Oil & Divestment

Volvo logo on headcap

Volvo Cars to cease production of all diesel models in 2024

This milestone follows Volvo’s previous announcement in 2022 to discontinue the development of new internal combustion engines. By selling its stake in Aurobay, the joint venture responsible for its remaining combustion engine assets, Volvo redirected its focus entirely towards electric powertrains.

Rainforest scene

Ecuadorians vote against oil drilling in critical Amazon biosphere

The referendum was a popular initiative demanded by Indigenous communities to protect the vast Yasuní National Park from oil drilling. Ecuador’s government has announced that it will honor the result of the referendum and have machinery removed within a year.

HSBC logo on building

HSBC to end funding for new oil and gas fields

In 2020, HSBC – Europe’s largest bank – made a pledge to be “net zero” and invest up to $1 trillion in clean energy. But the bank has since come under criticism for investing billions in new oil and gas.