HSBC will stop funding new oil and gas fields, but says it will continue to fund energy companies at the corporate level to help drive the adoption of clean fuel sources
Seeks more information on climate plans from companieswill stop funding new oil and gas fields and expect more information from energy clients over their plans to cut carbon emissions, the banking giant said on Wednesday, as part of a wider update of its sector policy.
"HSBC's announcement sets a new minimum level of ambition for all banks committed to net-zero," said Jeanne Martin, a campaigner at Share Action. A logo of HSBC is displayed at the financial Central district in Hong Kong, China November 23, 2017. REUTERS/Bobby Yip/Files Amid Russia's invasion of Ukraine, and a resultant surge in energy costs, the policy was also "pragmatic" she said, and the bank would continue to finance existing oil and gas fields to ensure supply fell over time with demand.
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HSBC to stop funding new oil and gas fields as part of policy overhaulHSBC will stop funding new oil and gas fields and expect more information from energy clients over their plans to cut carbon emissions, the banking giant said on Wednesday, as part of a wider update of its sector policy.
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