More info on HSBC
HSBC has lent $130 BILLION to fossil fuel companies since 2016
“HSBC is engaging with climate, but our current policies are clearly not aligned with the science. We can’t keep giving money to new fossil fuel exploration. We all know that HSBC moves slow. But we must be faster and bolder. Too much is at stake” – HSBC staff member of 7 years
“Our investments are at complete odds with the messaging from the top of the business. We say we’re green, whilst having Saudi Aramco as a huge client. It just adds to the perception of HSBC being untrustworthy or just toxic.” – HSBC staff member of 12 years
The climate crisis is getting worse at breakneck speed. And HSBC is cutting the brakes. HSBC CEO Noel Quinn is saying the bank care about sustainability, and he’s committed to net zero by 2050. But his actions show the opposite. HSBC is continuing to pour billions into fossil fuel companies. The science is clear, there can be no new fossil fuels extracted if we want to stay under 1.5C. HSBC is creating more destruction of land, homes, and the climate. But here’s the thing: fossil fuel companies desperately need HSBC’s money, but HSBC doesn’t need fossil fuel companies. Plus, fossil fuels are becoming a riskier and more outdated investment.
HSBC is funding Saudi Aramco who say they want “every last drop” of oil. HSBC’s Adaro is an Indonesian coal company, which has a business plan to release 2.2 billion tonnes of CO2, almost the equivalent of the annual emissions of India. That aligns Adaro’s business plan with 5/6C of warming – a non-livable world. Yet, Citi is giving them billions of dollars to continue destroying natural habitats.
That’s why now, staff are confidentially speaking out about HSBC’s role in the climate crisis.
See how activists are pressuring HSBC here:
See all of HSBC’s destructive investments here: