HSBC, a London-based global bank, has announced it will no longer finance new oil and gas fields or related infrastructure in a move that climate activists say puts it ahead of many peers in addressing global warming.
Bank has announced an ambition to provide $750bn- $1tn in sustainable financing and investment by 2030 to support critical areas like clean energy, electrification, energy storage, the decarbonisation of heavy industry and nascent technologies like clean hydrogen, carbon removal and sustainable aviation fuels.
This move came as part of an update to its energy policy. It said it had been informed by scientific and international bodies and analysis of pathways that will limit the global temperature rise to 1.5°C.
HSBC said it would continue to finance energy companies at the corporate level to help them overhaul their businesses and drive the development of cleaner energy sources. It would assess their strategic plans annually.
“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.
