HSBC Withdraws From Oil And Gas Financing ...Middle East

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HSBC Withdraws From Oil And Gas Financing
As part of a policy to support and finance a net-zero transition, HSBC will stop funding new oil and gas field developments and related infrastructure, the banking giant said on Wednesday. In an update on its energy policy, the bank said, “We will no longer provide new lending or capital markets finance for the specific purpose of projects pertaining to new oil and gas fields and related infrastructure when the primary use is in conjunction with new fields.” At the same time, HSBC plans to accelerate activities and financing clean energy…

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