Others must follow HSBC move to finally end funding for oil and gas fields

HSBC’s move to end funding for new oil and gas fields is a welcome step and it’s time for other financial institutions to follow, according to the Scottish Greens.

The Scottish Greens economy spokesperson, Maggie Chapman MSP, said:

“This is a big step and one that we hope other financial institutions will follow. It should have happened years ago, but it is still welcome, and, just as importantly, it sets a vitally important precedent. 

“This decision would not have happened without years of pressure from climate campaigners and activists. This won’t end HSBC’s total involvement in the sector, but it will reduce it and will send a message to the rest of the industry.

“With the impact of the climate catastrophe all around us, it is crucial that the banks and institutions who have funded and enabled this destruction to our environment reconsider their role and end their complicity in climate breakdown.”