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General view of Canary Wharf in London, showing the headquarters of HSBC and Barclays Bank
HSBC announced today it will no longer provide finance for new oil and gas fields, as part of efforts to shift to a “net-zero world.”
Environmental campaigners welcomed a move they believe sends a “strong signal to fossil fuel giants and governments” that the appetite for funding new oil and gas fields is diminishing.
But they urged HSBC to go further and to address finance for companies that have oil and gas expansion plans — and for other banks to follow suit.
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As fossil fuels have had their day, JOSIE MIZEN makes it clear that it is now the government’s responsibility to initiate the transition to alternative employment in a manner that is organised, efficient and effective
