HSBC to stop financing new oil and gas projects
[ad_1]
Today, December 14, the British bank HSBC announced that he will no longer finance new oil and gas projects. The Bank announced this by presenting an annual update of its policy aimed at combating climate change. In addition, HSBC will now demand more information from its energy-related clients about what they are doing to reduce emissions. The bank also plans to actively finance projects related to renewable energy sources. Targets in this area have been raised from $750 billion to $1 trillion by 2030.
Having decided not to finance new oil and gas projects, HSBC has joined a number of banks that have made such a decision earlier, among them the British Lloyds, the Dutch ING, the French La Banque Postale. Previously, environmental groups have criticized HSBC for being quite active in financing oil and gas companies. Between 2016 and 2021, the bank provided them with loans and other forms of financing totaling nearly $55 billion, according to the Rainforest Action Network.
[ad_2]
Source link
