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ESG

Banks Shed Light on Steps to Curb Oil, Gas Lending

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Banking giant HSBC said last week it will reduce oil and gas financed emissions by 34% over 2019-30 as a first step toward full decarbonization by 2050. While quite significant, this is not the first one in a series of similar announcements major banks, mostly in Europe, have made in the past few months. It follows the launch in April last year of the UN-convened Net-Zero Banking Alliance (NZBA), which has grown to represent almost 45% of global banking assets. NZBA is one component of the $130 trillion strong Glasgow Financial Alliance for Net-Zero (Gfanz).

Topics:
Equity and Debt Markets, ESG, CO2 Emissions
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