Largest European Bank Will Deny New Energy Financing

Europe’s largest bank, the multinational HSBC, announced that it will no longer finance new gas and oil projects to comply with commitments to reach net-zero carbon emissions by 2050.

Global elites, led by the UK government, are tirelessly pushing to destroy the current energy infrastructure and set that date as the deadline for transitioning to renewable energy sources.

HSBC, with almost $3 trillion in assets, said it consulted with “leading scientific and international bodies” before deciding to pull future funding of gas and oil fields. The British-based conglomerate faced criticism for backing such projects despite previous “green” pledges.

As recently as 2020, HSBC committed to $1 trillion in investments in green energy sources and vowed to work towards net-zero emissions.

But in 2021, the bank funded roughly $8.7 billion in new energy projects that ran afoul of environmentalists. The same activists now, however, expressed their satisfaction with HSBC’s announcement.

Tony Burdon, the CEO of climate finance firm Make My Money Matter, declared the shift as “another nail in the coffin for fossil fuel expansion.” He further called it a clear sign to other UK banks that “the game is up on new oil and gas.”

Another environmental activist, Jeanne Martin of ShareAction, declared the HSBC move signals that banks no longer have the “appetite for financing new oil and gas fields.”

The financial institution said that existing oil and gas fields are enough to satisfy demand for the net-zero pledge by 2050.

It added that it is addressing “the climate crisis and supporting the transition to a low-carbon future.” Further, HSBC said it is developing “an inclusive organization” that emphasizes personal well-being and investments in its colleagues.

The timing could not be worse. Europe is in the grips of its worst energy crisis in decades even as governments continue to turn their backs on traditional power sources.

The trend is unmistakable. Financial institutions are increasingly under pressure from international elites to put aside concerns for their company’s well-being and focus on leftist agendas. In this instance, HSBC is also ignoring the very real present crisis its customers face this winter.