HSBC toughens stance on fossil fuel funding

HSBC Holdings plc

HSBC toughens stance on fossil fuel funding

HSBC UP 0.55% AT 31.08

HSBC will phase out its support for the coal industry in the developed world by 2030 and in the developing world by 2040, the bank said on Thursday, bowing to investor pressure to toughen its stance on fossil fuel financing.

Investors managing some $2.4 trillion in assets who earlier this year filed a resolution that would bind the bank to make stronger commitments, have withdrawn the motion in a sign they have reached a compromise with Europe’s biggest bank.

The new goals from HSBC also include short and medium-term targets on aligning its financing with the goals of the landmark Paris agreement on climate change.

HSBC’s announcement reinforces how the world’s biggest financial firms are bowing to mounting public and political pressure to join the battle against climate change, by reducing their funding of fossil fuel companies and encouraging clients in other sectors to cut emissions.

On technical fronts HSBC RSI stood at 65.35 and currently stock is trading above all Moving Averages. So, BUY position can be taken with following target and stoploss.

TRADE SIGNAL -: HSBC – BUY: 31.09, TARGET: 32.73, STOP LOSS: 30.02

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