London-based HSBC, the largest bank in Europe and the 8th largest bank in the world, has announced that it will stop funding any new oil and gas developments globally.
HSBC is the largest bank in Britain, and in Europe as a whole. It’s the 8th-largest bank in the world and the 4th-largest outside of China. It manages about $3 trillion in assets, just behind Bank of America, and it has subsidiaries all around the globe, including a major one based in Dubai, in the heart of the world oil industry.
The bank’s new policy applies specifically to new oil and gas field projects and any related infrastructure meant to support those new fields. It will continue to provide consulting and financing to energy companies at the corporate level, even if they are in the oil business.
HSBC said on Wednesday:
“We will no longer provide new lending or capital markets finance for the specific purpose of projects pertaining to new oil and gas fields and related infrastructure when the primary use is in conjunction with new fields… Given the parallel urgency of today’s global energy crisis, we plan to accelerate our activities in renewable energy and clean infrastructure, aligned with our previously announced ambition to provide $750 billion to $1 trillion in sustainable finance and investment by 2030.”
HSBC has previously announced an ambition to provide up to $1 trillion in “sustainable finance and investment” by 2030, targeting net zero emissions across its customer base by 2050 at the latest. It also wants its own operations to be net zero by 2030.
This is the latest and perhaps the largest move in the growing fossil fuel divestment movement, which has encouraged banks and other organizations like pension funds, churches, and schools to remove funding and investments from fossil fuel projects. Before today, institutions representing some $40 trillion have divested from fossil fuels.
The goal is to make it harder for oil companies to do business, as despite their significant wealth, companies at all levels of the oil industry do still use financing to make projects happen.
Previously, HSBC was a fairly large investor in fossil projects. According to the Banking on Climate Chaos report released this year, HSBC ranked 13th in the world in funding fossil fuel projects over the last 6 years. This is disproportionately-low compared to its 8th-place size in world banking, but still a big chunk of money for fossil projects. The list is led by four US banks – JPMorgan Chas, Citi, Wells Fargo, and Bank of America.
Electrek’s Take
This is clearly a positive move, and will hopefully influence other banks at all levels to join up with the divestment campaign.
However, divestment is not enough. The fact of the matter is, as long as oil demand exists, oil companies will exist to serve that demand. Even if almost everyone refuses to fund them, as long as people are still using oil, someone will fill that gap.
We saw this over the course of the last year, with oil supply being down due to the impact of COVID-19, and demand being high as people started to do more traveling and demanding more goods. This resulted in oil prices going up, which meant more profits for oil companies.
So the top-down approach won’t work alone. We can starve oil companies of funding as much as we want, but if people continue buying oil they will find a way to make money.
This is why we must transition away from fossil fuels in every way possible. First and foremost, we need to electrify transportation, which is the largest consumer of oil – some 70% of oil usage in the US is related to the transportation, with most of that going towards personal vehicles. We need to electrify homes and businesses as well, and stop using gas to run the grid, but the main thing is transportation.
And that’s why we’re here, doing what we do, at Electrek. The best way to stop the oil industry is to stop burning oil in cars.
But let’s keep divesting as well. The more prongs in the approach, the better.
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Rivian will power its DC fast-charging network with renewable energy company RWE’s Champion Wind farm in Texas.
The two companies just signed a 15-year power purchase agreement (PPA) for electricity from RWE’s repowered Champion Wind in Nolan and Mitchell counties, west of Abilene.
The 127-megawatt (MW) Champion Wind is getting new turbine nacelles and blades, which will extend the wind farm’s lifespan. Originally commissioned in 2008, the wind farm is expected to be fully upgraded by mid-2025. When the wind farm is back online, it’ll be capable of generating enough electricity to power nearly 1 billion miles of renewable driving every year for Rivian, or the equivalent of powering 36,000 homes annually in Texas.
This wind power is set to support Rivian’s DC fast-charging Adventure Network with renewable energy. Rivian has set a specific goal to enable 7 billion miles of renewable driving.
Paul Frey, Rivian’s VP of propulsion, charging & adventure products, said, “Champion Wind is a powerful enabler for Rivian drivers to become active participants in building a cleaner grid every time they charge their vehicle. This project shows the potential to meaningfully decarbonize the grid and support a more circular economy through reuse and recovery of existing infrastructure, all while maintaining highly competitive economics.”
Siemens Gamesa is supplying 41 turbines with new nacelles and blades on existing towers. The nacelles and blades are being manufactured in the US. In addition, as part of the repowering project, six new Siemens Gamesa turbines rated at 3.1 MW each will also be added to the wind farm.
The decommissioned wind turbine blades from Champion will be repurposed. RWE is working with REGEN Fiber, an Iowa-based company that recycles wind turbine blades to make reinforcement fibers for the construction industry. Those fibers are then used in concrete to add strength and durability, extending the lifespan of infrastructure.
RWE is the third-largest renewable energy company in the US.
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Rivian is bringing back its “All-Electric upgrade offer” from now until November 30th, but with some changes to the program.
Earlier this year, Rivian offered $1k-$5k off a new Rivian if you trade in an old gas car, from April to June. The offer was available for specific vehicles, and with a sliding discount scale based on which Rivian vehicle you order.
Now the program has come back, but with quite a few changes from the previous version.
As of today, October 31, if you buy a new Rivian R1T or R1S new inventory vehicle from the R1 Shop, you can get a $3,000 discount if you also prove that you own or lease a qualifying gas-powered vehicle.
This is simultaneously simpler, more lenient, and more restrictive than the previous offer, in various ways.
First, the discount is a flat $3k (or $4,100 CAD), rather than having a scale based on what model you order, which is more streamlined.
Second, the discount applies to every gas or hybrid vehicle owner – you don’t have to trade in your vehicle, and you’re not limited to a specific list of vehicles. Just prove that you own or lease a gas car (copy of registration, proof of insurance, etc), and you get the discount.
However, third, it’s more restrictive as to what vehicles you can purchase. The current offer applies only to Rivian new inventory vehicles in the R1 Shop, and excludes demo vehicles, pre-owned vehicles, or custom build vehicles. It also does not apply to Rivian’s base Dual Standard models, but everything else is fair game.
In order to qualify, you need to place your order between today and November 30, and you must take delivery of the vehicle before December 31. Check out all the specifics of the offer on Rivian’s site here.
Electrek’s Take
Rivian is clearly trying to round out its yearly numbers with this offer, as the market for pricy cars is somewhat soft with increased interest rates. It just slightly lowered its annual delivery guidance, now planning to see roughly similar deliveries this year than last.
But its R1 vehicles just got a huge refresh to help the company with costs and to offer new features. The R1S is still one of the most popular high-priced vehicles in the US, and the company’s products earn universal acclaim from owners.
The interesting thing is that Rivian had a similar offer earlier this year, before the refresh, to help clear out inventory of older vehicles. It didn’t see it fit to offer the discount last quarter, perhaps buoyed by the updated model, but after a rough Q3 of deliveries it now brought the offer back.
Rivian is still guiding to reach a slight gross profit in Q4, though we’re sure we’ll hear more about that in its upcoming quarterly earnings next week.
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Hyundai’s new low-cost EV is getting a bold design upgrade. The Hyundai Casper EV Cross was spotted for the first time in public, revealing new design elements.
Although we knew a rugged “Cross” variant was headed to Europe, this was the first time the domestic model was spotted with an upgraded design.
The Inster EV is Hyundai’s overseas version of its domestic Casper Electric model. In Korea, Hyundai’s Casper EV starts at around $20,000 (27.4 million won). Hyundai said its new EV can be bought for under $8,000 (10 million won) with subsidies.
In Europe, it starts at under $27,000 (25,000 euros). The Cross variant is built for “those looking for an EV with a more adventurous look,” Hyundai said.
Although it offers the same versatility as the standard model, the Inster EV Cross gains rugged design elements, including new front and rear bumpers, black claddings, skid plates, a roof rack, and more.
Here’s our first look at the Hyundai Casper EV Cross
After a rugged new variant with the Casper EV logo was spotted in Korea for the first time, a Cross model is expected to debut shortly.
The new video from HealerTV reveals added design elements, including the roof rack and more aggressive black trim.
The reporter notes that the Hyundai Casper EV Cross has a “much more mechanical and futuristic feel than the existing model.”
It almost appears “robot-like” with an added off-road feel. The Inster EV Cross gets up to 223 mi (360 km) WLTP driving range. In Korea, the Casper Electric is rated with up to 195 miles (315 km) driving range.
Although Hyundai Casper (Inster) EV is not expected to launch in the US, the low-cost model was spotted driving in California for the first time this month.
In the meantime, off-road fans can get in line for Hyundai’s upgraded 2025 IONIQ 5, which will be available with a rugged XRT trim. The 2025 IONIQ 5 XRT model was also recently caught testing ahead of deliveries.
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