HSBC will not invest in new oil and gas projects
2022.12.14 03:08
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HSBC will not invest in new oil and gas projects
Budrigannews.com – As part of a larger update to its energy policy, the British bank announced on Wednesday that it would no longer provide new lending or capital markets financing for new oil and gas fields.
Given the global energy crisis and the supply pressures brought on by the Ukraine war, the bank stated that it will continue to fund projects for the time being.
In accordance with the objectives of the Paris Agreement on climate change, HSBC has stated that it aims to align its financed emissions to net zero by 2050 or earlier. This means that it will assist clients in reducing their use of fossil fuels and reduce funding for the sector.
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As part of its larger commitments to the environment, HSBC has already laid out plans to reduce its exposure to financing for thermal coal and to stop actively funding that sector through investment funds it actively manages.
In recent years, the bank has faced persistent pressure regarding the speed with which it is adopting sustainability, including demonstrations at its annual shareholder meeting and numerous media campaigns highlighting its funding of fossil fuels.
Customers also inquired about the company’s commitment to combating climate change in May after the global head of responsible investing downplayed the risks and then left the bank.
