HSBC Announces End To Nearly All Financing For Global Fossil Fuel Projects

New Policy Moves to End Financing of Oil and Gas in the Arctic and Nearly All Coal Projects
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Cindy Carr, (202) 495-3034 or cindy.carr@sierraclub.org

WASHINGTON, D.C. -- Today, HSBC, Europe’s largest bank, announced that in line with the goals of the Paris Climate Agreement, they will no longer finance new tar sands oil projects, new offshore oil and gas projects in the Arctic, and most coal projects globally, with the exception of coal projects in Bangladesh, Indonesia, and Vietnam up until the end of 2023.

The news comes as the Trump administration is aggressively seeking to open oil and gas projects in the pristine and protected Arctic Refuge.

According to the banks report card released last month by the Sierra Club and others, HSBC was ranked the number seven bank in the world for financing extreme fossil fuels -- defined as tar sands, Arctic oil, ultra-deepwater oil, LNG exports, coal mining, and coal power -- spending over $14.3 billion on such projects between 2015-2017. In total, the world’s top banks were responsible for financing over $345 billion in extreme fossil fuels globally in the past three years.

In response, Sierra Club Beyond Dirty Fuels Campaign Director Kelly Martin released the following statement:

"Today’s announcement is an important step forward for Europe’s largest bank, and yet another  signal to Donald Trump and the rest of the world that, despite their worst laid plans, the era of fossil fuels is coming to a close. There is no future in Arctic fossil fuel operations. There is no future in tar sands. And there is no future in coal. But, it cannot be overstated how critical it is that HSBC and the world’s other major banks immediately end financing for all fossil fuel projects around the world. Institutions should no longer continue financing any fossil fuel projects when cheaper, cleaner, more reliable energy solutions like wind and solar are readily available.”

About the Sierra Club

The Sierra Club is America’s largest and most influential grassroots environmental organization, with more than 3 million members and supporters. In addition to helping people from all backgrounds explore nature and our outdoor heritage, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.