The world is going green, even if too slowly. The FT reports this morning that:
HSBC is facing investor pressure to end all financing of new coal-fired power stations by extending a promise to halt such investments to the three countries it previously excluded.
A group of fund managers and shareholder groups including Schroders and Hermes EOS, the UK shareholder advisory service, are among those to have signed a letter to John Flint, the bank’s chief executive, asking him to rule out future financing of coal projects in Indonesia, Bangladesh and Vietnam.
I welcome this.
And I welcome the pressure on fund managers to act in this way.
This is the Green New Deal in action.