HSBC to Stop Funding Oil & Gas Projects

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LONDON – Fossil fuel firms can cross HSBC off their list of lenders for new projects.

The banking giant says it will no longer fund new oil and gas fields.

It will also expect more information from energy clients about their plans to cut carbon emissions.

The move is part of a wider update of its policy on the sector.

It was hailed by environmental groups, who criticized the bank as one of the biggest lenders to energy companies.

Now it won’t lend to any of these projects that received final approval after the end of last year.

It’s one of the biggest banks to make such an announcement.

However, HSBC says it will continue to fund energy companies at the corporate level to help drive the adoption of clean fuel sources.