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



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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.