Banking giant vows to quit funding new oil and gas projects

‘Our aim is to reduce emissions in line with a 1.5 degree pathway, promote energy security’

The world’s eighth-largest bank HSBC said Wednesday that it would stop giving loans to fund new oil and gas fields in an attempt to help cut global carbon emissions.

HSBC will no longer finance fossil fuel fields that were approved in late 2021 as part of a broader plan to promote renewable energy and phase out oil and gas investing, according to a company news release. The banking giant said it will still fund oil and gas firms at the corporate level and will push them to fund green energy initiatives such as hydrogen and nuclear energy.

“Our aim is to reduce emissions in line with a 1.5 degree pathway, promote energy security, and ensure energy affordability and access,” HSBC spokesperson told the Daily Caller News Foundation in a statement.- READ MORE

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