Major banks enhance their climate efforts, with HSBC promising to 'phase down' fossil fuel finance and Barclays hailing success of green investments to date.
Two of the UK's leading banks have today moved to bolster their climate commitments, with HSBC announcing it will no longer finance new oil and gas fields and Barclays confirming a new target to ramp up investment in climate tech start-ups to £500m by 2027. In a major win for sustainable finance campaigners, HSBC today announced plans for an "accelerated phase down of fossil fuel sources with highest emissions intensity and greatest local environmental risks", as it updated its financing policies for oil, gas, and coal projects. Most notably, the bank said it would stop providing new ...
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