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HSBC’s decision to stop financing new oil and gas fields extends to infrastructure projects and oil- and gas-fired power plants across the bank’s global operations, except for its Canadian unit, which is in the process of being sold to RBC. HSBC Bank Canada is not adopting its parent company’s sweeping move to cease financing for many oil and gas projects as Royal Bank of Canada RY-T works on closing a deal to acquire the London-based bank’s Canadian unit. HSBC Holdings is the latest bank to restrict financing for fossil-fuel industries as pressure mounts for lenders to ditch projects associated with climate-change risks. Weeks ago, RBC announced plans to acquire the bank’s Canadian division. HSBC announced Wednesday that it will stop financing new oil and gas fields, related infrastructure projects and oil- and gas-fired power plants. The policy extends across HSBC’s global footprint, with the exception of its Canadian unit. “During the sale process, HSBC is precluded from applying policy changes that would alter the way we manage HSBC Bank Canada’s business,” HSBC said in its policy document. “We have limited oil-sands exposure in Canada. We have no direct exposure outside of Canada and will update this policy following completion […]
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