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.
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The Divestment movement, which aims at convincing people to remove their money from fossil fuel investments, has been picking up steam over the past year. A new report that came out this week claims that it has reached a commitment of over $5.2 trillion in assets from 688 institutions and 58,399 individuals across 76 countries over the last 5 years.
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