HSBC, Europe's biggest bank, announced Wednesday it will no longer finance new oil and gas fields as part of its updated climate strategy.
Climate campaigners welcomed the moved saying HSBC provided a new baseline for other major banks but urged the bank to go further.
The bank said it would still provide financing to existing fossil fuel projects "in line with current and future declining global oil and gas demand." It would also continue to provide finance and advisory services to energy sector clients but will assess the companies' plans to transition to clean energy.
"It sets a new minimum level of ambition for all banks committed to net zero," said Jeanne Martin from the campaign group ShareAction. But she added the change "doesn't deal with the much larger proportion of finance it (HSBC) still provides to companies that have oil and gas expansion plans." She called for new proposals to address the issue of corporate-level financing for energy companies "as soon as possible."
Climate experts said the move was nevertheless a big deal.
"Banks make everything possible, including either the entrenchment of the status quo, that is infrastructure based on fossil fuels, or a transition that's at the pace and of the kind that science tells us that is needed to address the crisis of climate change," said Timmons Roberts, a professor at Brown University and director of the Climate Social Science Network. "So big banks making pledges like this are a big deal, a very big deal."
Roberts said there are incentives to make these pledges, following through is the harder part.
"They'll need to be vigilant at tracking whether they keep their promise," he said.
Aditi Sen, climate and energy program director at the Rainforest Action Network, said that each year their research on fossil fuel funding shows banks headquartered in the U.S. are the biggest culprits when it comes to fueling the climate chaos, "yet their commitments are flimsy at best and deliberately negligent at worst."
The group found that the largest four U.S. banks together account for one quarter of all fossil fuel financing identified over the last six years.
"Today HSBC has made a big step forward on climate, which proves that U.S. banks can step it up to do the same," Sen added.
In a report last year the International Energy Agency said investments in new coal mines, oil and gas wells need to end immediately if the world stood a chance of meeting its commitment in the Paris Agreement of limiting global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit).
Earlier this year a group of institutional investors found that several banks -- including HSBC -- would need to significantly step up their efforts on climate if the Paris goal is to be met.
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The batteries of the walkie-talkies used by Lebanese armed group Hezbollah that blew up this week were laced with a highly explosive compound known as PETN, a Lebanese source familiar with the device's components told Reuters.
The federal firearm buyback program has cost taxpayers nearly $67.2 million since it was announced in 2020, but it still hasn't collected a single gun.
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The province's public security minister said he was "shocked" Thursday amid reports that a body believed to be that of a 14-year-old boy was found this week near a Hells Angels hideout near Quebec City.
The Royal Canadian Mounted Police has lost 205 firearms since 2020, including more than 120 handguns and at least five fully automatic weapons like machine-guns.
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Chris Knayzeh was in a town overlooking Lebanon's capital when he heard the rumbling aftershock of the 2020 Beirut port blast. Hundreds of tons of haphazardly stored ammonium nitrates had exploded, killing and injuring thousands of people.
B.C.'s police watchdog is investigating the death of a woman who was shot by the RCMP after allegedly barricading herself in a room with a toddler early Thursday morning.
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The University of Ottawa's special advisor on antisemitism says he has resigned following posts he made on social media celebrating the pager explosions in Lebanon this week.
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Friends and strangers have set up a makeshift memorial outside the home of a five-year-old boy who was found dead yesterday in Coteau-du-lac.
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The lawyer for a B.C. RCMP officer convicted of obstruction for telling a witness to delete cellphone video following the violent 2017 arrest of Dale Culver has requested a stay of proceedings.
Israel warned U.S. Defence Secretary Lloyd Austin in a call Tuesday that a military operation was going to take place in Lebanon but gave no details, U.S. officials said Thursday. The same day of the call, in an attack widely blamed on Israel, thousands of pagers belonging to Hezbollah militants exploded.
Lawmakers are scrambling to ensure that the U.S. Secret Service has enough money and resources to keep the nation's presidential candidates safe amid repeated threats of violence. It's unclear, though, how much they can do with only weeks before the election, or if additional dollars would make an immediate difference.
A federal law enforcement agency confirmed it's opened an investigation into Robert F. Kennedy Jr. after he allegedly cut off the head of a dead whale and took it home two decades ago.
A judge in a rural Kentucky county was shot and killed in his courthouse chambers Thursday, and the local sheriff was charged with murder, police said.
A 22-year-old woman who became an abortion rights advocate after she was raped by her stepfather as a child tells her story in a new campaign ad for Democratic presidential nominee Kamala Harris.
Lawyers are set to deliver closing arguments Friday in the trial of a mentally ill man who fatally shot 10 people at a Colorado supermarket in 2021.
Prime Minister Justin Trudeau tapped Treasury Board President Anita Anand to take on additional duties as Canada's minister of transport on Thursday.
Conservative Leader Pierre Poilievre and NDP Leader Jagmeet Singh got into a heated exchange in the House of Commons on Thursday, just minutes after Singh announced his party would not be supporting the Conservatives' first non-confidence motion against Prime Minister Justin Trudeau's government.
The head of Via Rail repeatedly told MPs a train delay over the Labour Day long weekend was an isolated incident, despite a similar event two years ago.
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Ontario’s Minister of Sport, Neil Lumsden, will donate his brain to research.
Manitobans are getting another reminder of how long wait times are for diagnostic images.
Lebanese authorities on Thursday banned walkie-talkies and pagers from being taken on flights from Beirut airport, the National News Agency reported, after thousands of such devices exploded during a deadly attack on Hezbollah this week.
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NASA scientists have successfully replicated spider-like shapes found on the surface of Mars in a laboratory setting for the first time.
Lawyers representing the producers of 'Russians at War' say they may pursue legal action against Ontario's public broadcaster for pulling support for the controversial documentary amid outcry from the Ukrainian community and some Canadian politicians.
Viewers of Jeopardy got a chance to test their knowledge of trivia about B.C.'s biggest city Wednesday night.
British actress Florence Pugh has revealed that shaving her head for her latest movie role was a 'really bizarre' experience that sent her body 'into a bit of trauma.'
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Nike Inc. said Thursday it has named Elliott Hill as its president and CEO, replacing John Donahoe, who will retire next month.
Maple Leaf Foods asserted its innocence in an alleged bread price-fixing scheme ahead of a hearing to determine whether it will be added to an ongoing class-action lawsuit.
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Trips can make lifelong memories when they go off without a hitch, but cancellations and rescheduled events are common because of artist illnesses, poor ticket sales, security threats, unruly weather and natural disasters.
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Shohei Ohtani became the first major league player to hit 50 home runs and steal 50 bases in a season, with the Los Angeles Dodgers star going deep twice to reach the half-century mark and swiping two bags to get to 51 against the Miami Marlins on Thursday.
Vancouver Canucks goalie Thatcher Demko says he's been working his way back from a rare lower-body muscle injury since being sidelined in last season's playoffs.
Toronto Blue Jays shortstop Bo Bichette returned to the 10-day injured list Thursday due to a right middle finger fracture.
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Video of a brazen daylight auto theft which shows a suspect running over a victim in a stolen luxury SUV has been released by police west of Toronto.
The plant was expected to produce batteries for a million electric vehicles a year. Once up and running, it was supposed to create hundreds of permanent jobs in a small southeastern Ontario municipality. But two years later, spending on the construction of the Umicore plant has been delayed in what the company calls a "significant worsening of the EV market context."
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Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.
The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.
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Thomas Hamp says he believed secret police were out to kidnap, torture, and kill him when he fatally stabbed his girlfriend Emily Sanche in February of 2022.
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Ontario Provincial Police executed a search warrant in Walkerton.
Standing up, speaking out, and showing solidarity — survivors and supporters gathered in the core to take back the night in Windsor. The city is just one of a growing list of communities that have declared intimate partner violence (IPV) an epidemic.
The Windsor Police Service (WPS) has seized over $56,000 in drugs and have arrested one suspect.
SERVEONE Canada, a global procurement solution company, has begun Canadian operations in Tecumseh.
In a rare move, the Greater Victoria School District Board of Education has been slapped with a ministerial order from the province requiring it to update a student safety plan – drawing concern around political posturing leading up to an election.
The Union of B.C. Municipalities is asking the provincial government to make transit free for teenagers.
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The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
Animal protection officers in British Columbia have rescued three pit bulls – including one that gave birth to 10 puppies – from a rat-infested home in Kelowna.
A Vulcan, Alta., man has been charged with a Lethbridge woman's murder after her body was found in the Oyen area.
A Lethbridge couple got a good reminder as to why you should keep your vehicle doors locked at all times.
Lethbridge residents who live near the police range can expect to hear plenty of shots fired Wednesday and Thursday.
A new community health profile in the Algoma District shows the area is significantly below provincial averages in a number of health metrics.
North Bay Police Service says one person has died following an industrial accident at the Ontario Northland Transportation Commission Rail Yard on Tuesday.
Three northern Ontario residents are charged with drug trafficking after the vehicle they were in got stuck along a bush road off Highway 17 on Monday.
Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
A 16-year-old biennial event aimed at fostering business in the country's eastern Arctic and northern regions has been cancelled indefinitely as a dispute unfolds between Inuit in Canada and a Labrador group claiming to share their heritage.
Jim Lester’s farm hopped on the cow-cuddling trend in early August, and his time slots have been pretty well sold out ever since.
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