LONDON: Britain's HSBC toughened its climate commitments and pledged greater openness about its progress on Wednesday after pressure from activists who said they would now withdraw a resolution slated for its next shareholder meeting.
HSBC, which has come under intense investor pressure, also said it will publish wider sector-specific data on how its clients are cutting carbon emissions, as Europe's second biggest lender by assets steps up efforts. "Today's commitments are an important step for HSBC that showcase the impact of shareholder engagement," said ShareAction Chief Executive Catherine Howarth, citing the fossil fuel financing and pledge to update the bank's fossil fuel policies.
"As Europe's largest provider of financing to top oil and gas expanders, HSBC must act decisively," Howarth said.
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