Hohn, founder of the US$28-billion activist hedge fund TCI, has asked Barclays, HSBC and Standard Chartered to publicly disclose and re-evaluate the risks of financing fossil fuels like coal. “Coal loans are high risk and likely to become non-performing,” he said. Standard Chartered said it already discloses its coal exposure; Barclays said it would continue to discuss with shareholders; while HSBC did not respond to a request for comment. (Financial Times)

Talking point: Both Mark Carney, the outgoing Bank of England governor, and Christine Lagarde, president of the European Central Bank, have urged companies and central banks to speed up their climate risk assessments and disclosures in recent months. Carney has advocated for mandatory reporting standards for companies, while Lagarde has highlighted that none of the 26 biggest eurozone banks provide full climate disclosure. TCI does not own shares in Barclays, HSBC or Standard Chartered, which have together provided US$23.9 billion in coal financing since 2017, so it’s unclear what effects Hohn’s letters will have. But he’s indicated he’s prepared to launch legal challenges against the banks’ chairs and boards “for breaching their fiduciary duty.”