HSBC has announced it will stop funding new oil and gas fields. The bank will also require energy clients to submit more information as to how they plan to cut carbon emissions. This move is part of a wider update of its sector policy which will drive companies towards a cleaner future.
HSBC is one of the biggest banks to confirm it won’t support oil and gas projects approved after the end of 2021. This supports the International Energy Agency goal for the world to reach net-zero emissions by 2050.