Europe's Largest Bank to Halt Financing of New Oil and Gas Projects

The largest bank in Europe, which has nearly three trillion dollars in assets, has said that it will no longer finance new oil or gas fields to supposedly meet its commitments to achieving the UK government’s goal of reaching net zero carbon emissions by the year 2050. According to a report from the BBC, HSBC came to the decision after “follow[ing] consultation with leading scientific and international bodies”. In 2020, the British bank already committed to investing £806 billion ($1 trillion) into supposedly green energy sources as well as committing to net zero. However, the bank faced criticism from climate activists as it was revealed that it had pumped approximately £6.4 billion ($8.7 billion) into new oil and gas projects last year. Hailing the move, the chief executive at climate finance campaign Make My Money Matter, Tony Burdon said: “It’s another nail in the coffin for fossil fuel expansion, and a massive signal to other UK banks that the game is up on new oil and gas.” As one of the world’s largest banks, HSBC has been a key figure in the adoption of ESG (environmental, social, and corporate governance) scores.

The scheme is a form of leftist activism in which financial investments are incentivised to take into account social and political positions which do not necessarily benefit their business, such as climate goals or the imposition of Diversity, Equity, and Inclusion hiring practices. Commenting on its ESG commitments, the bank has said: “We are powering new solutions to the climate crisis and supporting the transition to a low-carbon future. We are building an inclusive organisation that prioritises well-being, invests in learning and careers and prepares our colleagues for the future of work. “And we uphold high standards of corporate governance and ensure we meet our responsibilities to society.” The bank has been criticised for the timing of the move to cut off all new oil and gas expenditures during one of the largest energy crises in decades — caused in no small part by European governments pursuing allegedly green forms of energy rather than on reliable fossil fuel sources that have left their countries reliant on authoritarian regimes in the Mid East and in 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 act of self-inflicted lunacy on the United Kingdom, cause we need people in those sectors, we need jobs, we need tax revenues, but we are going to have to use the gas and oil anyway, we’ll just import it from somewhere else under worse environmental standards than here.” “This is the madness that has gripped the corporate world, it’s damaging our country,” Mr Farage added, concluding: “We need a leader that stands up and says ‘enough!'” HSBC has also come under criticism for its close relationship with the world’s number one polluter, Communist China, even going so far as to debank pro-democracy activists and politicians in Hong Kong as well as supporting the imposition of the CCP’s draconian national security law, which has all but crushed the protest movement in the former British colony. Follow Kurt Zindulka on Twitter here @KurtZindulka.

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References:

• https://www.bbc.com/news/science-environment-63975173
• https://www.breitbart.com/terms-of-use/
• https://www.breitbart.com/privacy-policy/
• https://www.hsbc.com/who-we-are/esg-and-responsible-business
• https://gettr.com/vision/p218afffc7f
• https://www.breitbart.com/europe/2021/01/24/hsbc-colluded-with-ccp-to-debank-democracy-activists-hong-kong-watch/
• https://www.telegraph.co.uk/business/2020/06/03/hsbc-backs-chinas-national-security-law-hong-kong/
• https://www.breitbart.com/asia/2020/05/28/china-passes-national-security-law-suffocating-hong-kong/