Climate activism works – and HSBC proves it

I did not imagine that so much of the key demand for UK banks to stop funding new fossil fuel projects would be achieved by the end of 2022, writes Donnachadh McCarthy

Ending new fossil fuel projects is the minimum first step for a transition to a renewable energy economy (PA Wire)

2022 was a successful year for climate finance activists. They started the year with all of the UK’s “big five” banks still funding new fossil fuel projects, but ended the year with only one left funding both new oil and gas projects – Barclays.

December brought the biggest prize, with Europe’s biggest bank HSBC, announcing an end to funding for new oil and gas projects. This followed Lloyds in October and Natwest in February. Santander told us that they have banned new oil, but they still fund new gas projects. Some banks cite the EU’s controversial decision to label fossil-gas as “green” to justify fossil-gas investments!

I confess that when the Independent launched our Stop Fuelling the Climate Crisis Campaign in April 2021, supporting the climate finance movement, I did not dream that so much of the key demand for UK banks to stop funding new fossil fuels would be achieved by the end of 2022.