To conform to the green agenda aims of globalist elites, the worldwide investment bank HSBC has decided that it would no longer fund new oil and gas projects.
Suppose the UK government is serious about achieving net zero carbon emissions by 2050. In that case, Europe’s largest bank, with over three trillion dollars in assets, should stop funding new oil and gas projects.
According to reports, HSBC decided after consulting “major scientific and international groups.” A prominent British bank has committed to investing $1 trillion in “green” energy by 2020 to reach carbon neutrality.
When it came to light that the bank had invested over £6.4 billion ($8.7 billion) in new oil and gas projects in the previous year, environmentalists quickly began to criticize the company.
“It’s another nail in the coffin for fossil fuel growth and a major signal to other UK banks that the game is up for new oil and gas,” said Tony Burdon, CEO of climate finance nonprofit Make My Money Matter, in response to the news.
HSBC pioneered environmental, social, and corporate governance (ESG) ratings. To attract investors, businesses need to consider social and political problems like climate objectives and the implementation of Diversity, Equity, and Inclusion employment criteria, even if doing so may hurt their bottom line. As such, it is typical of left-wing politics.
By facilitating alternative approaches to the climate challenge and shifting toward a low-carbon future, “reports that the bank’s ESG initiatives have drawn praise. We are committed to creating a work environment that cares about its people, fosters their development as professionals, and trains them for future careers.
We also strive to be good corporate citizens by adhering to all applicable laws and regulations.
The European Union is amid its worst energy crisis in decades. It is blamed on the region’s dependence on authoritarian regimes in the Middle East and Russia due to Europe’s pursuit of so-called “green” energy sources. Bank officials have been chastised for deciding to freeze all oil and gas spending for the time being.
Brexit leader Nigel Farage said the decision was “self-inflicted madness,” adding, “We will have to utilize the gas and oil anyhow; we’ll simply import it from somewhere else under harsher environmental regulations than here.”
To summarize the current situation, Mr. Farage said it was “the insanity that has spread across the business world and is bringing down the country’s economy. We need a leader to say, “Enough!” and step up to the plate.
The largest bank in the world, HSBC, has been accused of being too cozy with communist China, the world’s biggest polluter. The protest movement in the former British colony of Hong Kong has been effectively quelled thanks to the CCP’s harsh national security law, which pro-democracy activists and politicians have accused of helping to discredit them and aid in implementing said law.