Money
Banking giant to stop financing thermal coal
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.