HSBC Seems to Have Breached Coal Phase-Out Pledge, Study Finds -- Market Talk

Dow Jones
2025/06/17

1327 GMT - HSBC provided more than $16 billion in fossil-fuel financing in 2024, according to the latest Banking on Climate Chaos report. The report ranks the bank as the 20th largest financier last year out of a list of 65 banks. While HSBC committed in 2021 to withdraw financing or advisory services for clients that make new commitments to thermal coal expansion, the Bureau of Investigative Journalism found $2.4 billion worth of deals that appear to breach those conditions. These include a $900 million loan for JSW Steel, which is building a 900MW coal- and gas-fired power plant in India, an $815 million bond issuance for Czech state-owned utility CEZ, a $400 million bond issuance for Korea Mine Rehabilitation & Mineral Resources Corp. and a $300 million bond issuance for a subsidiary of Power Construction Corp. of China. HSBC said it follows policies that support its net-zero financed emissions by 2050 ambition but doesn't comment on client relationships. (elena.vardon@wsj.com)

 

(END) Dow Jones Newswires

June 17, 2025 09:27 ET (13:27 GMT)

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