As the world undergoes its incredible transition to lower carbon energy alternatives, Big Banks are turning their backs on the oil industry.
JP Morgan pledged to help clients align their business with Paris Agreement emission targets. HSBC announced up to a $1 trillion in green energy funding. An investor group worth $20 trillion in assets urged heavy emitters to clean up their act. Another group, worth $5 trillion, said it will set lower-emission targets for its own investment portfolio. These are stories from just the last two weeks and they seem to point in the same direction: banks and other financial institutions are growing sour on oil and gas. Could they go all the way?
Continue reading https://on.rt.com/assv