ShareAction claims banking groups still backing new oil and gas projects - reports

Banks signed up to Net-Zero Banking Alliance

Campaign group ShareAction has claimed that the world’s largest banks continue to fund the production of new oil and gas, even though they have signed up to net-zero pledges, according to BBC News.

The BBC reported that a number of banks, including HSBC, Deutsche Bank and Barclays, have been identified by ShareAction as providing billions of dollars of funding for new oil and gas projects. The campaign group estimated that in 2021, HSBC pumped $8.7bn into new oil and gas, followed by Deutsche Bank, which put up funding of $5.7bn and Barclays, which put $4.5bn in. ShareAction pointed out that all three banks are signatories of the UN-convened Net-Zero Banking Alliance, which means they have committed to "aligning their lending and investment portfolios with net-zero emissions by ...