Fintech MagzineDec 20, 2022HSBC sets precedent by withdrawing support for oil and gasHSBC has become the latest bank to announce it will no longer finance new oil and gas fields, raising the prospect that the banking sector could accelerate the transition towards renewable energy.Europe’s largest bank follows in the footsteps of UK high-street bank Lloyds, which announced a similar withdrawal of funding back in October. HSBC is understood to be the largest bank to date to draw a line under oil and gas financing.Read more at Fintech Magzine
HSBC has become the latest bank to announce it will no longer finance new oil and gas fields, raising the prospect that the banking sector could accelerate the transition towards renewable energy.Europe’s largest bank follows in the footsteps of UK high-street bank Lloyds, which announced a similar withdrawal of funding back in October. HSBC is understood to be the largest bank to date to draw a line under oil and gas financing.Read more at Fintech Magzine
