Europe’s largest bank suspends funding for new oil and gas projects

Multinational investment bank HSBC has announced that it will no longer fund new oil and gas projects in order to meet the green agenda goals of globalist elites.

Europe’s largest bank, which has nearly $3 trillion in assets, said it would no longer fund new oil or gas fields to supposedly meet its commitments to meet the target of the UK government to achieve net zero carbon emissions by 2050.

According to a BBC report, HSBC made the decision after “monitoring[ing] consultation with leading scientific and international organizations”. In 2020, the British bank has already committed to investing £806 billion ($1 trillion) in so-called green energy sources, as well as reaching net zero.

However, the bank has come under fire from climate activists as it was revealed that it injected around £6.4bn ($8.7bn) into new oil and gas projects last year.

Welcoming the move, chief executive of the Make My Money Matter climate finance campaign, Tony Burdon, said: “This is another nail in the coffin for fossil fuel expansion, and a massive signal to other UK banks. that game is over on new oil and gas.”

As one of the largest banks in the world, HSBC has played a key role in the adoption of ESG (environment, social and corporate governance) scores. The program is a form of left-wing activism in which financial investments are incentivized to take into account social and political positions that do not necessarily benefit their business, such as climate goals or the imposition of hiring practices in diversity, equity and inclusion.

Commenting on its ESG commitments, the bank said: “We are bringing new solutions to the climate crisis and supporting the transition to a low carbon future. We are building an inclusive organization that prioritizes well-being, invests in learning and careers, and prepares our colleagues for the future of work.

“And we adhere to high standards of corporate governance and ensure that we fulfill our responsibilities to society.”

The bank has been criticized for the timing of cutting all new oil and gas spending during one of the biggest energy crises in decades – caused in large part by European governments seeking supposedly green forms of energy rather than reliable fossil fuels. sources that left their countries dependent on authoritarian regimes in the Middle East and Moscow.

Commenting on HSBC’s announcement, Brexit leader Nigel Farage mocked the bank for being ‘so virtuous and so wonderful’, saying: ‘Not only is this another self-inflicted act of madness in UK, because we need people in these sectors, we need jobs, we need tax revenue, but we’re going to have to use gas and oil anyway, we’re just going to import it from elsewhere with worse environmental standards than here.

“It’s madness that has gripped the corporate world, it’s hurting our country,” Mr. Farage added, concluding: “We need a leader who stands up and says ‘enough!’ “

HSBC has also come under fire for its close relationship with the world’s biggest polluter, communist China, even going so far as to bankroll pro-democracy activists and politicians in Hong Kong and backing the imposition of the draconian pollution law. the CCP’s national security, which has all but crushed the protest movement in the former British colony.

Follow Kurt Zindulka on Twitter here @KurtZindulka

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