HSBC
Climate love
Climate love
Peter Kamau
118 w
Europe's biggest bank ends financing of new oil and gas fields
HSBC has revealed it will end the financing of new oil and gas fields, as it looks to ramp up its environmental action.
The move has been seen as a signal to the fossil fuel industry, as Europe’s largest bank will no longer provide investment in these projects.
HSBC has made the move following criticism for continuing to invest in oil and gas in 2021, despite having made a net zero pledge the year prior.
The decision was also made by the bank, after “scientific and international bodies” confirmed that the existing oil and gas projects would be more than enough for supply in a net zero scenario in 2050.
https://www.energylivenews.com/2022/12/15/hsbc-ends-financing-of-new-oil-and-gas-fields/
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111 w
Great move
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112 w
That's so commendable...surely they need a 💚💚
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111 w
@rosebellendiritu not so commendable when you take into account the 'new' part of the title
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112 w
Dear Peter Kamau Thank you for getting your climate love to level 2! We have reached out to HSBC and requested a response. I will keep you updated on any progress! /Adam We Don't Have Time
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112 w
They should also end the financing of ALL oil and gas fields, even the ones they already finance
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112 w
This move by HSBC is also in line with the increasing demand for responsible investing and the growing awareness of the financial risks associated with fossil fuel investments. By divesting from fossil fuels, HSBC is not only reducing its own exposure to these risks but also sending a signal to the market that the financial sector is taking its role in addressing the climate crisis seriously.
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112 w
Good work other institutions should follow
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112 w
Great decision, other banks should do the same
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118 w
Well done @HSBC for divesting from fossil fuels.This is very impressive.
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111 w
@peter_kamau not so well done, and they haven't divested. They simply stated they won't directly finance NEW ones
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118 w
Wow. Its climate change actions now.