Skip to content

HSBC Announces ‘Phase Down’ of Funding for Fossil-Fuel Clients

   

   

Source: Getty Images

HSBC Holdings Plc promised to “phase down” its financing of the fossil fuel industry, sending a warning to oil and gas clients as the bank works toward its target of net-zero emissions.

The step is in line with “what is required to limit the global temperature rise to 1.5 degrees Celsius,” HSBC said on Wednesday.