Posted on 12/14/2022 12:30:13 PM PST by Oldeconomybuyer
HSBC, Europe’s biggest bank, announced Wednesday it will no longer finance new oil and gas fields as part of its updated climate strategy.
Climate campaigners welcomed the moved saying HSBC provided a new baseline for other major banks but urged the bank to go further.
The bank said it would still provide financing to existing fossil fuel projects “in line with current and future declining global oil and gas demand.” It would also continue to provide finance and advisory services to energy sector clients but will assess the companies’ plans to transition to clean energy.
“It sets a new minimum level of ambition for all banks committed to net zero,” said Jeanne Martin from the campaign group ShareAction. But she added the change “doesn’t deal with the much larger proportion of finance it (HSBC) still provides to companies that have oil and gas expansion plans.” She called for new proposals to address the issue of corporate-level financing for energy companies “as soon as possible.”
Climate experts said the move was nevertheless a big deal.
“Banks make everything possible, including either the entrenchment of the status quo, that is infrastructure based on fossil fuels, or a transition that’s at the pace and of the kind that science tells us that is needed to address the crisis of climate change,” said Timmons Roberts, a professor at Brown University and director of the Climate Social Science Network. “So big banks making pledges like this are a big deal, a very big deal.”
(Excerpt) Read more at apnews.com ...
Great Reset.
“You will own nothing, and you will be happy....” - WEF
Suicide is painless.
The great stupidification.
HSBC is closing most of its retail operations and branches in the US, and is in trouble in its biggest market (China). This announcement will just accelerate its demise.
Will they continue to use fossil fuel products?
Of course they would not say “I will own nothing” ... but then again these bureaucrats, bankers and lawyers who have never produced anything of value or use also refer to others as useless eaters....
So sick of companies getting on the virtue signaling bandwagon.
This is where the ESG garbage has teeth.
Agreed........HSBC is in trouble.
That is taking it a little to far
Nine out of ten of you will freeze to death in the dark. Enjoy your new world, proles.
Climate experts = government sanctioned thieves
ESG = corporate fiduciary negligence
Time to change banks
Why not just go on a hunger strike?
It’ll save a lot of time.
>>Timmons Roberts, a professor at Brown University and director of the Climate Social Science Network
Eisenhower warned us of such in his farewell address to the nation.
“Akin to, and largely responsible for the sweeping changes in our industrial-military posture, has been the technological revolution during recent decades.
In this revolution, research has become central; it also becomes more formalized, complex, and costly. A steadily increasing share is conducted for, by, or at the direction of, the Federal government.
Today, the solitary inventor, tinkering in his shop, has been over shadowed by task forces of scientists in laboratories and testing fields. In the same fashion, the free university, historically the fountainhead of free ideas and scientific discovery, has experienced a revolution in the conduct of research. Partly because of the huge costs involved, a government contract becomes virtually a substitute for intellectual curiosity. For every old blackboard there are now hundreds of new electronic computers.
The prospect of domination of the nation’s scholars by Federal employment, project allocations, and the power of money is ever present and is gravely to be regarded.
Yet, in holding scientific research and discovery in respect, as we should, we must also be alert to the equal and opposite danger that public policy could itself become the captive of a scientific-technological elite.
It is the task of statesmanship to mold, to balance, and to integrate these and other forces, new and old, within the principles of our democratic system-ever aiming toward the supreme goals of our free society.”
For at least the last 30 years, you didn’t get a grant unless you hewed to the politically correct line on global warming/climate change. And here we have a professor of one of what Pournelle called the Voodoo Sciences, a “Social Scientist” (there’s no Science there), trying to tell us how we must live by government edict.
You have been pinged because of your interest in environmentalism, alarmist wackos, mainstream media doomsday hype, and other issues pertaining to global warming.
Freep-mail me to get on or off: Add me / Remove me
Please ping me to all note-worthy threads on global warming.
I find their misfortune most pleasing.
Agreed. This is more of the norm for HSBC, which is still down 68% from its ATH back in 2008.
The Hong Kong Singapore Bank of China (HSBC) must have run out of opium to sell to cover the rest of it’s losses. But maybe if someone turned off the heat in their Den they would re-adjust their thinking about looking for oil? But, sure, why not cut off one of your biggest sources of bizness revnue. In tranny terms this might be called a “cutadickofftomy”? ——to spite my face?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.