Texas Comptroller adds HSBC to energy sanctions list

Texas Comptroller Glenn Hegar announced yesterday that he has added a firm to his office’s list of companies that boycott the oil and gas industry. HSBC Holdings Plc was added to the list following recent updates to the firm’s energy policy. Listed companies are subject to the divestment provisions outlined in Texas Government Code Chapter 809, which define a financial company as a publicly traded financial services, banking or investment company. "This is significant given HSBC’s status as Europe’s largest bank, but it should not be surprising," Hegar said. "HSBC’s new energy policy is a prime example of a broader movement in the financial sector to push a social agenda and prioritize political goals over the economic health of their clients. HSBC’s policy clearly makes the firm a suitable candidate for listing under Texas law." The policy states "HSBC will not provide new finance or new advisory services to any client for the specific purposes of projects pertaining to new O&G fields where the final investment decision was taken after 31 Dec 2021 or infrastructure whose primary use is in conjunction with new O&G fields." Reference Link