HSBC will no longer finance new oil and gas fields, following a shareholder resolution asking HSBC to update its oil and gas policy, which was coordinated by ShareAction and institutional investors earlier this year.
Over the last six months, ShareAction has been engaging with HSBC on the contents of its new energy policy. These productive engagements contributed to HSBC committing not to finance new oil and gas fields and new metallurgical coal mines, to introduce strict requirements for new clients relating to oil and gas exploration, and to set an absolute thermal coal lending target of 70 per cent reduction by 2030, among other things.
HSBC has indicated it will restrict financing to companies that have substantial exposure to some types of unconventional oil and gas and geographical areas that are often associated with high environmental, social, and financial costs and will assess its oil and gas clients’ transition plans against specified criteria including exploration and development plans.
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