Europe’s largest bank, HSBC, has announced that they will no longer finance projects that involve the production, usage, or extraction of fossil fuels.
According to Reuters, HSBC joins ING and PNB Parabas who have made similar promises resulting from investors pressuring financial institutions to follow the guidelines outlined by the Paris Climate Agreement. However, coal-fired power plants in Vietnam, Bangladesh and Indonesia will be exempt from the bank’s new lending policy.
Despite the exemption, Greenpeace lauded HSBC’s decision and it would be no surprise if Greenpeace is spearheading an effort for environmentalists to pressure banks to stop financing fossil fuel-related projects. This is another example of Leftist groups using shareholders to influence company policies. However, the context is not done out of any concern for the environment but to drag Western, developed countries into the ground.
As far as environmentalists are concerned, all human activity, save theirs, needs to be stopped. They will go to great lengths to halt production and distribution of what they consider the root cause of the problem of their climate change dogma: fossil fuels.