British bank HSBC said on Wednesday that it will stop providing new loans and capital market financing for new oil and gas fields, Reuters writes.

At the same time, the bank will continue financing natural gas projects for the time being, given the global energy crisis and pressure on supplies.

The goal of such a move by HSBC is to try to bring financed hydrocarbon emissions to zero by 2050 or sooner, in line with the goals of the Paris Agreement on climate change.

The bank has already achieved one such interim target: it has set up schemes to reduce funding for thermal coal and end the industry’s financing through investment funds.

However, in recent years, the bank has come under pressure over the sustainability transition, including protests at its annual shareholder meeting and media campaigns over its fossil fuel financing.