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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Tesla and Rivian have been embroiled in a lawsuit in which the former accused the latter of having stolen battery technology by poaching Tesla employees.
It sounds like the two automakers are finally about to settle the lawsuit, which has been going on for 4 years.
When Tesla filed the lawsuit, it wasn’t clear what trade secrets Tesla was claiming Rivian had stolen. However, we noted that the employees listed in the lawsuits were two recruiters, an EHS manager, and a manager of Tesla’s charging networks.
The automaker claimed that these employees brought “documents consisting of highly sensitive trade secret, confidential, and proprietary engineering information” when they went to work for Rivian.
Over a year later, we now learn that Tesla had notified the court that it expects to file to get the lawsuit dismissed after reaching a conditional agreement with Rivian. The company didn’t disclose the details of the settlement (via Bloomberg):
Tesla didn’t disclose specifics about the agreement in a court filing, but told a California state judge that it expects to seek dismissal of the case by Dec. 24 upon satisfactory completion of the terms.
Neither Tesla nor Rivian have commented on the reported settlement.
While Tesla has claimed that it somewhat open-sourced its patents, we have previously noted that it’s not exactly the case. Tesla claims to let other companies use its patented technology as long as they themselves don’t sue them over patent rights.
And in this specific case, Tesla alleges that Rivian has specifically hired employees to steal technologies. Again, Rivian has denied the allegation.
Electrek’s Take
The terms are unknown, but in similar cases, it often involves things like some level of access to make sure that no proprietary technology is being used or has been used.
The lawsuit is not exactly clear, but based on the timeline and the allegations of “next-gen batteries”, Tesla could have been talking about its 4680 battery cells, although those are cells. It could also be the structural battery pack.
French infrastructure specialists Proviridis have partnered with EVSE manufacturer Kempower to deliver a novel, underground charging solution for electric semi trucks designed to easily integrate into existing truck depots.
By installing its high-powered charging cabinets underground and integrating the charging cables into a solid metal pipe, Kempower and Proviridis have been able to make room for high-powered charging points in an existing truck depot that didn’t have enough space to install either conventional EVSE or overhead “drop lines.”
For the pilot, the metal pipe is painted in a striking yellow color to make it easier to see while maneuvering the lot, and keeping the dispensers themselves more protected than conventional concrete bollards. The 600 kW power cabinet is positioned a few yards away – a typical space-saving Kempower solution – and connected to the charge points by underground cable.
Proviridis believes their solution provides enough of a competitive advantage that fleet buyers looking to electrify will be eager to give it a try.
“The product is durable across a wide spectrum of temperatures and conditions, requires minimal ventilation, and can cater for a wide range of customer needs,” explains Olivier Verdu, Technical Director at Proviridis. “These are features which perfectly place the Kempower solution for this type of charging configuration in a logistics environment.”
In honor of Black Friday and Cyber Monday, eBike specialist Buzz Bicycles is offering an exclusive discount for Electrek readers on its Centris Class 2 Folding Bike.
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Buzz Bicycles is back with an exclusive new deal
Buzz Bicycles has been a mainstay on Electrek for a few years now, as we have covered several of its electric bikes, which suit riders of all skill levels and help them “Buzz through life.” Buzz is an omnichannel eBike brand that prioritizes direct-to-consumerism and has found success in its mission to deliver ultimate transportation solutions at an excellent value for its growing base of eBike enthusiasts.
The company strives to deliver riders a “Wow moment,” which is usually brought on as they feel the pedal assist function kick in. This feature delivers all you need to conquer hills and longer rides while enjoying new adventures with friends.
The Buzz team has utilized decades of industry experience into its portfolio of eBikes, all conceived and designed in Dayton, Ohio. The company, which operates under the United Wheels umbrella alongside brands like Huffy Bicycles, Niner Bikes, and Batch Bicycles, has adopted an ethos that the freedom of riding should be fun and accessible for everyone, no matter what adventure lies ahead.
By leveraging the global presence of its parent company, Buzz Bicycles can make good on its promise to deliver affordable eBikes that are comfortable, powerful, and safe, much like the Centris Folding eBike, which is as versatile and compact as it is fun. The exclusive deal Buzz Bicycles is offering on the Centris makes it even more fun. You can take advantage of it below.
But first, you’ll want to learn about the capabilities of this foldable eBike to truly understand its value, as well as what accessories are available to level up your purchase.
The Buzz Centris is an easy to ride foldable eBike for all
The Buzz Centris is a Class 2 Folding eBike built for comfort and convenience no matter where you take it. At full size, the Centris’ step-through frame offers a low step-over height of just 16 inches, perfect for riders of all sizes, enabling easy transitions from ground to saddle for its riders.
When you’re not riding, the Centris from Buzz Bicycles folds neatly to 34 inches in length and 22 inches in height, making it easy to store at home or to carry in a vehicle on the way to your next ride. Furthermore, the assembled bike only weighs 68 pounds, making it easy to transport.
You can easily navigate tougher terrain on the Centris thanks to the eBike’s 20″ x 4″ knobby tires and front suspension. The bike is powered by a 48V, 500-watt-hour (Wh) battery pack that can propel it to a top speed of 20 mph for an all-electric range of up to 40 miles on a single charge.
Additionally, this folding model from Buzz Bicycles comes equipped with both a front and rear rack, offering versatile cargo-carrying options so you can customize your ride with a variety of Buzz accessories.
Like all Buzz eBikes, the Centris is tested and deemed compliant with the UL2849 standard. This standard covers the entire electric bicycle system, including the motor, battery, controller, and charger, offering the highest safety standards for added peace of mind.
The Centris Class 2 folding bike from Buzz is available in two colors: Gloss White or Matte Black. This $1,199 eBike is currently reduced to $899 – and you can score an additional $200 off with this exclusive promo, but only for a limited time.
With the purchase of any Buzz eBike, including the Centris, you are guaranteed the following:
10-year limited warranty (lightweight aluminum frame protected for full 10 years)
2-year limited warranty (electrical components covered by 2-year warranty for peace of mind)
6-month limited warranty (additional bike components protected by a 6-month warranty)
Are you interested in the Centris from Buzz Bicycles? You’ve come to the right place. Starting today, while supplies last, you can take advantage of an additional $200 off the sale price by using promo code “ELECTREK200.“ That’s a $500 discount in total!
We highly recommend perusing Buzz’s entire lineup of products. They are designed for commuters and casual riders, with technology and features that help you quickly feel comfortable riding. If you are new to the world of E-transportation, Buzz Bicycles is the brand for you.
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