HSBC and NatWest accused of financing North Sea oil extraction despite pledge

illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below:

🗞️ Driving the news: HSBC and NatWest, two major UK banks, have been accused of financing North Sea oil extraction efforts by Ithaca Energy, contradicting their net zero climate pledges
• Ithaca Energy is central to the development of the Rosebank oilfield, with Lloyds also implicated though it has since divested

🔭 The context: Over 80 organizations, including Global Witness and Greenpeace, have urged these banks to withdraw their support for Ithaca 
• This action comes despite the banks' commitments as part of the Net Zero Banking Alliance to achieve net zero emissions from their financed activities by 2050 
• The controversy centers around the Rosebank oilfield, poised to become the UK's largest untapped oil source, with significant CO2 emission implications

🌍 Why it matters for the planet: The development of the Rosebank oilfield by Ithaca Energy, which could produce 200 million tonnes of CO2, starkly contrasts with global efforts to combat climate change 
• This situation highlights the ongoing challenge of reconciling economic interests with environmental commitments, especially among financial institutions that have publicly pledged to support the transition to a sustainable future

⏭️ What's next: The campaign against these banks funding Ithaca Energy emphasizes the need for stringent adherence to net-zero commitments and for the financial sector to align its investment strategies with global climate goals 
• The outcome could influence future financing for fossil fuel projects and the credibility of corporate climate pledges

💬 One quote: "If these banks are serious about their climate pledges and tackling the climate crisis, they must stop this blatant greenwashing and cease financing Ithaca until it pulls the plug on Rosebank." - Lauren MacDonald, Stop Rosebank campaign.

📈 One stat: The UK's Rosebank oilfield is estimated to contain 500 million barrels of oil, which could result in the production of 200 million tonnes of CO2 if fully exploited.

Click for more news covering the latest on environmental sustainability