Europe’s Largest Bank Pulls Plug on Coal, Oil Sands and Arctic Drilling

HSBC has joined an increasing list of large banks in refusing to finance coal-fired plants, oil sands and arctic drilling.

 

jpratt27

Europe’s largest bank HSBC won’t fund new coal power plants, oil sands and arctic drilling, except in Bangladesh, Indonesia and Vietnam. (Image courtesy of Håkan Dahlström via Flickr.)

HSBC has joined an increasing list of large banks by announcing Friday it would not longer finance coal-fired plants, oil sands and arctic drilling.

The move, announced by Europe’s largest bank at its annual meeting as part of its new energy policy, seeks to head off criticism from investors who want the institution’s actions to be aligned with the Paris Agreement, a global pact to limit greenhouse gas emissions and curb rising temperatures.

Daniel Klier, HSBC’s sustainability boss, said the decision reflected the bank’s ambition to help its customers make the transition to a low-carbon economy.

“Europe’s largest bank, however, will continue to finance coal-fired power plants in Bangladesh, Indonesia and Vietnam.

“We recognize the need to reduce emissions rapidly…

View original post 358 more words

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.