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HSBC Asset Management to Phase Out Thermal Coal in Active Funds

  • Move comes as 2022 global coal demand returns to peak level
  • Critics say HSBC’s plan has ‘loopholes’ and is short on detail

HSBC Asset Management will exclude thermal coal companies from its active funds by 2040, but that policy won’t apply to its existing exchange-traded and index products.

Starting today, the $595 billion asset manager will not participate in listings or primary debt issuance of companies engaged in thermal coal expansion, it said in a statement.