Posted on 12/14/2022 12:30:13 PM PST by Oldeconomybuyer
HSBC, Europe’s biggest bank, announced Wednesday it will no longer finance new oil and gas fields as part of its updated climate strategy.
Climate campaigners welcomed the moved saying HSBC provided a new baseline for other major banks but urged the bank to go further.
The bank said it would still provide financing to existing fossil fuel projects “in line with current and future declining global oil and gas 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.
“It sets a new minimum level of ambition for all banks committed to net zero,” said Jeanne Martin from the campaign group ShareAction. But she added the change “doesn’t deal with the much larger proportion of finance it (HSBC) still provides to companies that have oil and gas expansion plans.” She called for new proposals to address the issue of corporate-level financing for energy companies “as soon as possible.”
Climate experts said the move was nevertheless a big deal.
“Banks make everything possible, including either the entrenchment of the status quo, that is infrastructure based on fossil fuels, or a transition that’s at the pace and of the kind that science tells us that is needed to address the crisis of climate change,” said Timmons Roberts, a professor at Brown University and director of the Climate Social Science Network. “So big banks making pledges like this are a big deal, a very big deal.”
(Excerpt) Read more at apnews.com ...
But laundering drug money is A-OK, apparently.
https://www.reuters.com/article/us-hsbc-probe-idUSBRE8BA05M20121211
Back from 2012. IIRC Loretta Lynch was quoted in the article.
Oh, yeah. James Comey was made a board member of HSBC shortly after that; and before he became a high-up in the FBI.
Curious.
I just had a brilliant drive from Reno on a nice sunny afternoon through several feet of sparkly global warming to have lunch in Tahoe City. We need to solve the climate emergency immediately
Yep...it’s not a good company.
HSBC should stick to financial activities they're really good act...like price-fixing gold, platinum and palladium values in the precious metals commodities markets.
Funny cause if there was declining oil and gas demand, the problem as they see it would fix itself, when in reality oil and gas demand continues to climb as the global population grows there are more people who don’t want to live in a crap hole.
HSBC updates climate policy to stop funding new oil and gasTheir off springs will be saying that about "renewables" not too long from now.
As an investor, I avoid companies and funds that put social issues and climate change over running the company/fund to produce products or services that are needed by buyers in good times or bad so the company/fund has sales and profits that my investment gives me a good yield. I mainly invest in American companies as Europe, Canada and Asia have rules and agendas that are not in line with my goal of a good return and growth on my money.
Turn off their gas and electric at every location forever
including homes of the board and executives.
We need to make cuts right away to save lives and freedoms.
A number of years back, the HSBC logo was all over every single jet-way at the Amsterdam airport as a sponsor. If they’re still there, will they be painted-over now?
</stupid>
Freeze and walk you schmucks.
They will have hunger whether they want it or not. Dumb Dutch are closing their farms.
Have they located the appropriate caves for future inhabitation???
Of course they will. As will the CEO.
HSBC is and always has been the Premier Money Laundering Bank for Government illegalities, namely the OPIUM WARS and all other drugs now, since it’s creation, That’s why it was created in the first place.
Huh. Wonder what they wanna burn in those power plants to power all those weenie tryant-mobiles.
Wish I had a card from them so I could cancel it.
Congress and the Biden administration want to codify ESG into Federal law and SEC regulations. It’s stiuck into the omnibus bill.
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