(Wednesday 14th December) Responding to today’s announcement that HSBC, the UK’s biggest high street bank and one of the world’s biggest financers of fossil fuels, will no longer finance new oil and gas fields, Jeanne Martin, Head of the Banking Programme at responsible investment NGO ShareAction, said:

“HSBC’s announcement sends a strong signal to fossil fuel giants and governments that banks’ appetite for financing new oil and gas fields is diminishing. It sets a new minimum level of ambition for all banks committed to net zero.

“We urge major banks like Barclays and BNP Paribas to follow suit.

“However, HSBC’s announcement only applies to asset financing, and doesn’t deal with the much larger proportion of finance it still provides to companies that have oil and gas expansion plans. We expect to see HSBC come forward with new proposals that will address this as soon as possible.

Click for the full article at ShareAction

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