Daily Management Review

HSBC to stop financing new oil and gas projects


New oil and gas project will no longer be financed, said HSBC bank.

Can Pac Swire
Can Pac Swire
The bank made the announcement when it provided its yearly report on its climate change policy. Additionally, HSBC will now demand additional details about what its energy-related clients are doing to minimize their emissions.

The bank also intends to actively support renewable energy initiatives. By 2030, the goals have increased from $750 billion to $1 trillion.

HSBC has joined a number of banks that have already chosen against financing new oil and gas projects, including the British Lloyds, the Dutch ING, and the French La Banque Postale.

HSBC has already come under fire from environmental groups for lending money to too many oil and gas companies. Between 2016 and 2021, the bank allegedly gave the Rainforest Action Network loans and other types of support totaling roughly $55 billion.

source: hsbc.com