinn-of-hsbc.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{thornton2021special, author = {Thornton, James}, title = {{Special resolution on climate – HSBC Holdings PLC’s 2021 Annual General Meeting}}, publisher = {ClientEarth}, year = {2021}, month = feb, url = {https://www.clientearth.org/media/10nf01r5/2021-02-letter-from-clientearth-to-noel-quinn-of-hsbc.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }