Europe’s biggest banks provide £24bn to oil and gas firms despite net zero pledges

Investments to drill new oil wells and tap gas reserves were made within a year of signing up

Europe's biggest banks led by HSBC, Barclays and BNP Paribas have provided 24bn to oil and gas companies that are expanding production less than a year since pledging to target net zero carbon emissions, data shows.

Investments to drill new oil wells and tap fresh gas reserves, backed by funds from major banks, appear to contradict commitments to international agreements and undermine efforts to accelerate the switch to renewable energy sources, the report said.