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.
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In the period 2014 to 2016, HSBC did around $13bn in fossil investements (& Barclays did $12bn). They could & should look at other areas, the puzzle is that they continue with the current nasty habit. That said, fossil generation is dying on its feet, General Electric has massive problems in its power division ($22bn losses last year) not unrelated to the fact that orders for turbines have dried up. Siemens faces/faced similar problems.