HSBC updates climate policy to stop funding new oil and gas

Published December 14, 2022 6:56 AM

By JENNIFER McDERMOTT
Associated Press

British banking giant HSBC announced Wednesday it will no longer finance new oil and gas fields as part of its updated climate strategy. But the bank added it would still give finance to current projects “in line with current demand.” It would also continue to provide finance and advisory services to energy sector clients but will assess the companies’ plans to transition to clean energy. Climate campaigners welcomed the moved saying HSBC provided a new baseline for other major banks but urged the bank to go further.

Article Topic Follows: AP National Business

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