HSBC, Europe's Largest Bank, Cuts Off Financing To The Oilsands

HSBC's headquarters in Canary Wharf, London, U.K. The bank says it will no longer finance new projects in the oilsands.

London-based HSBC, Europe's largest bank, has joined a growing number of financial institutions that are cutting off funding to oilsands projects.

As part of reforms to its energy policy, HSBC says it will no longer finance new projects in the oilsands or related pipelines. It will also halt funding of new coal power plants, in all but three countries where alternatives aren't available.

The bank wants to "help our customers make the transition to a low-carbon economy in a responsible and sustainable way," said Daniel Klier, group head of strategy and global head of sustainable finance.
https://www.huffingtonpost.ca/2018/04/20/hsbc-oilsands-financing_a_23416508/