HSBC and NatWest accused of financing North Sea oil extraction despite pledge

Campaigners call on banks to cease funding Ithaca, which is playing a key role in Rosebank oilfield plan

Two major UK high street banks have been accused of continuing to finance fossil fuel expansion in the North Sea despite signing a pledge to align their activities with the net zero climate goal.

HSBC and NatWest have provided tens of millions in finance to Ithaca Energy, a British oil and gas company that is playing a key role in plans to exploit the controversial Rosebank oilfield north-west of the Shetland Islands. Another high street bank, Lloyds, also provided finance but has since sold down the debt.