Multinational investment bank HSBC announced that it will no longer finance new oil and gas projects in order to meet the green agenda goals of globalist elites.
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.
“And to man He said, ‘Behold, the fear of the Lord, that is wisdom, And to depart from evil is understanding.” Job 28:28
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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.”