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Banking giant to stop financing thermal coal

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3 years ago

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Banking giant HSBC says it will stop financing thermal coal from funds it manages

According to reports from Reuters, the bank says it will cut down on thermal coal funding by at least 25 per cent by 2025.

Insiders believe there’s more than 300 companies that have more than 10 per cent of their revenue tied down to thermal coal.

Of course, it’s a cheap energy source that it used in many Asian countries.

But, as we know it is also responsible for climate-damaging emissions.

HSBC says it will consult with all affected companies in due course.

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Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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