Big banks fund new oil despite net zero pledges

Big banks fund new oil despite net zero pledges

LONDON — Big banks are pumping billions into new oil and gas production despite net zero pledges, campaigners have said. Banks including HSBC, Barclays and Deutsche Bank are still backing new oil and gas despite being part of a green banking group, ShareAction said. Investors should force banks to demand green plans from fossil fuel firms before funding them, it said. HSBC and Barclays said they were focused on achieving environmental goals. "Net zero" means not adding to greenhouse gases already in the atmosphere by cutting and trying to balance out emissions. If the Earth is to avoid damaging environmental effects, including more extreme weather, it needs to limit average global warming to below 1.5 degrees centigrade. To achieve this, we need to get to net zero by 2050, experts have said. As part of getting to net zero, the International Energy Agency has said there should be no new oil and natural gas fields. But big banks are continuing to fund oil and gas expansion with billions of dollars, ShareAction said, despite being part of a UN-led group called the Net Zero Banking Alliance. HSBC put an estimated $8.7bn (£6.4bn) into new oil and gas in 2021, while Barclays