4/19/2024 0 Comments Iptv m3u editor fullThe US boom in LNG projects has, in part, been triggered by Russia’s invasion of Ukraine in 2022. Last year, HSBC was part of a group of banks that arranged loans worth $14.3 billion (£11 billion) for two companies which are building Liquified Natural Gas (LNG) terminals on the Southern Coast of the United States. Saudi Aramco plans to grow oil production by 8% by 2027 and increase gas production by up to 60% by 2030. Last year, HSBC also helped raise $1.2 billion (£950 million) for Ades Holding, which provides oil and gas drilling rigs primarily to Saudi Aramco, the world’s biggest oil and gas producer. The company’s new Hail and Ghasha project, which was signed-off last year, is designed to operate with net zero emissions.īut the gas it will produce, when consumed, will release 30 million tonnes of carbon dioxide every year - the equivalent of Denmark’s annual emissions. In the first half of 2023, HSBC - with other banks - helped Adnoc, the United Arab Emirates’ state oil and gas company, raise $3.2 billion (£2.5 billion) from selling shares in its gas and logistics business.Īdnoc currently plans to expand oil production by 25% in the next four years. Generally speaking, they haven’t.Īnalysis of Refinitiv data by The Bureau of Investigative Journalism (BIJ) found that in the year since HSBC’s policy was announced, the bank helped raise more than $47 billion (£37 billion) for companies that are expanding oil and gas production. The announcement was warmly welcomed by environmental groups who hoped other banks would follow suit. The bank said the decision had been made after "consultation with leading scientific and international bodies" and was based on the belief that the transition to net zero could be “more than met by existing known fields”. The text seemed unambiguous. HSBC would “no longer provide upstream finance (through lending or capital markets) for the specific purposes of new oil and gas fields and related infrastructure whose primary use is in conjunction with new fields." In December 2022, HSBC published a new energy policy, which contained a bold pledge: to end funding for new oil and gas fields. Sunak urges major polluting countries to 'step up' and defends climate U-turns
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |