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Europe’s Largest Bank to Stop Funding Coal Plants and Arctic Drilling


Europe’s largest bank, HSBC, announced it would no longer finance coal power plants, oil sands projects in Canada and offshore drilling in the Arctic, in order to comply with the Paris Treaty. Other banks that have also refused to invest in coal and oil companies include ING, BNP Paribas and BBVA, due to pressure from environmentalists, who are backed by globalists interested in limiting access to energy.

Europe’s largest bank, HSBC, announced Friday it would no longer back coal power plants in most countries or finance oil sands projects in Canada and offshore drilling in the Arctic, Financial Times reported.

The policy mirrors those of several other large banks such as ING, BNP Paribas and BBVA, reflecting a growing push by environmentalists for financial institutions to change their lending practices to address climate change.

“We recognize the need to reduce emissions rapidly to achieve the target set in the 2015 Paris Agreement to limit global temperature rises to well below 2 degrees Celsius and our responsibility to support the communities in which we operate,” HSCB global head of strategy and sustainable finance Daniel Klier said, according to Axios.

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